Is It True That Financial API is the Most Advanced Technology in this Digital Era?
Is It True That Financial API is the Most Advanced Technology in this Digital Era?
Financial technology API is no longer a new thing in this digital era. Almost all financial institutions, from banking to financial technology, or fintech, utilize this super-sophisticated technology. This technology guarantees the security as well as the smooth running of financial transactions where both parties, financial institutions and customers of financial services, can be equally guaranteed.
API stands for Application Programming Interface. This program supports open banking transactions, which are now becoming more and more intense in line with the widespread use of smartphones based on Android and iOS. API makes it easier for financial technology and banks to collaborate.
Then what is the relationship between banks and financial technology with this API service? Not only banks and financial technology are related. Customers also have links with banks and fintech, where all financial data and information can be known to each other, but limited to only these three parties.
The easiest example of this is the relationship between several banks and several types of e-wallets, which are the payment methods for e-commerce services or online shops and online transportation applications. This convenient for consumers, who in this case are customers of banks in Indonesia who have used API technology.
How the Financial API Technology Works?
Users of this technology must of course find a competent service provider. In this case, the service provider must provide the most advanced API technology, which can provide easy data access in real-time through the open banking concept. The API provider must be able to promise a data aggregator that can provide comprehensive data.
In addition to the ease of aggregating financial data, the API platform must be able to guarantee the security of account verification and enrichment of transaction data. The development of the platform must also meet the needs of the client, where the service provider must be able to serve software developers who want to use the financial platform. The platform must have the tools and techniques as well as complete documentation so that the developer can start the program quickly and with precision.
Trusted API developers can promise an easy automation process where the platform can directly identify the credit score of borrowers or prospective customers. Financial institutions are the institutions that make the most use of APIs to improve ease of integration, facilitate collaboration between financial partners, and improve customer experience.
Then what is the purpose of creating the API? With the use of API, financial information can be accessed anytime, quickly, and easily. This technology can be a quick and easy intermediary that usually gets in the way of different applications. For example, a person who wants to pay a bill on one of the platforms he usually uses. However, because of the API technology, he just has to choose the type of payment available on the platform and no longer has to make a manual transfer to the bank where he keeps his funds.
Business people greatly benefit from the API in the process of synchronizing data for multiple applications. They take advantage of the convenience of being able to collect data from various financial applications that they previously accessed one by one. The API can fetch data simultaneously from multiple preprogrammed sources and can provide fast responses automatically.
For fintech players who have a good reputation, of course, they no longer need to do too long of an analysis of prospective borrowers or prospective loan providers. The data they will receive has been integrated with the client's track record that has been recorded in transaction data at financial institutions. Thus, the approval or rejection process can be done quickly. They have also applied the open finance API.
The Important Role of Brick Financial API
Without the technology available from Brick, the sophistication of fintech applications and banking institutions would not be what they are today. To date, Brick is increasing its reach with access to various countries through the scale of the platform in order to expand coverage. Even now, customers or users of banking and e-commerce services can enjoy innovation in payments as easily as tapping a mobile phone screen.
Then, how can fintech companies and banking institutions take advantage of Brick technology? Not all API service providers use Brick technology. This is why banking and fintech institutions must use the services of a competent provider. Competent here means that the software can aggregate financial accounts from users in real-time.
So far, financial services with Brick software are the most advanced. Service providers and clients alike can enjoy the benefits. Service providers can easily get account data, identity, transactions, as well as account verification. There are even some services that also access employment data.
Fintech owners who do not use Brick will spend more money because of the use of old infrastructure. This is because there is a high cost for more complex, older software applications. Moreover, there is no guarantee of security for its users.
However, this does not mean that clients, in this case, borrowers, customers, or e-commerce users, whether buyers or sellers, will be disadvantaged in terms of accessing data. Before they submit data such as ID cards and other personal data, they have read the agreements that were previously made. Their data will not be easily spread because of this Brick software.
Always New Data
Updating this data is very important because it is related to finance and credit scores. This is where the importance of the Brick API software comes in. Just imagine if there were no real-time updates on e-commerce applications or bills on online loans. Those who make payments would not want to waste time checking their payment validation. For company owners, there will be no risk of mistakes that could degrade their reputation.
Are Banks the Only Ones Utilizing the Financial API Platform?
Many people think that this API technology is only for banking and fintech companies, including online loan applications and e-commerce. In fact, many companies can take advantage of this technology. Even giant-scale companies with large cash flows could take advantage of this platform.
Company owners can manage bookkeeping that is integrated with invoice preparation as well as several automated financial services so that there is efficiency in terms of human resources.
The workload of HR in the accounting or finance department is lighter and faster. Especially when considering the fact that there are no numerical errors due to human error.
The Most Advanced Technology of the Century
It is no exaggeration that financial API is the most advanced technology of this century. The reason is of course very clear, where this software can combine the needs of various parties, not only in Indonesia but also throughout the world. This technology is very much needed for the circulation of any type of currency virtually, with a very high level of security. The bottom line is that business owners must choose an API software provider that can promise ease of transactions without compromising accuracy. ***
