Yes Bank Connected Banking — Onboarding via Open Money

Overview

This guide outlines the process for businesses to enable Yes Bank Connected Banking through the Open Money Platform. Once activated, organizations can securely access Yes Bank accounts to view balances, fetch statements, and initiate transactions directly from the Open dashboard.

Yes Bank follows an offline onboarding model, which involves documentation submission, onboarding on the IRIS BIZ platform, and credential-based API activation. The process requires coordination between the business, Yes Bank, and Open.

Step-by-Step Onboarding Process

Step 1: Initiate Onboarding with Open

To begin, the business must coordinate with Open’s Implementation Team and request enablement of Yes Bank Connected Banking.

Open will:

• Share the required onboarding documents
• Guide the business through the Yes Bank–specific onboarding flow

Step 2: Complete and Sign Required Documents

The business is required to fill, sign, and submit the following mandatory documents:

• API Setup Sheet Download here
• Board Resolution Document (authorizing Open for API-based account access) Download here
• IRIS BIZ Platform Onboarding Form Download here

All documents must be completed accurately and signed by authorized signatories as per Yes Bank requirements.

Step 3: Submit Documents to Open

Once all forms are completed, the business must submit the documents to Open’s Implementation Team.

Open will:

• Review documents for completeness and correctness
• Validate details before sharing them with Yes Bank

Step 4: Open Submits Documents to Yes Bank

After validation, Open submits the documents to Yes Bank for their internal onboarding and approval process.

Yes Bank will perform:

• Business and account verification
• Compliance and authorization checks
• API enablement approval

Step 5: IRIS BIZ Platform Onboarding

As part of the onboarding process, Yes Bank will directly contact the business to complete registration on the IRIS BIZ platform.

This step may involve:

• Additional verification
• Confirmation from authorized signatories
• Activation of IRIS BIZ access

Note: Successful IRIS BIZ onboarding is mandatory for API credential issuance.

Step 6: API Credentials Shared by Yes Bank

Once IRIS BIZ onboarding and API setup are completed, Yes Bank will share the required API credentials directly with the business.

These credentials are required to establish secure API communication between Yes Bank and Open.

Step 7: Share Credentials with Open

After receiving the credentials, the business must securely share them with the Open Money integration team.

Open will:

• Configure the credentials in backend systems
• Validate connectivity with Yes Bank APIs
• Enable Connected Banking for the Yes Bank account

Step 8: Link Yes Bank Account on Open Dashboard

Once configuration is successfully completed, the Yes Bank current account will be linked on the Open Money Platform.

Users can then access the Open dashboard to:

• View account balances
• Fetch bank statements
• Initiate transactions and payments

Notes

• After successful account linking, businesses can use Open to:

  • View real-time balances
  • Fetch account statements via API
  • Initiate and manage transactions

• All credentials shared with Open must remain active and valid.

• In case of credential rotation, re-verification, or access changes, coordinate with Yes Bank and inform Open Support.

Summary of Responsibilities

Once this process is completed, the Yes Bank account will be securely linked to the Open Money Platform, enabling real-time, API-driven connected banking capabilities.