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Bank API Requirements

BANK API REQUIREMENTS

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ravitejak91
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12 views

Bank API Requirements

BANK API REQUIREMENTS

Uploaded by

ravitejak91
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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1.

Customer Onboarding API:

• Function: Collect user information, verify identity, perform KYC checks (including document
verification, address confirmation, liveness checks)
• Parameters: User data (name, address, DOB, PAN, etc.), document images, liveness check
data
• Response: KYC verification status, account initiation token (may vary)

2. Account Creation API:

• Function: Create a new savings account with the designated bank partner
• Parameters: Account initiation token, account type, initial deposit amount, regulatory
compliance data
• Response: Confirmation of account creation, account details (number, IFSC code, etc.)

3. Card Management API:


• Function: Issue virtual or physical debit cards, manage PINs, activate/deactivate cards
• Parameters: Account details, card type, user preferences (PIN, delivery address)
• Response: Card details (number, CVV, PIN), activation/deactivation confirmation

4. UPI Collect API:


• Function: Initiate debit transactions from user's account to merchants/individuals using UPI
IDs/QR codes
• Parameters: Merchant UPI ID/QR code, amount, transaction purpose
• Response: Transaction status, payment confirmation/failure details

5. UPI Pay API:


• Function: Enable users to make payments to merchants/individuals using UPI IDs/QR codes
• Parameters: Recipient UPI ID/QR code, amount, transaction purpose
• Response: Transaction status, payment confirmation/failure details

6. UPI Inquiry API:


• Function: Retrieve transaction details and status updates for both sent and received
payments
• Parameters: Transaction ID, reference number (optional)
• Response: Transaction details (date, amount, status, merchant/recipient information)

7. Account Information API:


• Function: Retrieve account balance, transaction history, and other relevant account
details
• Parameters: Account details (number, IFSC code)
• Response: Account balance, transaction history (filtered based on parameters),
account holder information
8. Fund Transfer API (Limit Upto 10 Lakhs):
• Function: Initiate and manage fund transfers between accounts.
• Parameters:
a. Source Account: Unique identifier of the account sending the funds
(e.g., account number, alias).
b. Destination Account: Unique identifier of the recipient account (e.g.,
account number, alias, UPI ID for third-party transfers).
c. Amount: Amount to be transferred (must be less than or equal to
₹10 lakhs).
d. Currency: (Optional, default to account currency if not specified).
e. Transfer Type: Internal (between user accounts within your platform)
or Third-Party (to accounts outside your platform).
f. Transaction Fee: Fee applicable for the transfer (if any).
g. Remarks/Reference: Optional reference information for the transfer.
h. Authentication: Secure credentials for authorization (e.g., access
token, digital signature).

• Response:
a. Status: Success/Failure indication of the transfer initiation.
b. Transfer ID: Unique identifier for the transfer (if successful).
c. Error Code: In case of failure, a code indicating the reason for failure.
d. Error Message: Human-readable description of the error (if
applicable).
e. Balance Updates: Updated account balances (source and
destination, if successful).
f. Transaction Details: Additional details like transfer fee, timestamp,
etc. (if successful).
9. Loan API:
• Functions:

a. Loan Eligibility Check: Verify if a user meets the basic criteria for
specific loan types based on their financial profile.
b. Loan Product Information: Retrieve details about available loan
products (interest rates, terms, fees, etc.).
c. Loan Application Initiation: Submit a loan application with user
information, income details, and requested loan amount.
d. Loan Application Status: Track the application progress and
receive updates on approval/rejection.
e. Loan Disbursement (Varies with Use Case): Once approved,
initiate the transfer of loan funds to the user's account.Loan
Repayment: Facilitate loan repayment options through various
channels (e.g., debit card, UPI).
f. Loan Management: Allow users to view loan details, track
upcoming payments, and manage repayment schedules.

• Parameters:
a. User Information: Name, address, contact details, PAN, etc.
b. Employment Information: Salary details, employer information, etc.
(for salaried loans).
c. Financial Information: Bank statements, credit score, etc.
d. Loan Type: Personal loan, auto loan, home loan, etc.
e. Loan Amount: Requested loan amount.
f. Repayment Term: Duration of the loan.
g. Repayment Channel: Preferred method for making repayments.
h. Authentication: Secure credentials for authorization.

• Responses:

a. Eligibility Check Response: Indicates whether the user is eligible


for the requested loan type (Yes/No) and might provide reasons
for ineligibility.
b. Loan Product Information Response: Details of available loan
products with interest rates, terms, fees, eligibility criteria, etc.
c. Loan Application Status Response: Current status of the
application (pending, approved, rejected) with detailed
feedback if applicable.
d. Loan Disbursement Response: Confirmation of successful loan
disbursement and details about the transaction.
e. Loan Repayment Response: Confirmation of received payment
and updated loan balance.
f. Loan Management Response: User's loan details, upcoming
payments, repayment history, and options to manage the loan.

10. Notifications API:


• Function: Send real-time transaction alerts and account updates to user
• Parameters: User preferences (channel, format), transaction details, account
update.
• Response: Delivery confirmation for notifications

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