There are some useful APIs that payment companies use to design digital as well as futuristic platforms for innovation in payments. Some of them are well known and we covered 14-15 of them recently. Here are some lesser-known companies whose payments APIs are making waves:
The startup describes itself as “The API for banking data.” Plaid gives developers the tools to integrate with bank infrastructure, and the ability to access and authorize user bank accounts faster than ever before. Plaid offers two primary products through its APIs that allow users and developers to effortlessly interact with financial institutions.
Plaid Connect: It allows developers to dig into the narrative by collecting transactional data from credit, debit, checking, savings and more accounts in a clean, usable format. It intelligently matches the merchant name, category, location and address of each purchase.
Plaid ACH Auth: ACH should ideally be simple for both users and developers. Plaid Auth helps developers authorize and set up ACH payments in a few seconds with the credentials which users already know, instead of esoteric account numbers. Developers can also verify ownership and check balances to make ACH painless.
The Finicity platform and API enables software developers to securely and easily integrate customer financial data into their apps. With the RESTful based Finicity Aggregation API, developers can deliver exceptional user experience by leveraging the key API features. More than 16,000 data sources securely connect customers to a broad set of financial institutions to increase the possible market for apps. Comprehensive account types allow developers to feed apps the data they need to deliver a compelling user experience. The following illustration clearly highlights what the Finicity APIs are all about:
The Germany-based bank offers a standardized set of RESTful APIs and management systems handled with OAuth for authentication. With Fidor, each user can receive a specific customer ID and associated bank account. Deploying the Fidor API, requests can be made for third party payments or transfers. Single transactions as well as batch transfers or direct debit withdrawals can be made using a single API-driven procedure. Web-based requests can be made to retrieve user information such as ID & customer email. The API enables developers to access general account management features.
Fidor combines a full banking license with its own technology and Open Bank APIs. The fidorOS has been designed to work with an existing core banking system and is expandable beyond traditional banking services. The banking platform is a middleware that provides support for social trading and lending, virtual currencies and emergency loans without being tied to any legacy code.
OANDA is a global provider of innovative forex trading services. The company offers free availability of its proprietary fxTrade platform code via the company's REST application programming interface (API). Programming language agnostic, the OANDA API allows current and prospective partners and individual traders the opportunity to develop customized apps, and trading algorithms and strategies on top of the broker's award-winning trading platform. OANDA’s API library provides direct communication with its fxTrade servers over secure, authenticated Internet sessions with fully encrypted communication channels.
OANDA has also conducted exclusive FinTech hackathons in the past where developers have showcased the power of APIs by developing amazing applications. Some of the applications as witnessed in past hackathons are:
GlobalFX: A data visualization tool that uses an animated globe to provide forex traders with a visually interactive way to conduct comparative analysis of currencies over a specific time period.
FinCal: A crowdsourced financial calendar that allows users to input and comment on financial events by the currency pairs they anticipate will be affected.
Regression.io: A tool that allows traders to upload any data set they would like to analyze whether there is a correlation between their data and historical currency prices.
At LTP, we had earlier written about a few prominent APIs in the payments industry that made waves last year.