Source: Markets Insider
SINGAPORE, Nov. 18, 2018 /PRNewswire-PRWeb/ — Active.Ai is proud to be part of the ASEAN Financial Innovation Network (AFIN) that showcases the API Exchange (APIX), an online Global Fintech Marketplace and Sandbox platform for financial institutions. APIX is the world’s first cross-border, open architecture platform to enhance financial inclusion.
The collaboration between Active.Ai and Axis Bank was presented by India’s Prime Minister, Narendra Modi, at the Singapore FinTech Festival 2018. Active.Ai’s Triniti, a Natural Language Processing AI Engine, is now on the APIX marketplace.
Active.Ai’s Triniti is a SAAS platform with powerful combination of cutting-edge AI algorithms, data models focused on BFSI with secure, on-demand, scalable infrastructure on the cloud, powered by AWS. With the open API of APIX, facilitation of innovation and collaborations between Active.Ai and financial institutions is now possible. Active.Ai caters specially for Banks, Securities, Insurance and Payments.
Axis Bank, one of India’s leading private banks, was looking to further enhance its customer experience on fund transfers. This led to the formation of a partnership with Active.Ai, which provided banking AI capabilities on the APIX marketplace. Using the APIX sandbox, the collaboration saw the design of a Unified Payment Interface (UPI) solution to create a smooth, seamless fund transfer experience for their customers through conversation.
Praveen Bhatt, Head – Digital Banking & Customer Experience, Axis Bank, said, “As one of the first mover of the APIX network, Axis Bank’s collaboration with Active.Ai on a conversational interface to add to Axis Bank’s Unified Payments Interface offerings to the marketplace. We hope to boost cross-border reach through potential collaborations with all financial industry participants in ASEAN.”
APIX is a collaborative network of banks, FinTechs and non-banks in which participants can develop common approaches to business, regulatory and technical challenges through an “industry sandbox”. An emphasis is placed on supporting financial inclusion.
Active.Ai is now able to connect with other financial institutions through a global curated marketplace through the APIX network. The adoption of APIs will drive digital transformation and financial inclusion across Asia-Pacific.
Ravishankar, Active.Ai’s Co-Founder and CEO adds “We are thrilled to be part of this incredible platform. AI will be a pivotal role in this network. With Triniti, our natural language processing AI engine, we hope to be able to provide Conversational AI solutions to financial institutions to match their needs and help accelerate their business and product development.”