A uniform set of APIs that allows developers to access fixed deposit products of multiple banks.
Setu’s Deposit APIs help to integrate supply partners—financial institutions like banks, NBFCs, AMCs, etc.—with distributor channels like PhonePe, Google Pay, etc by providing easy-to-use APIs. It is designed for anyone looking to offer a complete FD booking and management service to their investors or customers.
#Who is a supply partner?
Any financial institution that offers fixed deposit products to customers is termed as a “supply partner” on the Setu platform.
For example - Small Finance Banks, NBFCs, etc.
#Who is a distributor partner?
Any digital or hybrid channel which could make fixed deposits available to their customers is a “distributor partner” for Setu’s FD APIs.
For Example - payment apps, investment apps, etc.
#What can I do with this product?
If you’re a supply partner
You would be able to provide a seamless fixed deposit booking and management experience to your customers by making your FD product available across multiple distributor platforms. You will benefit from an increased flow of funds and customers, without having to spend a significant amount on CAC and individual APIs.
- Increased retail base and granularity of customers
- Minimize your cost of acquiring customers
- Amplify your IT bandwidth: Integrating with Setu APIs enables you to go live on multiple fintech partners in a fraction of the time it typically takes.
If you’re a distributor partner
You can expand your coverage of investment instruments and offer proprietary ones, without having to integrate individually with each bank or fund house. This vastly reduces time spend on development, letting you go live much faster.
#How it works
This section is meant for distributor partners. Supply partners may require bespoke integrations depending on their individual technical configurations.
Here is a typical list of steps involved in booking an FD by a retail investor. In this scenario, the distributor app has onboarded a banking partner with Setu’s Deposit APIs.
- The customer opens a distributor partners app and chooses any of the supply partners to invest in.
- The customer chooses an amount to invest and a tenure of their choice, and views the expected return on the maturity of the FD.
- The customer fills out KYC details and personal information.
- The customer then pays using any payment method of their choice (UPI, Netbanking, etc).
- This payment directly goes to the supply partner, or maybe routed via Setu’s own payment gateway infrastructure.