Active.Ai’s Triniti now on the API Exchange
The Prime Minister of India, Narendra Modi, gave an incredible keynote on the third day of the Singapore FinTech Festival 2018 regarding the launch of the API Exchange (APIX), the world’s first cross-border, open architecture platform. In attendance in the audience were business and technology leaders, including two of Active.Ai’s co-founders Shankar Narayanan and Ravishankar. During the keynote, PM Modi mentioned the collaboration between Active.Ai and Axis Bank on APIX.
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. During the event, it was announced that Triniti was officially listed on APIX. 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 enhance its customer’s 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.
For instance, an Axis Bank user might want to transfer funds using UPI through “Axis Aha!”, Axis’s conversational AI powered by Active.Ai. In the chat, the user would say something like “Transfer RS.500 using UPI”. This will prompt the user to log into their account and select the account where the funds would be debited from. The user would then enter a VPA adrdress such as “name@bank”. Once all details are confirmed and the OTP is entered, the API will call to the APIX platform for fund transfer using Axis UPI API.
APIX is an online FinTech marketplace created by the ASEAN FinTech Innovation Network (AFIN) to increase financial inclusion in hard-to-reach markets. It aims to be a banking solution for the 1.7 billion people worldwide who still do not have bank accounts. AFIN was initiated by the Monetary Authority of Singapore (MAS), the ASEAN Bankers Association and the World Bank’s International Finance Corporation.
APIX will serve two main functions, as a FinTech marketplace and a FinTech Sandbox. In terms of marketplace, it will enable financial institutions to connect with FinTech companies through open API channels on a globally curated platform. In terms of sandbox, it will provide a platform for Financial Institutions and FinTech companies to connect and experiment on solutions in a contained environment. This network is where both regulator and the industry are able to come together to set a direction of the responsible use of data analytics and AI.
Singapore FinTech Festival is the world’s largest platform for the global FinTech community, featuring a series of events including FinTech Conference and Exhibition, Global FinTech Hackcelerator Demo Day, AI in Finance Summit, FinTech Awards, Innovation Lab Crawl, Workshops, and an expanded Investor Summit comprising of “FinTech Deal Day”. Only in its third year and it already has approximately 40,000 participants from over 100 countries. This year brings 250 speakers, 450 exhibitors and 16 international pavilions.
The Singapore FinTech Festival has a greater ASEAN emphasis this year since it happens to occur the same week that Singapore is hosting the 33rd ASEAN Summit. A brand-new zone at the Singapore FinTech Festival is specially dedicated to ASEAN start-ups. There are even special categories at the FinTech Awards dedicated to ASEAN companies. The categories include ASEAN SMEs and ASEAN Open.
