Financial data validation is a process that checks the accuracy, consistency, and integrity of financial data. It also ensures that the information is fit for use by your organization. This means that the data must be accurate, consistent with other information, and not tampered with.
To do this job well, you need to have good tools to help you with it. Fortunately, nowadays there are banking information APIs available that can assist you in this task. These tools are called financial data validation APIs, and they help you detect errors in your database. They also help you improve your database by providing you with suggestions on how to fix these errors.
If you are looking for a way to automate your financial data validation, you are in the right place. In this article, we will tell you all about it and recommend the best 4 APIs to do it.
SWIFT – IBAN – Routing Bank Checker API
The SWIFT-IBAN-Routing Bank Checker API validates the most important bank codes, such as routing numbers, IBANs, and SWIFT codes. You only need to enter the relevant bank code to acquire the validity report and other bank-related information right away. With a subscription to the Zyla API Hub marketplace, you can immediately begin utilizing, connecting, and managing APIs. Subscribe to the Swift-IBAN-Routing Bank Checker API by simply clicking on the button “Try Free For 7 Days.” Select an endpoint and enter the relevant bank information (such as an IBAN, SWIFT, or routing number). Make the API call by pressing the “test endpoint” button and view the results on your screen in just a few seconds!
For example, after selecting the “routing bank checker endpoint,” and inputting “121000248”, we received the following information:
{
"status": 200,
"success": true,
"message": "Routing Bank 121000248 is valid",
"data": {
"routing_number": "121000248",
"date_of_revision": "091012",
"new_routing_number": "",
"bank": "WELLS FARGO BANK, NA",
"address": "255 2ND AVE SOUTH",
"city": "MINNEAPOLIS",
"state": "MN",
"zip": "55479",
"phone": "(800) 745-2426"
}
}Auth API
Plaid’s Auth API allows you to retrieve account and routing numbers when customers use their bank credentials to connect their checking or savings accounts. Other apps, for example, may allow clients to pay you using their bank account information. A user can easily provide this information using this API by authenticating it with their bank account. By combining the Auth API with other ACH processing partners, you may complete an ACH transfer from start to finish. As a result, it will not be required to access or maintain a user’s bank account information. It should be noted that this banking information API only works with checking or savings accounts.
Lyons Routing Number Verification API
Lyons Commercial Data’s Routing Number Verification API is another banking information API that can help you validate financial data. It mainly provides wire transfer bank information. Lyons Commercial Data is a provider of data about financial institutions in the United States. This comprises bank routing numbers and other information required for transaction processing. It provides real-time access to the iBankRegistry, which is housed in a secure, redundant data center. Furthermore, it connects apps to critical transaction processing data.
Modern Treasury API
The Modern Treasure banking information API provides wire transfer information. It allowed for ACH, wire, check, and RTP transactions. This API also allows you to manage payment orders, line items, counter parties, bank accounts, routing information, and addresses. The Modern Treasury API connects to its clients’ bank accounts rather than handling money directly. It enables them to transfer funds and monitor activity.
With all these options, it’s now up to the developer to make the right choice to ease down the financial data validation to ensure secure and reliable transactions!