How APIs are Helping to Facilitate Money Transfer

What is an API?

API stands for “Application Programming Interface.” It is a software intermediary that allows two applications to talk to each other.  In other words, an API is a messenger that delivers your request to the provider you’re requesting it from and then provides the response back to you.

APIs are really shaping the payment solution landscape and have become an integral part of the payment system. APIs are commonly used by companies that offer money transfer services. This makes it possible for them to get around the major hurdles of online financial transactions and complete transactions instantly. APIs enable clients to access their accounts to move funds, pay bills, and more from one, secure point. They don’t have to look for account information or verify incoming deposits into their accounts. Rather, they can just log on and carry out their transactions using their online payment credentials. Account access and account balance verification can be done instantly.
International money transfer API make it possible for money transfers to be done not only from a computer, but also on mobile apps like smartphones, iPads, and others. This means users have control and access at any time and from anywhere they may be in the world.

Types of API

The major types of APIs include:

Private APIs — Most commonly used within the traditional payment organization, private APIs help enhance operational efficiency and are viewed as essential by the vast majority of payment providers.

Partner APIs — Typically occurring between a specific third-party partner and a payment provider, partner APIs allow for expansion, especially in relation to new channels, products, etc. They are shared between members of commercial partnerships. Since they’re not available to everyone, they require special authorization to use.

Open APIs — The least commonly used type of API, this structure involves making business data available to third parties. In this case, payment providers are often concerned with the security of data and other sensitive client information.

APIs provide the following benefits during money transfer:

  • Ease and transparency
  • Safety of transactions as a result of regulatory standards
  • Simple and intuitive for end-users to ensure a satisfying user experience.
  • Instantaneous and seamless payment operations.
  • Risk management

The AZA Finance international payment API makes things easier for money transfer operators by providing more efficient integration with the real-time status of the transaction when sending and receiving money from various corridors in, within, and outside Africa.

With AZA Finance’s API, businesses have access to numerous payment methods and instant settlements in Africa and Europe with multiple currency pairs. Paired with dedicated tech support, customer service, and AZA Finance’s responsive FX desk. Built for developers, by developers.

Click here to learn more about the solutions our robust API technology can provide your business.

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