Y-Labs Marketplace helps FIs develop next-gen payments apps

Yantra Financial Technologies, a company that designs, develops and manages e-payment systems, has launched Y-Labs Marketplace to help banks rapidly introduce new payments products and services through the company's digital banking platform.

Application developers, product owners and banks can use Y-Labs Marketplace to build digital banking and payments apps on Yantra's architecture. The platform's financial infrastructure and real-time risk scoring engine allow FIs to ensure compliance and validate innovative services or products.

Applications are funneled through the innovation process with support from Yantra, and receive guidance from financial institutions that are looking to establish a partnership, or to acquire or invest in fintech.

Yantra's capabilities are driven by more than 500 APIs, which integrate myriad connection points into one digital banking platform, giving users access to multiple payment networks and channels.

This approach also supports interoperability between financial institutions, programs, product combinations and accounts, regardless of the system.

Additionally, Yantra's use of APIs and focus on compliance ensures that the system is built on a process-friendly platform, allowing banks to add new services quickly and without taking undue risks or increasing exposure to fraudulent transactions.

Yantra has demonstrated the value of the platform by working with CBW Bank to offer ONECard, a safe and convenient alternative to a traditional bank account for consumers, and BlastPay, a business bank account that gives users complete control over the corporate payments process.

"Yantra's technology works within the regulatory constraints of the U.S. banking environment and manages to deliver innovative services that have modernized how we move money," Yantra CEO Suresh Ramamurthi said in the release. "For this reason, we are enabling financial institutions to help bring the most promising solutions to fruition and ultimately, deliver tangible benefits to businesses."