Do you want your accounting team to be able to work much faster when it comes to verifying sales and international bank accounts? So let us tell you in this post about how an API can not only achieve that, but much more!
A banking code (IBAN) is a unique identification code for a certain bank. These codes are used to transfer money between banks and can also be used to exchange messages between them.
There are many types of bank codes; on one side, there are SWIFT codes and on the other, there are local or bank-specific codes. Some examples of local bank codes include BSB, local code, and route number.
Local codes are managed by a central bank, a supervisory bank, or banking associations in a country. The banking code is assigned to all members of licensed banks and financial institutions. The rules of the code differ greatly between countries.
However, if your company manages hundreds of bank identification numbers every day, it is likely that you are always at the mercy of human errors or snags that can cause headaches in your sales and accounting. APIs, by chance, exist to ensure that you do not lose your head or money.
What Is The Purpose Of An API That Verifies Bank Accounts?
The goal of financial APIs is to facilitate an application development interface that allows for the development of products and services for financial information management, card planning, advice, and application development that allows clients to save money and cut costs without having to start from scratch.
An IBAN Validation API, on the other hand, is a platform that primarily provides two services: bank transaction checks and financial movement management. This is in charge of collecting and storing large volumes of bank and financial data in high quality and real-time.
Is a really difficult task; because there are hundreds of organizations and millions of customers that conduct business every day. You also have a simple integration platform for creating products and services thanks to an API.
The quickest way to get started after receiving credentials, authenticating, determining access tokens, and troubleshooting errors are through their REST API, which is based on HTTP calls and sends responses in JSON format. The security is based on the standard HTTPS protocol.
It is for all of this that we want to recommend the best API so that you can solve the work of your accounting team; and in turn; you can avoid problems or errors without having to make structural changes to your project. Give this API a try and then tell us about your experience in the comments!
Make A Smart Upgrade By Adding An API To Your Team!
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.