Axis Bank Wholesale Banking - Trade API Proposition Qorus-Infosys Finacle Banking Innovation Awards 2024

In this growing day and age where operational efficiency is of paramount importance and the need for manual intervention being low, for initiating a trade finance payment or for Letter of Credit or Bank Guarantee Issuance, customers are expected to provide details of the transaction in the form of a request letter (in case of offline transaction) or enter the fields in the online corporate banking portal. The customers refer to the Invoice/PO details which are already available in the ecosystem (ERP system). By using Axis Bank Trade APIs, customers can directly initiate the transaction from the details available in their ecosystem (ERP) with only very minimal manual detail inputs. To complement this integrated banking, the bank’s workflow system has also been automated to ensure all fields are auto mapped and minimize the manual intervention at each stage of the transaction lifecycle. Axis Bank Trade APIs are a path breaking new age integrated digital solution which enables customers to enquire, initiate and get status of their trade finance requests directly from their ERP without the need to login to the bank's portal. Axis Bank is the first in the industry to launch Direct import Bill payments through API and this has now been scaled up to have a complete suite of import products. Also, Axis Bank has partnered with System Integrator partners to handhold the customer through the entire customer lifecycle right from development till Go live.