Update API

[Prasun Kumar]

Hi Ralf,
I have opened a merge request for merging the update API feature branch.
Can you please
review it once? I have made the commit some time ago and forgot to open a
merge request then.
I have verified it on my end but let me know if it breaks something. I will
recheck.

Also, a python test is breaking because the bank name used in assert has
changed. I think I should modify the name accordingly in the test. Or
should we use another bankID? Are there bankIDs which are sort of 'fixed'
in that their names would always remain fixed? Those would be good for
writing stable tests.

Sorry for the delay. Finally got a break from college till December. Hoping
to resume some open-source learning.

Thanks,
Prasun
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