The use of APIs have transformed the payment experience, allowing for faster, more secure and lower cost transaction processing.
The term “API” is well-known in the context of digital interactions. In this article, we will look at five different types of Fincra APIs that improve business operations and connect Africa to the rest of the world digitally.
An API, also known as Application Programming Interface is a set of programming code that enables data transmission between one software product and another seamlessly. It also includes the terms of this data exchange.
The use of APIs has transformed the payment experience, allowing for faster, more secure and lower cost transaction processing. This benefits both businesses and their customers.
Payments APIs are commonly used to:
- Offer a frictionless checkout experience, as well as a variety of payment options.
- Reach customers in new markets without the need to have banking relationships in each country of operations
- Prevent data entry errors (such as those made when typing bank account details)
- Enable instant settlement, reducing transaction risk for the merchant
reduce the risk of fraud while also improving security with secure payment authentication features and built in compliance checks
- Access real-time data on the status of transactions and other payment information,
- Simplify regulatory compliance such as PCI, AML and KYC.
Types of APIs
1. Virtual Account APIs
Virtual bank account APIs can be used to automate the process of issuing individual virtual accounts for easy payment collections.
These grant fintechs or financial institutions the ability to create and issue virtual named accounts to their customers and partners for payment management and collection.
Virtual account APIs can also be used by global businesses that have high transaction volume, businesses such as travel agencies would highly benefit from virtual accounts APIs.
2. Payouts APIs
A payout is simply a transfer, therefore a payout API is used to seamlessly automate the end to end process of transferring funds from one destination to another, securely. Fincra’s payout APIs are designed to support single currency transfers or cross-currency transfers in the EUR, GBP and NGN to bank accounts or mobile money wallets. Your customers can make fast, secure and seamless transfers to beneficiaries in the UK, EU and across Africa, within minutes.
3. Collection APIs
These enable seamless collection of payments in local and international currencies for your customers. At Fincra, we offer customisable payment collection APIs that can be easily integrated into payments platforms to enable seamless payment collection while still allowing flexibility and independence on the platform’s flow.
4. Quote generation APIs
A quote generation API provides the live exchange rates for currency conversions, in multiple currency pairs, so you know exactly what conversion rate to expect before initiating an international transaction.
5. Wallet management APIs
These help fintechs and financial institutions provide wallet management systems for their customers. Many platforms provide wallets to their customers through these APIs and grant them the ability to make top-ups, receive payments via virtual accounts and make payouts/transfers securely.
Why You Should Use Fincra’s APIs
Our APIs are designed for fintechs to launch global and innovative financial products that will solve the payments infrastructure challenge in Africa while also powering global financial solutions. They are ideal for businesses that make frequent payments, need flexibility, and want to control how and when funds are transferred.
Advantages of using Fincra’s APIs:
- You minimize the cost of development.
With the use of Fincra’s APIs, you do not need to worry about building your application from the ground up. Our customizable API solutions can fit into your existing product, giving you complete control.
- Payment collection and transfers are more streamlined.
With the use of our collections and payout API, you can easily receive payments from your customers and partners across Europe, the UK and Africa and make payouts to beneficiaries across these territories
- Security and reduced risk.
When you integrate with our easy to use APIs you still maintain total control over your internal processes. Our APIs are flexible enough to allow you to set your preferences and retain control while processing payments. Fincra is PCI DSS compliant so you can be sure that your data and your customers’ is 100% secure.
Fincra’s API provides fintechs and financial institutions with the capability to build innovative products with seamless access to inclusive financial data and secure payments, it also provides an opportunity for businesses to scale, and expand across borders. It is built by developers for developers and is designed for seamless integration.
With Fincra, you have the assurance of security, as you and your customers’ information is in safe hands.
Currently, Fincra offers online and offline payment solutions to global businesses, fintechs, institutions, and business platforms, as well as payment management capabilities for themselves and their customers across the globe.
Fincra also provides white-label agency banking solutions to aid financial inclusivity and bring banking services to customers at the last mile. Through our infrastructure, financial institutions and businesses are able to provide banking solutions to their customers at their convenience.
You can view Fincra’s API documentation here: https://documenter.getpostman.com/view/10721039/Tz5m7zMw
You can also give our existing products and services a quick spin by signing up for a demo here: