One APIMarketplace for Banking
Create an active, vibrant, and hyper-personalized Banking API Ecosystem and deliver transformative banking solutions by leveraging DigitalAPICraft’s One APIMarketplace for Banking.
Banking APIs-as-a-Service and much more…
In the previous years, banking has transformed primarily with the emergence of API for banking. It allows for a new method of sharing data and software by blending the functionality of different applications through an API.
The advent of APIs can be traced back to 2016, when the Competition and Markets Authority in the UK wanted numerous top banks to grant access to their data to third-party applications. This resulted from an approach toward open banking, and there was a significant development in open banking.
Open banking API allows banks to digitize their services and allows banks and fintech to work in unison. A large spectrum of customers is catered to, and a high-quality digital experience is provided. Banking APIs enable banks and fintech to embed their services in non-financial applications.
We aim to deliver innovative banking products and customers experience by building your advanced banking API Ecosystem with One API Marketplace. With Open Banking APIs offered “as-a-service,” our solution offers an enterprise-grade portal with a wide range of pre-built compliant APIs, accelerators, sandboxes, connectors, etc.
Banking as a Platform refers to services that allow banks to offer digital services to customers and integrate with different digital services.
How Does API Banking Work ?
How Does API Banking
Work ?
Financial APIs have become essential for banks and fintech bodies. APIs enable better ways to distribute data, customize services, and integrate with systems, allowing the financial services to be quick and efficient.
Banks allow secured access to the third parties to obtain their financial services and assist companies in developing products around financial services. The major banking operation remains similar, but the experience is enhanced.
Challenges Faced When You Integrate
Directly with Banks
Complex Integrations
SOAP protocol is used for banking API, which is complicated to integrate and allows reduced flexibility while transferring data. It takes about six months or more to get started.
Limited TPS
Only a limited number of transactions per second can be processed by banks. If a big enterprise aspires to process above the limited number, they fail.
Single Bank A/C Dependency
Integrating a single account is time-consuming, and businesses find it challenging to utilize different bank accounts. If a particular bank's servers are down, there is no option to conduct transactions
Difficult Reconciliation
When a case of a reversed or failed transaction occurs, much effort is required to identify and reconcile. Different payment methods and banks tend to have different reporting formats and problems.
Advantages of API Banking
You can reap many advantages if you integrate API into your business model.
As for consumers, bank API integration allows them to access and draw benefits from various product offerings. B2B customers such as startups and SMEs experience advantages by having access to services such as expense management, accounting mass payouts, and virtual cards.
The primary benefit of an API is the removal of unwanted processes from the banking procedures. Financial APIs guarantee speed and convenience of usage for financial service providers.
APIs are a way of digital transformation for banks. They can gather customer insights and offer an assortment of services to offer a more significant value chain to the customers.
You can get real-time insight into cash flow, cash position, etc. You can track, monitor, and analyze all financial transactions on a single platform, allowing you to have a single view of your finances.
Due to the development in the API banking trends, it can be concluded that it will evolve and grow to offer more modern and innovative solutions to customers.
White-labeled, API platform, and Cloud Agnostic
Enterprise-grade API Ecosystem enabler efficiently manages APIs, users, owners, and partners to innovate at scale. API management platform agnostic.
API Monetization and Commerce Ready
Highest flexibility in offering API packages and rate plans. Banks can now bundle plans, manage catalogs and subscriptions, and easily monetize APIs.
Open Banking and Psd2 Compliant APIs
A comprehensive solution to easily comply with OBIE and PSD2 regulations and innovate at scale. Leverage Open Banking (V3.1.1, 3.1.3, and V3.1.3) and PSD2(Berlin Standard) ready APIs.
Open Banking
Sandbox-as-a-Service
Connect and quickly test your apps/API products in Swagger, bypassing required tokens and parameters to view the output. Offer production like an environment isolated from the Core Production APIs.
Banking
APIs-as-a-Service
Jumpstart your banking innovation with over 500+ core banking APIs offered "as-a-service." Pre-built APIs like Payments, funds, accounts, and open data. Integrate easily with your existing banking infrastructure.
DigitalAPICraft Aims to Modernize The Landscape Of Banking
Technology is constantly evolving as banks are switching from mortar branches to online digital platforms allowing customers to transact anytime and anywhere. Banks utilize next-gen technologies to rediscover their journey,
Thereby enhancing customer experience and producing value from data. At the center of every strategy, they prefer to consider the customer’s expectations and lifestyle. Exceptional and trusted API banking services offered by DigitalAPICraft have changed the landscape of the banking sector.
Integrated banking solutions are just one call away that addresses all industry challenges.
Banking Technology Solutions
Maintaining a competitive advantage in the market can be challenging, especially when the client’s expectations are high. They expect the banking services around the clock.
With DigitalAPICraft, the process becomes seamless by adhering to our cutting-edge strategies and solutions that grow your business exponentially.
Your customers get an outstanding experience like never before. We have expertise in addressing all the most demanding challenges of banking.
We believe that experience makes a huge difference and delivers exceptional banking technology experience to our clients.
Features of API Banking
Innovation
API Banking Platform brings innovations, thereby providing value-added services to its end users. Alongside, the sensitive data of customers are fully protected.
Single Platform With Multiple Responsibilities
API banking supports all the functionalities stated in PSD2, and everything is based on a single platform. It can also be utilized in accessing the account information and account servicing PSP.
Developer Community Support
Banks should strike a balance between next-gen technology and the human touch to provide a smooth experience to customers. They should modify the way of engaging with customers, consider their interests and expectations, customize the services to align them with their lifestyles, and predict and monitor any potential risk.
Pre-Built Industry Specific Core APIs
With One APIMarketplace for Banking, financial enterprises can now make use of significant industry-specific APIs to meet their digital needs. This marketplace provides over 500 core banking APIs, as well as Open Banking and PSD2 APIs, to assist enterprises in meeting regulatory standards and compliance.
DigitalAPICraft’s API banking solutions assist third-party developers in testing the solutions. We deliver the required quality to the clients that satisfy them at a noteworthy standard.
Why Choose Us?
Organizations can monitor and supervise their whole financial operations and make payouts timely with our sleek dashboard and robust API banking platform.
We offer value-based solutions for reimagining the bank. There has been an increase in customer demand and expectations, and we infuse a human touch in banking, permitting clients to comprehend customer needs.
Our strategy is focused on easy digital onboarding, contactless banking, self-service reimagination, privacy, and security features for users of all generations. Customers’ needs constantly change, but people have been accustomed to these features
Save time
As the tasks can be automated, you can save hours of manual labor with disbursals, payroll, and payouts all set on autopilot.
Get 24*7 support
You can operate outside the banking hours and transfer money whenever you want.
Integration is smooth
With open banking APIs, you can go live on your website and application ERP within a few minutes.
Make bulk payouts quickly
You can upload all your contacts in one go to make bulk payments.
Scales with your business
Whether you make 10 or 10000, or 100000 payouts, we will provide you with full support and backup.
Manage your cash flow on a single platform
View, track, manage, and analyze all money transactions.
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