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API: unlocking endless payment opportunities

Advanced technologies have penetrated deeply into the Financial sphere and drastically changed the traditional system bringing innovations and flexibility to payment services. 

The cutting-edge technologies offered by Fintech deliver more value to a wider customer base. One of such empowering tools is API. 

API (Application Programming Interface) -  is a set of protocols that define the interactions between multiple software intermediaries in one touchpoint and connect different applications to communicate and exchange the data in real-time. API facilitates integration which allows different software to change the interaction of different business tools according to their business’s specific needs. APIs allow content to be embedded from any site or application more easily. This guarantees more fluid information delivery and an integrated user experience.

Having revolutionized the traditional banking sphere, API is the mere example of how simplicity meets disruption and penetrates into the whole industry by means of more agile and convenient tools to meet customer requirements and enable value for clients.  

According to a Research and Market report, by the end of 2024, the global API management market size is expected to rise from $3.02 billion in 2019 to $6.2 billion by the end of 2024.

API leverages the financial and digital ecosystem by providing collaboration between Financial Institutions and Fintechs and making connections between Financial Institutions and corporates. 

With API banking, Financial services providers have more flexibility to provide the best features and services to streamline their services, thereby creating a surge of competition and innovation in fintech products.

APIs are particularly useful in streamlining cross-border payments that involve dealing with the challenges of transferring the funds hassle-free and seamlessly.

There are obvious advantages that API offers. API provides an additional layer of security and flexibility in regulation matters because the compliance and authentication checks performed by the API diminish the number of redundant verifications that slow payments down.

Comprehensive reporting capabilities enable the customers to optimize their experience. In most cases, the API enables access to a range of pre-defined reports, such as account activities, account balances, rejected payments, settlements, and reconciliation.

By using API customers get access to accounts information such as an overview of your accounts, get the list of the accounts,  check the balance of an individual account, get detailed information about the activity on the accounts

GUAVAPAY API 

You can use the API to submit a payment transaction to transfer funds to a cross-border recipient. API streamlines operations, providing real-time online reporting, including payment creation and tracking. Our API structure enables seamless integration to support your internal workflows for payments, reports, and real-time status updates. The functional benefits of this method enable more transparent, frictionless, and reliable transactions. The direct connection to our payment infrastructure provides you with real-time processing of payments with low operating costs and fees.

Among these benefits are direct access to global currency accounts without leaving your platform, and the ability to open new bank accounts instantly within your platform enabling seamless cross-border collection and payments network, for example.  

A full range of business features on APIs generates endless possibilities for our clients. 

  1. Create accounts in different currencies
  2. Get the list of your accounts
  3. Get a statement of your accounts for balance reconciliation and accounting purposes.
  4. Make SWIFT, SEPA, BACS, CHAPS, Faster Payments.
  5. Monitor payment statuses and receive notifications.
  6. The sub-client feature that allows you:

  • Create individual or corporate sub-client under your client account.
  • Activate and block sub-client accounts.
  • Create an individual tariff for each sub-client or each account of the sub-client.
  • Open an account for each sub-client under your parent account.
  • Make and receive payments using a sub-client account.

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