February 10, 2015
The payments industry is embracing a range of disruptive payment systems that are changing the way we pay, especially as digital payments become mainstream. But the core of the payments systems is something that should not be ignored. A large number of innovators and developers are writing great amount of code to develop the next generation of payment experiences. Some smart upstarts are taking a different route and doing smart development. All of this is supported by powerful APIs that payments companies have specially designed to enable the creation of digital and futuristic platforms for payments innovation.
As a payments startup, you can use APIs that can help you implement ground-breaking ideas quickly (especially if it’s important to hit the market first). APIs could be related to accessing data (location, merchants, ATMs, etc.) or for fraud and authentication or for moving money. These APIs greatly reduce the time-to-market for FinTech solutions. Why would anyone want to reinvent the wheel then?
It is no doubt that more and more payments companies are looking to such powerful APIs to drive their systems. There are a number of such use cases that have in the payments industry. Here’s a few examples:
PIEtech, Inc., innovator of MoneyGuidePro, one of the industry's leading providers of financial planning software, launched three new integrated financial applications using Yodlee. Powered by Yodlee, the platform behind hundreds of other innovative direct-to-consumer financial offerings and apps, these tools allow investors to manage their spending while accessing their financial plan via MoneyGuidePro's SMART Portal. All MoneyGuidePro advisors who have a subscription to Yodlee aggregation will be able to offer these robust personal financial management capabilities to their clients.
Xignite offers more than 40 financial data feeds providing real-time, historical and reference data across all asset classes. Xignite APIs power mobile financial applications, websites, and front, middle- and back-office functions for more than 1000 clients worldwide. Some companies which makes up the bulk of Xignite’s business are the new generation of FinTech startups such as Wealthfront, Personal Capital, and Betterment.
Pay It Square helps any person to collect money from any group for any purpose. Pay It Square leverages WePay APIs to simplify two particularly painful parts of the process: getting paid and keeping all the details organized. Those who owe money can enter their credit card, without needing to click a link or go to another page. For the organizer, WePay deposits funds directly and immediately into their account.
The above mentioned use cases are a mere sampling of the wide-scale and effective payment services that the powerful APIs can bring to the market. Here is a list of some prominent payments APIs that companies, especially FinTech startups can consider using in their solutions: