API integration & Payments
Streamline your payment processes on your website or app
Find out how API can connect your business by watching our short video
APIs have been increasing in popularity exponentially in recent years, and they are rightly regarded by industry experts as a significant technology advance with the power to disrupt the financial services and fintech landscapes for the better. Our all-encompassing API platform has been developed with the vision of streamlining the payments process for our clients, leaving you with more time to invest into your business.
What is an API?
API stands for Application Programming Interface. APIs operate as a digital intermediary that facilitates communications between two applications.
The average person uses 10 individual APIs each day through a variety of applications, such as Google Maps and social media apps. These apps wouldn't be able to function without the API, as the API allows your phone to communicate with the app and exchange information which is then displayed on your phone screen.
Given their ground-breaking capabilities for real-time data synchronisation, it seems likely that the API market will be worth $8.2bn by 2027, double its 2021 size, as more businesses implement this technology.
How are APIs used in the finance industry?
APIs have the capacity to completely reshape the future of the financial services industry by enabling partnerships between banks, fintech firms and other financial services providers, such as accountants or consultants. It is hoped that this will usher in a new age of 'open banking' via an ecosystem of interconnected APIs.
The possibilities of APIs are truly limitless, as they can be used to connect different software applications, such as digital wallets, blockchain and data analytics. The API pulls information from these different channels depending on its purpose and displays everything in one holistic, user-friendly interface.
APIs are versatile in nature and can therefore be used to undertake a wide array of tasks. We have specifically engineered our API to streamline bulk payments and global payments for our clients. Find out more about our API below.
What is a RESTful API?
RESTful APIs refer to any API built using REST tech - 'Representational State Transfer' technology - which is generally preferred to its more robust counterpart SOAP tech - 'Simple Object Access Protocol' technology. RESTful APIs leverage less bandwidth, which makes it the preferred option with regard to internet usage.
REST is a software architectural style which provides interoperability between computer systems on the Internet. They use HTTP requests to 'GET', 'PUT', 'POST' and 'DELETE' data. The REST server then processes these commands and sends a response back to you, the client.
Why would my business need API integration?
There are several ways in which your business might benefit from API global payments integrations.
If your business makes and receives lots of payments on a regular basis, it can be very easy to lose track of your international payments, especially if they are denominated in different currencies. APIs fix this problem by allowing you to view all of the ingoing and outgoing payments in the software programs that you feel most comfortable using.
Plug-and-play APIs are another great example of how API’s can be used to simplify complex business processes. By integrating your accounting software and ERP system with our plug-and-play APIs, you can track all of your international payments with the accounting software that you most like to use. Its ability to track payments in multiple currencies and automate scalable payment workflows gives you more time to spend on what matters most – your business.
Why choose Moneycorp for your API integration and payment processes?
Moneycorp is the ideal choice for your global payments integration API, because we have a track record of utilising APIs to great effect. We have created robust payment APIs, for example, to automate our end-to-end payment processing. This allows you to scale the payments side of your business, enabling you to make payments more frequently and at a reduced cost.
We also offer our customers the option of using our aforementioned plug-and-play global payments APIs, which enable the tracking of all international payments in our customer’s preferred accounting software. This integration can be accessed in minutes, without the need for any code or IT assistance, and you have the option of seeing and exporting all your past payments into a spreadsheet.
Here are just a few of the innovative and exciting features available with our interface...
Efficiency with ease
Our API operates in line with your system through efficient machine communications, without human intermediaries, reducing the risk of human error.
Our secure and reliable platform allows for access into the Moneycorp back-end services and removes any delay between your request and the response.
Our API can cater for an array of requirements, while we offer a payment solution that can suit all business models and automate your time-consuming tasks.
Dedicated client support
Our exceptional client support system is here to assist you and ensure that you are getting the most out of your API.
Are there any requirements in order to open a Moneycorp API account?
Yes. Given the nature of our platform, we have a few conditions that must be satisfied before one can access our API network:
- You must have an active Moneycorp account.
- You must be transferring at least 100 payments/month or £1,000,000 in foreign exchange/month.
When will my payments be delivered?
Payment delivery times differ depending on the currency requested and the time at which the payment was sent. Our payments are usually delivered within the day for common currencies, but exotic currencies can take up to 1-2 days to be delivered. See our full list of currencies here.
Cutting-edge payment solutions
Click below to download our 'Payment Solutions' brochure for more information on our API or sign up and get hands-on with our platform directly.
Read below to see a step-by-step guide to our API and discover how some of our established users have benefited from our platform
InvoiceFair is a leading Irish fintech providing real choice and alternatives for ambitious SMEs seeking funding. It enables SME's to release working capital within 24 hours. InvoiceFair has funded receivables worth over €1 billion on their platform since 2015. They are revolutionising investment-sourcing in a unique way that promotes growth for SMEs by acting as a growth vehicle and supporting them on their journey toward financial freedom.
"Moneycorp has been helping us scale up our operations for a number of years, so integrating with their API was the natural next step. Working with Moneycorp's development team from the outset has been a great opportunity for us to provide practical feedback on what businesses want from the platform. As well as ensuring our customers receive funds quickly and more efficiently, the platform will be instrumental in helping us to continue scaling the business."
Helen Cahill, CEO of InvoiceFair