Connected Banking

Connect your Business with
Digital Banking Solution

What is Connected Banking?

Enabling Corporates switch from today’s disjoint banking experience to an Integrated experience with Legal Dev Connected Banking Solution. Connected Banking is an integrated platform that provides you business-banking services on your ERP platform. It is a module to enable corporate aggregators/partners to consume Legal Dev APIs securely. The engagement on these platforms are high given these partners provide niche range of services solving specific issues faced by the SME customers e.g. automated book keeping, expense management, invoicing, tax filing, insurance etc. API integration with these platforms enables the bank to be present and provide transaction and services on these platforms where the customers are spending majority of their time.

Process Flow

Why do we need Connected Banking?

Benefits
  • Real time visibility of account balances
  • Initiate payments directly from your ERP platform
  • Easy reconciliation
  • Enhanced security with 2 factor authentication
  • Real time payment status updates
Benefits
Security controls
Controls Actionable
Tokenisation/Token validation
  • Bank creates unique token on corporate’s registration. Pre defined token validity of 90days.
  • ERP will store/track the active time of user and manage session on the portal for Banking services.
  • For every request partner will pass token in API calls to the Bank.
  • Only requests with valid user token will be processed by the Bank.
Capturing telemetry data

ERP to pass two Telemetry Data points -:

User IP Address
User’s Near location basis Public IP

Any change in the Near Location (basis Public IP) of the user will lead to token expiry and trigger a step-up authentication i.e. user would be asked to re-register their account and generate a fresh token.
Cumulative amount check For CIB One Gen or RIB users, Bank would set a corporate wise transaction limit in agreement with the corporate. Incase of breach in transaction limit, will lead to token expiry and trigger a step-up authentication i.e. user would be asked to re-register their account and generate a fresh token.
Corporate consent All the relevant consent of corporates will be taken for the service being provided during corporate registration stage.
Data storage at ERP end ERP will not store any Bank/corporate data at the partners end unless specified by Bank.
2FA for financial transactions
  • All financial transactions will have mandatory 2FA.
  • Bank will send OTP to corporate’s registered mobile number.
  • OTP authentication will not be required for non financial services like Balance enquiry, statement etc.
Type of supported ERPs
  • On-Premise ERP software
  • Cloud-based ERP software

Link your account in 3 easy steps

step-1
Login

Corporate logs in ERP software

step-2
One Time Registration

Do One Time Registration for integration process by selection Legal Dev and entering necessary details

step-3
Registration On RIB and CIB
RIB
  • User Does 2FA using OTP received on register mobile number
  • Accept T&C
  • Registration is successful
CIB
  • User Does 2FA using OTP received on register mobile number
  • Select rules and Approver
  • Select T&C
  • Approval request send to Approver
  • Approver logins in CIB and Approves
  • Registration is successful
Explore Connected Banking services