We all want to reduce financial errors and fraud, and in this post, we’ll show you how to do it with this API. 

Financial fraud is a growing issue that affects both consumers and businesses. According to a 2018 report by Javelin Strategy and Research, fraud losses reached $34 billion in 2018, an increase of 8.1% over the previous year. And this is only the reported fraud, which accounts for only 10% of the total amount.

APIs are used in a variety of contexts, such as banking and finance. For example, banks use APIs to transmit and receive data from other banks. Additionally, they use APIs to communicate with customers through their websites and mobile apps. International Transactions APIs are used by banks and other financial institutions to provide real-time account access to their customers. Now that the information has been updated, customers may check their balances, send money, and do much more without having to wait for the bank.

This particular API looks at each of your financial transactions and compares them to fraud cases. If there is a match, the API will let you know. This can help you catch fraud early and prevent any harm from happening. It’s important to keep in mind that not all APIs are created equal. Because some may not be as accurate or reliable as others, make cautious to choose one with a solid reputation.

If you’re looking for a trustworthy API to reduce financial errors and frauds, we advise the following:

SWIFT – IBAN – Routing Bank Checker API

Developers now have a quick and easy way to check and retrieve data relating to SWIFT codes, IBAN codes, and Routing Bank Numbers thanks to the SWIFT-IBAN-Routing Bank Checker API. By immediately validating and confirming the accuracy of banking information using this API, you can speed up financial transactions and lower error rates.

The SWIFT, IBAN, and Routing Bank Numbers supplied by its clients can be checked and validated by financial institutions using the Bank Codes Lookup API. This lowers the possibility of errors and increases the overall effectiveness of the banking system by ensuring the accuracy of financial transactions.

This API provides access to the “Routing Bank Checker,” “IBAN Code Checker,” and “SWIFT Code Checker” endpoints. From among them, pick the one that most nearly matches your requirements for what you’re looking for. The “Routing Bank Checker” will react as seen in the following example:

{
"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"
}
}

As you can see, the response proves the routing bank number is accurate, comes from Minneapolis, and includes the name of the bank.

All You Have To Do To Utilize It Is:

• Go to SWIFT – IBAN – Routing Bank Checker API and simply click on the button “START FREE TRIAL” to start using the API.
• After signing up in Zyla API Hub, you’ll be ready to start using the API!
• Employ the different API endpoints depending on what you are looking for.
• Once you meet your needed endpoint, make the API call by pressing the button “test endpoint” and see the results on your screen.

Because of its user-friendly architecture, your current financial systems can easily be linked with the IBAN Codes API. Through simple API requests, you may rapidly get information on SWIFT codes, IBAN codes, and routing bank numbers. Due to its high scalability, this API is great for usage by both big financial institutions and small firms.