Do you need to send money internationally and want to be sure there won’t be any unanticipated circumstances or inconveniences? Learn how an API may assist you by reading this post!
It is normal for the buyer and seller to share bank information when sending money, whether it is to make a payment or a deposit for a good or service, to enable speedy transfers that speed up the sales process.
This kind of situation frequently exposes us to potential con artists who want to steal our money by impersonating the legitimate accounts to which we should send the money or even stealing our bank information.
Verifying a bank account’s validity is often a challenging and time-consuming process that may end up taking a long period. However, it is a crucial action because if funds are made to the incorrect accounts or criminals, you probably won’t see them again and they might really injure you.
Fortunately, substitutes are emerging that let you carry out these actions instantly and without having to go through any formal procedures. Due to their ability to speed up database verification and synthesis activities, APIs are revolutionizing the sector.
Most importantly, you don’t need to buy expensive equipment because they function online.
How Can An API Verify International Bank Transactions?
If you haven’t heard; APIs have sparked a revolution in SaaS that has made it possible for hundreds of enterprises to use the most cutting-edge software without having to spend astronomical sums of money on expensive; specialized hardware or sizable teams of R&D personnel.
An IBAN validator API computes a checksum to determine the validity of the provided bank account. Their program tries to determine the nation, address, bank identity code (BIC, from the English Business Identifier Code); and other financial details if the IBAN provided is accurate.
The conversion of IBAN codes to BIC codes is a crucial step in the banking validation process that also involves the confirmation of payment information. It is the ability to determine the correct BIC code based on an IBAN number, to put it simply.
Since you can complete these tasks automatically on the internet without calling bank branches; APIs are the perfect instrument for doing so. As a result, they are available every day of the year, 24 hours a day.
With that said; we would like to recommend that you test this freshly released API that offers fantastic services at incredibly low costs!
With An API, You May Quickly And Easily Obtain All The Details Of Your International Bank Transactions!
The IBAN Validator API allows you to programmatically validate any bank account information (IBAN, BIC/SWIFT, and BBAN). If the number is accurate, it will get the IBAN and provide you with confirmation.
You can also have access to further information about the bank, which will provide you with more details regarding the location of the account. Any number from any Euro country may be validated and produced as an IBAN.
The IBAN Validator API facilitates the conversion of BBAN to IBAN. If you need to provide someone outside your nation access to your bank account information, they will need IBAN, therefore you will automatically generate these numbers for them. More importantly, you will be made aware upfront if taxes are applicable to your purchases.
Related Post: The Most Confident Bank Account Number API On The Web
Also published on Medium.