Today, transactions such as sending international money can be made from many platforms. Online banking and mobile banking apps are popular platforms for making money transfers. While users are making local or international money transfers with these platforms, a validation process makes users feel very comfortable. It is important that the IBAN or SWIFT addresses to which money is transferred are validated by the platforms, especially on platforms with high-volume transfers. Today, a revolutionary technological development, Banks API technology, has emerged in this regard.
Banks API is an API that enables all validation transactions on platforms where money transfers are made today from a single point. In addition, it can provide information about many banks. In this article, we will mention the advantages and use cases of using banks API on platforms.
What are the Advantages of Using a Banks API for Financial Transactions?
Banks API in financial transactions with financial information has many advantages. Banks API, which can easily integrate into every banking software, helps platforms in many ways.
The security and accuracy of information are very important in the banking industry. Banks API improves accuracy in money transfers and reduces loss to almost zero. So, this API prevents customers from sending money to the wrong IBAN. This prevents all kinds of delays and mishaps. As a result, it positively affects the customer experience.
This API doesn’t just provide validation operations; it also offers major international bank information. Another advantage of using this API is it enables the platforms to access much information, such as SWIFT and IBAN information of banks worldwide. So they can guide their users about the money transfer.
In addition, this API also helps with country-specific IBAN structure and IBAN generation. Platforms such as internet banking, where this API is used, can easily attract new customers to their platforms and increase revenue streams.
What are the Use Cases of Banks API?
Many platforms that involve financial transactions with financial data utilize Bank API. Frequently using Bank API increases the accuracy of money transfers to other platforms, especially in the banking sector.
Fintech companies and other institutions within the financial sector also use it to validate IBAN and SWIFT on their platforms. In addition to this, they use it for many purposes, such as checking the BLZ code for Germany and Austria, generating IBAN, and providing information about the IBAN structure.
Why Does Bank Data API Enhance Operational Efficiency?
Bank Data API is the most popular Banks API today. It is used on platforms where many businesses and developers make money transfers.
Bank Data API provides a comprehensive service in banking in addition to validating IBAN and SWIFT, such as checking the BLZ code, detailed information on major banks, and IBAN fields. In this way, it considerably increases the efficiency of basic banking operations apart from the money transfer operation.
Its JSON output can seamlessly integrate into the bank’s existing systems. The JSON output of the Bank Data API gives detailed data. Thanks to its flexible pricing policy, it is one step ahead of its competitors. In addition, it provides a free subscription plan.
What are the Error Codes of Bank Data API?
Error handling is a fundamental issue in API integration processes. Consideration of this point is crucial in the software development process. If you are not careful, the application may be down.
Bank Data API, on the other hand, has very advanced error handling. It provides a detailed JSON output on error. This JSON output contains the error code and description for this error.
The error codes and explanations provided by Bank Data API are as follows.
400 (Bad Request): Indicates that the request made is in an incorrect format. The user may be using a missing parameter or large size, fake redirect, or incorrect format in the request (query).
401 (Unauthorized): Did not provide a valid API key. The status code determines that there is no access authorization at the requested address.
404 (Not Found): The requested resource doesn’t exist. It means that such a page is not found on the server or there is an error in the page path.
429 (Too many requests): API request limit exceeded. You can examine information regarding rate limiting from the comprehensive documentation in the Bank Data API.
5xx (Server Error): We have failed to process your request. In this case, you can contact the Bank Data API.
Financial platforms utilize Banks API in almost every instance where financial transactions occur. It directly increases trust and accuracy on platforms where high-dimensional money transfers occur. It is the biggest helper of platforms to gain new customers and the trust of existing customers.
Q: What Format is the Bank Data API Response?
A: The Bank Data API (Application Programming Interface) responds in JSON format. It is a reliable JSON API. Thanks to its JSON format, it can be easily parsed and mapped in programming languages.
Q: What Do the Banking APIs Provide?
A: Banking APIs were developed to facilitate international money transfers to platforms. It provides validation of the IBAN or SWIFT address to which the money will be transferred.
Q: What Is the Most Popular Bank API Used by Many Financial Institutions and Open Banking Platforms?
A: The bank API used by many financial institutions and open banking platforms today is Bank Data API. By using this API, platforms prevent any delay and loss of money in money transfers.
Q: Does Bank Data API Only Provide IBAN Validation Service?
A: No, it does not just provide an IBAN validation service. Bank Data API provides its users with comprehensive money transfer services. It offers SWIFT check, IBAN format, IBAN generating, and more under a single API. The developers designed it to be capable of responding to any possible scenario that may arise within the banking sector.