Laxmi Bank launches LxBconnect

In line with the Bank’s strategy of using API banking as an enabler to ideate, customise and co-create digital solutions, Laxmi Bank has launched LxBConnect, an API Developer Platform and released an invitation to fintechs, startups, developers to be partners–in-tech to identify ‘best-fit’ APIs based on their sectors for its common customers. LxBConnect sandbox environment is expected to enable interested partners to visualise multiple banking use cases and understand possible integrations and functionalities of the Bank’s APIs and test them with their app in a secure environment over the VPNs. Laxmi Bank will grant access to APIs across three types of usage categories that include account management, financial and non-financial operations such as: • Accounts: Account Opening; Account Management; Customer Portfolio • Financial: Beneficiary Management; Fund Transfer; Bill Payment; Recurring Payment, Remittance, Salary Payment, Settlement, Beneficiary Management • Non-Financial: Exchange Rates, Branch/ATM Information, Verifications, Reconciliation, Statements, etc.