How APIs Improve Consumer Experience 

In the competitive world of the payments sector, a number of leading companies are leveraging APIs (application payment interfaces) to improve consumer experiences. 

As a recent PYMNTS/USEND study found, these companies use APIs to tap into proprietary data about their customers, offer enhanced data security and integrate with third parties to provide innovate services. 

Among these companies is the peer-to-peer payment solution Zelle, which integrates with banking apps to help customers and small businesses transfer money between participating banks.  

Zelle’s APIs offers access to personal data and behavior to secure and improve the consumer experience. When users first enroll, Zelle asks them to take steps to validate their identities. The more users interact with the Zelle network, the more robust their digital identities become, as the company gathers more data to allow for seamless customer interactions, while also setting up anti-fraud protection measures. 

APIs and Better Banking 

Meanwhile, HSBC, Europe’s second-largest bank, has begun supporting market-facing APIs to offer direct access to its API tools.  

This lets customers and developers integrate the HSBC APIs into their products for access to payment, account info, trade processing, custody holdings, bank guarantee status and global disbursements. The portal also gives third party providers in 15 open banking markets access to account and payment information for retail, business and corporate banking.  

And many banks’ mobile apps now connect with third-party APIs for advanced payment services, along with standard banking features like checking and savings account access.

Among these banks is BNY Mellon, which uses open banking to integrate its Unified Payments API with other banking systems to automate payments and allow for customized reporting and transaction services. 

This API offers secure access to global payment and transaction management capabilities through one endpoint, which lets clients conduct transactions through more than one device via the cloud. 

Do you want to read more on this topic? Download your free copy of The New Singularity: Leveraging API Innovation For Cross-Border eCommerce Growth.