Co-op Bank To Deliver Seamless Customer Experience Through Its API

The Co-operative Bank of Kenya has opened its API which it says will be instrumental in promoting partnerships and innovation and building disruptive business models and platforms that deliver seamless customer experience.

What is an API?

This is an application program interface (API). It is a code that allows two software programs to communicate with each other.

An API defines the correct way for a developer to request services from an operating system (OS) or other application and expose data within different contexts and across multiple channels.

An Open API is also known as a public API are published on the internet and allows the owner of a network-accessible service to give universal access to customers.

Exposing data with an API can improve the customer experience because it provides greater functionality and scope of services within a single application or other digital property.

Co-creation and Innovation

“Co-operative Bank believes in co-creation and innovation that enables people, businesses, and society to grow. It believes that innovative products and services that benefit their customers and the public, in general, are key to success,” said the lender in a statement.

According to Co-op Bank, before launching an innovation, it ensures that it weighs the business needs and the prevailing market situation versus the opportunity. This ensures that it meets the customer need and keeps up with the changing market trends.

“With the Co-op APIs dubbed Co-opConnect, the Bank aims to publish as many banking services as possible enabling their Corporate and Sacco customers to add value to their mobile apps & web services,” said Co-op.

The Categories

The system’s APIs fall into two categories:

The account information services APIs

Transactional APIs.

The Transactional APIs enables the following functionalities:

Internal Funds Transfer- Enables customers to transfer funds from a Co-op Bank account to another Co-op Bank account

Pesalink send to account- Enables customers to use Pesalink while sending money from a Co-op Bank account to another bank account in a different bank

Instant Notification Service- Sends real-time notifications to a customer’s accounting system of any activities in the respective customer’s account i.e debits and credits

Send money from a Co-op Bank account to a Mpesa wallet.

The Account Information Services APIs enables the following functionalities:

Account Balance Inquiry- Shows the account balance at a given time. The balances will be as follows;

Cleared Balance

Booked Balance

Blocked Balance

Available Balance

Arrears Amount

Uncleared Balance

Overdraft limit

Account Transaction Inquiry- Shows the status of a specific transaction. For example, was a cash deposit successful?

Account Mini Statement- Shows the latest 10 transactions in your account.

Exchange Rate Enquiry- Show the days foreign exchange for all major world currencies e.g. USD, GBP, EUR, CAD, etc that are offered by Co-op Bank

Account Validation-   Confirms that a provided account (mostly from a third party) is a valid account number within the bank’s system.

Status Enquiry-  This shows the status of a specific request for example if you send a PesaLink transaction on Open Banking the status inquiry API will provide an update whether the transaction has reached Co-op Bank and is been processed.

The organizations and FinTechs that have interacted and published the Co-op APIs stated that the APIs are:

Simple and easy to use

Accessible from web or mobile application

Safe and secure mode of transacting,

An easier and faster way of partnering with Fintechs

Simplified integration process

Give Real-time update of payment status

Deliver a seamless customer experience

You can access the Co-op APIs from the following link https://developer.co-opbank.co.ke:9443/store/apis/home

READ: How To Join Co-op Bank’s Internet Banking, The Benefits To Enjoy