How API Transfer Bank Makes Your Business Easier and More Efficient

Keeping track of financial technology developments is essential for every online business. It is crucial for maintaining the business' performance and customer experience. API transfer bank is such one groundbreaking development.

This development aids businesses in processing transactions in few or bulk. API, the abbreviation of Application Programming Interface, offers conveniences in connecting one application to the others. In other words, it acts as a bridge to link the user's inquiry in an application to the data of other applications. 

Implementing this technology will help your business to adapt to the digital era and offer ease of money transactions to customers. There are various types of API for financial technology. This article will guide you to the details of API transfer, how the technology work, the conveniences it provides, and its benefits.

What is API Transfer Bank?

You might not have realized it, but sending money through an online banking service and financial application means you have interacted with API during the process. Bank transfer refers to wiring money from one user's bank account to another.

Your bank account needs to connect with the intended bank during this process. This is where API plays its magic. Its system, rules, and protocols allow two software applications to be in touch and exchange information. 

When wiring money through a website or application, API connects your website or application to communicate with the bank's systems. Thus, it can easily facilitate the money transfer between two systems by providing the needed financial information to the expected recipients or endpoints. 

Suppose your business embeds an integrative API into your payment processing system. In that case, you will find it much easier to disburse payments and make transfers to your business partners, employees, financial institutions, third-party payment services, and others. 

How Does It Work?

Let us take an example using Faspay SendMe. After registering a merchant account, you can initiate a payment transfer or disbursement to one or multiple bank accounts across Indonesia. Faspay SendMe will send your request to the intended bank(s) along with the transfer details, such as the number of transferred funds, the recipient’s bank account, and the reason for disbursement.

Using an Open API, Faspay SendMe can facilitate this request. Then, the intended bank(s) will send its inquiry response, and you will be asked to confirm the registered account. The bank will process your request and send the fund to the recipient’s account if all is complete.

The last step is the bank will deliver the completed transfer response to your merchant account through Faspay. Here, you can check the status of your transaction. Every step of this process happens within seconds. Furthermore, the money transfer will not happen without your approval, as transparency is the top priority.

If your business has a professional website, you can embed Faspay API into your system. Faspay API will make it possible to disburse mass API transfer bank to various bank accounts so your business can minimize human errors by manually using many bank accounts.