October 8, 2015
FinTech startups continue to disrupt the way financial services are delivered. Powering some of this FinTech innovation is the much talked about concept of an API. APIs are the answer to the question of how startups are able to build products faster these days. And open APIs allow startups of all sizes, large companies, and entities having different levels of knowledge to work together to create new products and services.
So you may ask that making APIs open to outsiders is pretty much like inviting the competition to come in and read the insider’s note. However, industry watchers say that offering an open API should not be seen in that way. Instead, it lets fresh-off-the-boat tech companies and ever competitive developers innovate much faster on top of an already built platform, as opposed to keeping their app development limited and within the closed doors. It's a different mindset and one that is making waves in this fast-paced FinTech world where the race is to bring new (and better) products faster to the market.
Let us look at an exhaustive list of APIs that are doing great (including latest updates):
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.
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.
The Dwolla API provides an interface to integrate the Dwolla payments platform into a software application. Dwolla is a payments processor that provides a web based platform which allows users to send, receive, and request funds from any other user. Dwolla can be used to share money with friends through Facebook and Twitter. Users can also purchase goods and services through the web and mobile devices. The API provides developers with the functionality to send, request, and retrieve account history and send money between Dwolla accounts.
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.
The company offers the quickbooks Online API which allows developers to leverage the huge amount of financial data that businesses create within quickbooks. Intuit also offers the Customer Account Data API which, along with the QuickBooks Online API, provides developers with programmatic access to data from more than 19,000 financial institutions. Using these APIs, developers can create third-party applications for QuickBooks which can be offered to consumers through the Intuit Apps.com app marketplace.
The iZettle API allows developers to access and integrate the functionality of iZettle with other applications and to create new applications. Some example API methods include managing account information, processing payments, and retrieving payment information. iZettle itself is a m ...