Application Programming Interfaces (API) are the backbone to connectivity between applications both across the web, as well as internal to banks. Check out this cool little YouTube Video to illustrate.
OrboGraph’s greatest successes in banking have been due to our API methodology. It has given our business partners and direct clients the ability to embed our traditional products into their check processing platforms for activation of CAR/LAR recognition, image quality, and fraud detection tests, all transparent to the outside world. Once tested out, it just plain works…processing thousands to millions of items per day!
API’s are everywhere and anywhere! As an example, Pymnts.com offers its latest edition of the PYMNTS.com B2B API Tracker™, a FI.SPAN collaboration, which examines how APIs are helping banks and smaller businesses lower risk and enable new ventures in new markets.
These APIs help banks quickly assess a company’s risk level, enabling financial institutions to invest confidently in areas that saw few takers before such tools were made available. Another use case is below:
According to a study by Payoneer, 75 percent of small- and medium-sized businesses (SMBs) have backed away from global trade over concerns of not getting paid for their services. To help SMBs overcome their fears and expand their global reach, Payoneer and UPS Capital have announced a new service for the latter’s SMB customers, a solution which helps them process B2B transactions through a licensed escrow service.
Recognizing these huge advantages, OrboAnywhere deploys a web services API, which is accessible from any workflow and at any time. Web services allow easy access and integration from basically anywhere in the world. This opens up an entirely new paradigm for automatically validating the entire check as well as preventing fraud on check payments.
API’s are even gaining popularity. Almost every industry publication is promoting the use of API’s for new technology and to leverage the Fintech industry. Check out The Future of Banking Depends on Open Banking API’s.
How is your API strategy working?