Are you trying to find an API that can help with transactions? Then keep on reading this article.
APIs (application programming interfaces) have made possible the smooth integration of software sharing data. APIs are short pieces of code that make it possible to send information securely. As a result, these are now the foundation of many financial systems. APIs have revolutionized how organizations optimize processes, including money transactions.
Money transfer APIs could use a third-party service to verify a user’s identity, validate financial data, or assist transactions. For money transfers, using an API is the obvious choice. Your company will give clients a seamless transactional experience. Additionally, you will also ensure the security and usability of the financial transaction process.
You might be wondering which money transfer APIs are the best for wire transfer bank information. We will introduce the top four APIs available. Then you can decide which one fits you best.
Routing Number Bank Lookup API
Routing Number Bank Lookup API is a bank information API developed by Zyla Labs. By using this API, the transfer of funds between bank institutions becomes much easier. Simply enter your preferred payment method and routing number, and the system will return all bank information.
This API enables you to validate the routing transit number, account location, and other bank information before completing the transaction. There aren’t any limitations regarding this wire transfer bank information API besides the 100,000 monthly request limit in individual plans. However, this can be corrected and adapted by switching to a custom plan.
Lyons Routing Number Verification API
Another bank information API that provides wire transfer bank information is Lyons’ Routing Number Verification API by Lyons Commercial Data. Lyons Commercial Data is a supplier of U.S. financial institution data. This includes bank routing numbers and other data essential to transaction processing. It offers real-time access to the iBankRegistry located in a safe and redundant data centre. Additionally, it connects apps to crucial transaction processing data.
Auth API
Auth API by Plaid retrieves account information instantly to set up ACH payments online and more. It makes it simple to begin credits or debits by enabling the acquisition of a user’s checking or savings account details. For instance, other apps might let customers pay you with the help of their bank account details. With the this API, a user may easily supply this information by authenticating it with their bank account. You can complete an ACH transfer from beginning to end by combining the Auth API with other ACH processing partners. As a result, it won’t need to access or store a user’s bank account details. It is important to mention that this bank information API is only compatible with checking or savings accounts.
Modern Treasury API
Another banking information API that provides wire transfer information is the Modern Treasure API. It made possible ACH, wire, check, and RTP transactions. Additionally, this API makes it possible to manage payment orders, line items, counterparties, bank accounts, routing details, and addresses. Instead of handling money directly, Modern Treasury API links to its clients’ bank accounts. It allows them to move money around and keep track of activity.
By integrating a banking API, your company will remain relevant in the era of digital banking. You may improve customer service, enable secure transactions, and accept ACH payments. Any of the bank information APIs listed above are excellent choices for wire transactions.