Indian private sector lender DCB Bank has launched its open banking platform.

The move is aimed to create an ecosystem with fintech companies, application developers and enterprises to support innovation.

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DCB open banking platform

The lender said that more than 20 entities are expected to partner with it in this effort. The participants will access its open banking platform APIs as well as share expertise on developing customer centric products.

These Open Banking Platform APIs will help in improving the existing banking technology infrastructure. Additionally, DCB Bank expects that it will help to develop new solutions to serve the next-generation customers.

DCB Bank managing director and CEO Murali Natrajan was quoted by local media sources saying: “Open Banking Platform is the way forward for banking in the digital and e-service era.

“We are delighted to offer this innovative ecosystem with the help of fintechs and start-ups, enabling us to service our customers in new and better ways.

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“We will move cautiously at first and expand the Platform as we gain experience.”

DCB Bank president R Venkattesh was quoted as saying: “Our Open Banking Platform will help us improve our products and services and also reach out to new customer segments.

“We are happy to partner fintechs, start-ups, merchants and other enterprises, which are helping us bring a new perspective to banking.”

Headquartered in Mumbai, DCB operates 331 branches across 19 states and three union territories in India. It has nearly 600,000 customers.