If you want to know the best reasons why you should start using an IBAN validator every time you make an international transfer, read this post until the end and we will tell you all about it!
APIs have recently made their way into the financial services space. The first regulations requiring data sharing in the financial services industry were the PSD2 in Europe and the Banca Abierta in the United Kingdom, but other countries quickly followed suit with their own banking and open finance regulations.
APIs are increasingly being used to share customer financial data and other banking functions. For example, there are APIs for savings; that can connect to consumers’ accounts and allow them to see their spending in real-time rather than having to manually enter it. This will be accomplished by contacting the API and retrieving the client’s account information.
The normative guidelines ensure that this data exchange occurs only in a secure environment and with the client’s agreement. Occasionally, regulators will provide technical guidelines, user consent guidelines, or user experience guidelines to assist developers in designing APIs based on best practices.
Why Should You Use An IBAN Number Validator API?
The most effective solution against the risk of fraud in transfers is IBAN verification. It can be carried out at several points throughout the payment chain. From the creation or modification of a supplier or customer expedite to the issuance of a payment file (batch)
There are several APIs available to verify the authenticity of a number of accounts. In the first place, they allow you to check the validity of an IBAN and its existence in order to notify you about your country of residence or the bank to which the account belongs.
Second, they provide access to shared databases, allowing for the exchange of information about a third party. It is a service provided by some banks that provides professionals with a tool for verifying the data of their third parties. Finally; certain IBAN APIs provide a collaborative data verification solution to ensure professional transfers and protect them from fraud in transfers.
All of these solutions are effective for verifying third-party bank data and ensuring transfers; nevertheless, when used separately, the risk of fraud remains; it is for this reason that we recommend the use of an API that provides these comprehensive solutions and allows for significant risk reduction. With these types of solutions that digitalize verification actions, financial teams are more secure and their processes are simplified.
Therefore, we want to recommend you this API that not only offers all these IBAN Validation options; but also has the best payment scheme on the market today!
Manage Your Money Intelligently Using An IBAN Validator API!
With IBAN Validator API, you can validate any bank account information (IBAN, BIC/SWIFT, and BBAN) programmatically. It will get the IBAN and offer validation to you if the number is correct.
You can also access further information on the bank, giving you more information about where the account is located. It will validate any number from any Euro country and can also generate IBAN.
IBAN Validator API is also useful for easily converting BBAN numbers to IBAN. If you need to give someone outside your nation your bank information, they will need IBAN, so you will automatically generate these numbers for them. More importantly, if any taxes apply to your transactions, you will be notified ahead of time.
Related Post: Recognize The Country Of The Bank Account Number Through An API!
Also published on Medium.