Do you need to make international money transfers and want to make sure there are no inconveniences or unforeseen events? Read this post and you will learn how an API can help you do it!
When transferring money, whether to make a payment or a deposit for a product or service, it is customary for the buyer and seller to disclose bank information in order to ensure quick transfers that expedite the sales process.
This sort of circumstance frequently exposes us to prospective scammers that aim to withhold our money by faking the genuine accounts to which we should pay the money or even hijacking our bank data.
Corroborating the legitimacy of a bank account is normally a time-consuming and tough operation that might wind up slowing down or taking a long time. However, it is an important activity because if payments are sent to the wrong accounts or criminals, you will most likely never see that money again and it might cause you significant harm.
Fortunately, alternatives that allow you to execute these things in seconds and without going through any sort of bureaucratic process are emerging. APIs are transforming the industry since they enable database verification and synthesis operations to be completed in seconds.
Most significantly, because they operate over the internet, there is no need for you to purchase pricey gear.
How To Verify International Bank Transactions With An API?
If you haven’t heard, APIs have become a SaaS revolution, allowing hundreds of businesses to have the most modern software solutions without having to invest enormous sums of money in massive specialized hardware or large teams of R&D that are costly to maintain.
A checksum computation is performed by an IBAN validator API to assess whether the bank account submitted is legitimate. If the IBAN given is correct, their software attempts to identify the account’s bank owner, as well as the nation, address, bank identity code (BIC, from the English Business Identifier Code), and other financial information.
Payment information validation also involves another critical stage in banking validation, the translation of IBAN codes to BIC codes. To put it simply, it is the capacity to calculate the right BIC code based on an IBAN number.
APIs are the ideal tool for carrying out these chores since they allow you to accomplish them automatically through the internet without having to call bank branches; and, as a result, they function every day of the year, 24 hours a day.
Having said that, we would like to propose that you try this API, which has recently entered the market and promises amazing services at extremely low prices!
Get All The Information On Your International Bank Transactions In Seconds With An API!
You may programmatically validate any bank account information (IBAN, BIC/SWIFT, and BBAN) with the IBAN Validator API. If the number is correct, it will obtain the IBAN and give validation to you.
You may also have access to further information about the bank, which will tell you more about where the account is. It can produce IBAN and validate any number from any Euro nation.
BBAN to IBAN conversion is made simple with the help of the IBAN Validator API. You will automatically create these numbers for them if you need to provide someone outside your country with your bank information since they will require IBAN. More significantly, you will be informed in advance whether any taxes apply to your transactions.
Related Post: The Must-Have Bank Account Validation API For Your Company