Online applications are becoming more and more a part of everyday lending. This process allows lenders and other financial institutions to access customers bank account data and verify account information quickly and easily, making the process that used to take a couple of days only take a few minutes. Because of the growing need to access bank account data quickly and conveniently, many financial institutions are turning to Representational State Transfer or REST APIs to quickly access account data.
How Financial RESTful APIs Work
Not only do customers and clients rely on security and privacy of account information and financial transactions, but institutions need to follow the protocols and regulations that control instant access to financial data and the safe transfer of financial data information. Since these functionalities can be difficult to build, most institutions will rely on REST APIs. A REST, or RESTful API, can take advantage of protocols already in place no matter what protocol is being used, making it easier to develop a system that offers the protection and required controls necessary to secure financial transactions.
The result is a unified authentification of financial institutions around the world, which will allow institutions and users to access all of their account information and make microtransactions, all while seeing real-time balance information.
How IBVs APIs Can Make Your Banking Transactions go More Smoothly?
When looking for bank account REST API you may be overwhelmed with making a decision, but IBVs APIs should definitely be one of your first choices to allow bank transactions to go more smoothly. Instant Bank Verification can be used for multiple applications where bank data API is used. It can be used on the consumer level for lending decisions for retail loans, auto financing, or even shortterm rentals. It can also be used for quick account access to make mortgage lending decisions, or in a business environment to be able to determine another business's ability to repay credit or a loan. Some ways in which IBV's API can benefit in a financial institution is by:
- Allowing You to Work Directly With Your Data Provider: While there are many providers that offer similar services to clients, there is often a middle contact between you and the provider of the actual data. With IBV the data provider will be your connecting point, providing you with services whenever you need it, so you can address any problems and find solutions more quickly.
- Allowing You to Build Custom Applications: IBV offers a couple of APIs to assist you with your custom application and software development. Since they were created with the ability to leverage your current structures, you will be able to save both time and money to connect through the data from more than thousands of institutions.
- Providing You With the Ability to Add Convenient Enhancements: There are multiple enhancements and add on modules available with IBV that can provide for better transactional experiences for clients and customers. These include daily updates on transactions, real-time balance checking, and verifying individual transaction posting.
- Providing the Needed Protocols to Stay Compliant: Instant Bank Transfer was constructed with the compliance regulations of the Federal Credit Reporting Act and the Consumer Federal Protection Bureau in mind, during the design so you can be sure that it can be safely used with any banking processes.
Register to test free APIs to find a faster, more convenient, more secure, and more innovative way to access bank account information for your business or lending institution.