Integrating API into your Baas business can simplify your financial management without the help of a third-party intervention.
In the 21st century, the financial industry is undergoing a massive transformation by integrating digital tools into financial sectors. According to a study, around 47% of financial services providers expect a radical digital transformation in the coming three years. Among the digital tools, Application Programming Interfaces (APIs) provide smooth interaction between different software and financial services.
Many industries have adopted APIs to increase their digital transformation, such as:
- Finance
- Health care
- Supply chain
- Retail
Click Here For Interactive Demo ⬇
To learn more about API, Baas, and the role of API in the transformation of Baas, continue reading the blog:
What Is Baas?
The US Banking-as-a-Service Market is anticipated to grow at a CAGR of 9% by 2027.
Banking as a Service (BaaS) is a business model that allows non-bank businesses to offer financial services directly to their customers. It is done by connecting the business’s infrastructure to a bank’s system using APIs.
What Is API?
Studies show that the fastest-growing type of data in 2021 was API data, which grew by more than 20%. API stands for Application Programming Interface, and it’s a set of rules and protocols that allow software applications to communicate with each other. APIs are often compared to Legos because they can be rearranged and matched to build new services. OnlineCheckWriter.com – Powered by Zil Money, offers API integration to use various features within your application. You can enable API integration with a simple request and handle the feature with technical support in the background.
5 Benefits Of Platform’s API In Baas
Imagine a Baas fintech start-up that offers financial services within its mobile app that targets freelancers and small businesses. The start-up wants to provide other features like digital wallets, invoicing, instant payments, and the ability to write and send checks without the need to switch apps or services.
In this situation, you can use the platform’s API to make the financial payments smoother.
1. Integration With Core Banking Services:
The Baas fintech start-up can use the software’s API to integrate financial transaction services into its app. The start-up can use it to create accounts, check balances, transaction history, and more. Also, OnlineCheckWriter.com – Powered by Zil Money, allows you to make payments using checking accounts, digital wallets, and credit cards. The payee can receive the payment as same-day ACH, wire transfer, virtual cards, checks, or as check mail.
2. Instant Check Payments:
To offer check payment services, the start-up can integrate with the online check printing software API. Your customers can write, send, and print check payments via the platform within the fintech app. The API handles all the backend processing, ensuring that your checks are printed or sent electronically and that the payments are processed securely.
3. Customization options:
The platform offers customization of checks with the help of a drag-and-drop feature. Start-up clients can eliminate the need to approach a designer for design checks. They can save the check templates for future use, enhance the user experience, and meet the specific needs of freelancers and small business owners.
4. Better Security:
The start-up can leverage OnlineCheckWriter.com – Powered by Zil Money’s API, to conduct payments safely. With the positive pay feature, your check payments are completely safe with the platform.
Positive Pay is a fraud prevention service that helps businesses protect against check fraud. It works by having the business provide their bank with a list of checks they’ve issued, including details like check number, account number, and amount. When a check is submitted for payment, the bank cross-references it with the provided list. If the details match, the check is processed; if there’s a discrepancy, the check is flagged for further review, helping to prevent unauthorized transactions.
5. Pay With a Credit Card:
The start-up clients can pay with a credit card through the platform. They can pay their vendors, employees, bills, and rent via the software with a credit card and earn reward points on each transaction.
OnlineCheckWriter.com – Powered by Zil Money, eliminates payee charges on credit card transactions. If the payee does not accept credit cards, you can send them payments through their preferred method with your credit card.
Why Choose The Platform API For Your Baas Fintech?
OnlineCheckWriter.com – Powered by Zil Money is the best for your business due to the following reasons.
- Enhanced Cash Flow: Instant payments and credit card transactions ensure that you can facilitate cash flow during tough times.
- Affordability: With no additional and hidden charges, you can make easy and simple payments through the platform. On-demand instant check printing with regular printers and paper without the help of a third party saves 80% of check printing costs. The platform provides cost-effective solutions for businesses of all sizes.
- All-In-One Solution: The platform provides solutions to all your business needs. Managing finances, paying employees, transaction history, flexible payment options, etc., are all available on the software. You can efficiently and effortlessly manage your business finances through a single platform.
Conclusion
Want to integrate the best API for your baas business? Use OnlineCheckWriter.com – Powered by Zil Money, to easily and instantly integrate API to conduct financial operations. Start your business finance management journey with a platform that supports growth, improves cash flow, and simplifies payment processes.
