Application Programming Interface Powering The Digital World

APIs “make life simpler for millions of us every day by enabling us to share information, for example, about our location. They are the hidden technological drivers behind digital applications such as Facebook, Google Maps and Uber.”

Take a look at the types of API's

Let's see who are making API's available for the comfort of the customers for convenient transactions.

A variety of banking APIs providers has expanded opportunities for entrepreneurs to build solutions for different segments of the financial services industry:

• Payments gateways APIs providers (Braintree, Dwolla, Stripe, Wirecard, Adyen, etc.),

• Trading APIs (Xignite, Zerodha, etc.),

• Authentication/verification APIs (Yodlee, Trulioo, etc.),

• Remittance APIs (Uphold, PayCommerce, etc.),

• Data aggregation APIs (Kontomatik, Fidor, Figo, etc.)

Google

The technology giant offers exclusive Wallet APIs which enable the integration of its popular Google Wallet services. The APIs help streamline purchase flow across mobile apps and websites. Two major API offerings include:

Instant Buy: this API provides a cloud-based method to access and store payment information. It increases conversions by streamlining purchase flow and reducing the amount of information customers need to enter. It can integrate with existing payments infrastructure and offer payment services quickly, easily, and free of charge.

Wallet Objects: this API is a simple platform to connect businesses to millions of Google users and showcase loyalty programs, offers, and more. Businesses can engage with customers through the always-available platform with location-based notifications, real-time updates, and messaging. Moreover, it becomes easier to manage updates at scale through the cloud.

Braintree

Braintree’s Partners APIs provides users with an integrated way to start accepting payments using the Braintree payments gateway. The API allows users to sign up seamlessly from within applications and get instant approvals so merchants can easily receive the credentials on a user’s behalf, basically everything required to process a transaction. It becomes easier for merchants if their customers are already Braintree users, in which case users only need to sign in to initiate payments. For existing Braintree merchants, the Partners API enables developers to build valuable features in their apps like data visualizations and reporting.

Xignite

Xignite APIs are used by over 40 startups with the clientele including companies such as Betterment, Wealthfront, Personal Capital, Yodlee, Oracle, SAS, Sungard, Charles Schwab, Navy Federal Credit Union, TD Ameritrade, Brinks, GE, and Starbucks. A particular API of the company called the ‘FactSet Fundamentals’ one of the first REST-based APIs to provide accurate and trusted historical financials, fundamentals, earnings and more across more than 170 global exchanges. FactSet Fundamentals joins more than 40 other APIs for financial services in Xignite’s API library. APIs from Xignite provide back-end data integration, powering a lot of financial service ventures.

Zerodha:

Zerodha is a revolutionary online trading platform designed to allow active traders to buy and sell financial instruments such as stocks, futures & options, currencies, and commodities under a never seen before brokerage-free model.

The company announced the availability of application programming interface (API) – KITE Connect to financial technology startups. It is a set of REST-like APIs that expose many capabilities required to build complete investment and trading platform.

CardConnect

The CardConnect API allows secure acceptance of a wide-range of credit, debit and alternative payments. Instead of a high flat rate, CardConnect uses “interchange plus” pricing as processing costs. The API offers features like next day funding, certified PCI level 1, patented tokenization, recurring billing, online bill presentment, hosted payment page and fraud protection as well. From Yen to Euros, CardConnect has you covered. CardConnect’s partnerships throughout the world allow it to offer global pricing and operate in different currencies internationally. CardConnect’s reach includes Canada, Japan, and 18 European countries with more in the very near future.

Dwolla

Dwolla is an ACH processor and payment network that provides a web based platform to send, receive, and request funds to, from, and between any entity within the United States. Dwolla’s ACH API provides two types of integrations for platforms: a branded offering, which offers Dwolla-branded experiences and payment flows, and its new flagship solution White Label, which allows for seamless experiences and custom payment flows.

The platform specializes in marketplace collections or payouts, fintech platforms, and enterprise business. The API provides developers with the functionality to send, request, and retrieve account history; automate realtime services via webhooks; verify customer identities and bank accounts; allow platforms to create accounts and hold balances; and/or enable money transfers between bank accounts.

MasterCard

The credit card processing giant offers an array of API based solutions to cover multiple aspects of payments solutions. Here are some prominent APIs that MasterCard officially offers to developers for developing payments solutions:

Simplify Commerce: enables acceptance of e-commerce and mobile commerce payments, regardless of the payment brand.

MoneySend: enables money transfer service through multiple access channels.

Mobile UI SDK: can be integrated into a proximity payment mobile UI application to enable mobile banking and mobile wallet service.

rePower: allows participants to add funds to accounts through various points of deposit.

MasterPass – Merchant Checkout: enables online checkout by retrieving payment card information from a digital wallet in the MasterPass network.

Western Union Money Transfers: enables financial institutions to send and receive money transfers using Western Union Agent Network.

PayPal

The REST APIs by PayPal allow the integration of the popular payment processing system into a web oriented checkout system. PayPal also offers mobile SDKs for iOS and Android that make use of the REST APIs. The REST APIs allow payments either using PayPal credentials or using traditional payment cards as well. PayPal Here is an app that works as a cash register to accept payments on phones.

The Adaptive Payments API by PayPal enables merchants and developers to select the payment scenario that is most suitable to their needs. Merchants and developers can create applications that manage payments, payment pre-approvals, and refunds. Merchants and developers also can send money peer-to-peer, and can split payments in both the parallel and the chained models. Merchants and developers can accept guest payments and can schedule disbursements.

Visa

Visa first launched the “V.me” digital wallet solution in collaboration with Nationwide in UK. V.me allows the user to store card information for multiple credit and debit cards from Visa, Mastercard, american express and Discover along with the ‘Bill to’ and ‘Ship to’ addresses for each of the cards. V.me allows making purchases with a single sign-on which is secure across all channels and devices. All of this is possible through the V.me APIs which makes the integration seamless across platforms.

Apple

2014 saw the advent of a secure and convenient way to pay at stores using an iPhone 6 or 6+ with NFC and finger-print Touch ID. Apple Pay is helping users avoid the hassle of carrying a physical wallet and to conduct payments in a secure manner. Apple has provided APIs and SDKs to third party developers to allow them to integrate Apple Pay in their apps. This has seen Apple Pay integrated in a number of payment systems, especially in the case of in-app purchases. More and more banks have been able to integrate Apple Pay thanks to the APIs. This powerful Apple Pay feature will further boost its upcoming international expansion.