There are a lot of banks that offer banking apps. This can be overwhelming when you want the best app for your phone. It may feel like there is no way to tell which one will work best for you. Well, worry no more! This post will review the best API banking platform available and let you know which one I like best.
The API banking system allows customers to access their accounts from any device. It offers mobile apps, a website and even an ATM card. It also offers a two-factor authentication system, so there is more peace of mind when accessing your accounts. Ultimately, this makes it the most secure way for users with lacklustre security practices to manage their money.
The API banking platform is up-to-date with the latest technology and is compatible with most devices. It is easy to use and provides a smooth user experience. It also gives you access to your data 24 hours a day, seven days a week. You can also enjoy the convenience of a great customer service team.
Complete Guide About Banking API
Banks are already hard enough to deal with, and it makes perfect sense then that they would come with their APIs.
While some banks might be restricted in the amount of information they provide on their APIs, others will allow you access to a wide variety of information.
This is great news for anyone who has had an idea and needed some more time to develop it before going public.
That said, there are some pitfalls that you should be aware of when working with banking APIs.
1. You Will Likely Need To Deal With A Lot Of Red Tape
As with most things related to large corporations, you will have to deal with quite a bit of red tape before being allowed access to the API of your bank.
If you happen to have a business account, then it’s likely that they will grant you access immediately because they make money off of your business transactions anyways.
Once you have a business account, they will want to know your business, how much money you make, and how many people are involved with your company.
They will also want to see your financial statements (where applicable).
2. You Will Need To Use Their Standard Client Library
Instead of just having access to the APIs straight from their website, you’ll need to use their built-in client library for access.
You will also need to install their SDK for the language you’re using.
3. Your Data Could Be Compromised While Using The API
When you’re using any kind of system, it’s always a risk that your data could be compromised.
This is especially true when dealing with banking APIs and makes it even more vital to be extremely careful while using them.
Unlike websites, standard protocols don’t exist here to ensure your data is safe when transmitted worldwide.
4. Not All APIs Are Created Equal
When dealing with any kind of API, you must remember that they’re not all created equal.
Some APIs will allow you to make many requests per second, while others will allow only a handful.
The reality is that the more requests an API allows, the better it is for you because it likely means that it will take less time for your app to access the data it needs.
5. Some Banks Require Payments
Some banks only allow you to access their API if you pay them.
This is one of the few cases where paying for the API makes sense.
If a bank is willing to take your money, it means they’re putting in the extra effort to ensure that your data is safe and high-quality.
6. Not All APIs Are Available At All Times
While some banks might be a bit laxer with the information you can use, others will only allow you to use their APIs when they decide to do so.
If you’re trying to access their data when they don’t allow access, there is no guarantee that your app will work properly.
Accessing their API whenever necessary means you won’t have any problems getting the data you need from them.
7. Your Data Might Be Damaged
When dealing with any kind of API, it’s always a good idea to ensure that your data is in a secure state.
That is true for the banking APIs too, and it’s one of the reasons why you should never store your sensitive data in memory.
Keeping your data on disk and storing it in a secured manner is what you should be doing instead.
8. Not All Banks Have One
Some banks don’t have APIs you can access through the internet, so you won’t be able to use them.
9. You Will Likely Need To Pay For A VPS To Use The Banking APIs
If you want to use a public IP address to run your app from, then it’s likely that you will either have to pay for it or camouflage your traffic so that it doesn’t look like it’s being sent from a web application.
Benefits To Choose The Best API Banking Platform
With the rise of blockchain technology, there has been a significant shift in how banking is done. There are multiple benefits to choosing an API banking platform:
1) Using remote data centres will reduce your costs and risk.
2) It will increase efficiency with easily accessible APIs and smart contracts.
3) It will help you manage your crypto assets during their different phases with integrated wallets
4) You can use third-party services that integrate specifically with your API banking platform.
5) It will help you receive maximum returns from your investments as it will act as a gateway between investors and blockchain.
6) It will help you manage anonymous cryptocurrencies, which is the trend for the future.
7) You can reduce your operational costs by using API banking platforms that allow you to instantly transact with digital assets on a peer-to-peer (P2P) basis.
8 ) It gives you security as it mitigates cybercrime, especially if it is hosted in multiple locations across the globe.
9) It reduces your risk of downtime as you can tap into multiple data centres.
10) It will help you make significant investment returns, making you a more profitable company.
Conclusion
You can manage your crypto assets during their different phases with integrated wallets, and you can use the best bank API platform to receive maximum returns from your investments. It will help you manage anonymous cryptocurrencies, the trend for the future, and also help you decommission old software and hardware. Finally, it gives you security as it mitigates cybercrime, especially if it is hosted in multiple locations across the globe.
