Are you searching for the APIs to verify banking information, such as the bank name? Do you need a transaction-supporting API? Read this article until the end.
A routing number is a nine-digit code that identifies a bank or credit union during a transaction. It aims to speed up and streamline operations in the banking sector. Each bank has a unique number allocated to it. Despite having similar names, banks can still be easily distinguished from one another thanks to their unique routing numbers.
Additionally, routing numbers come in handy when setting up direct deposit, automatic loan payments, or recurring transfers like bill payments. A data checker can be applied more quickly and easily with an API than by manually encoding the data. Consequently, you can get this information instantly and in real-time without having to wait for the banks to respond formally.
Banking information APIs are valuable tools that can help you extract the name of the bank from a routing number. To assist you and spare you the time and effort, we have put together three trustworthy options for you. Then you can select the choice that best meets your requirements.
Routing Number Bank Lookup API
Zyla Labs created the Routing Number Bank Lookup API, which provides access to bank data. These can include such things as bank name, account number, bank location and more. The use of this API simplifies the transfer of funds between banks. The system will provide all bank information after you enter your desired payment method and routing number. You can use this API to verify the routing number, account location, and other bank details before submitting the transaction. Apart from the 100,000 monthly request cap for individual plans, there are no restrictions on this bank information API. However, this can be fixed by switching to a bespoke plan.
Lyons Routing Number Verification API
The Routing Number Verification API by Lyons Commercial Data is another bank information API that offers wire transfer bank information. Data about American financial institutions is provided by Lyons Commercial Data through an iBankRegistry dataset. One of the details required for successful transaction processing is the routing number. By using the Lyons Routing Number Verification API, you can access the iBankRegistry, housed in a secure data centre. Therefore, you can access the desired bank information to continue the transaction. It also links applications to essential transaction processing data.
Auth API
For online ACH payment setup and other purposes, Plaid’s Auth API quickly fetches account information. It enables the collection of user checking or savings account information, making it simple to start credits or debits. By way of illustration, other apps might enable users to pay you using the information from their bank accounts. By verifying it with their bank account, a user may readily provide this information using Auth. This API, in conjunction with additional ACH processing partners, can complete an ACH transfer from start to finish. As a result, it won’t be necessary to access or store the data regarding a user’s bank account. Noting that the Auth API only works with checking or savings accounts is crucial.
Extracting the bank name and additional data using banking information APIs is fundamental in today’s digital business era. These allow immediate and secure transactions. Any of the above options will undoubtedly ease this task for your company.