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Banking as a Service API for instant payments

February 14, 2018

If you’ve dipped into this blog before, terms like BaaS will be familiar to you. But here’s just a small reminder: BaaS or Banking as a Service is a concept which is destined to revolutionise the financial industry and relationships between clients and banks or between clients and other financial services providers. Other providers? Yes, here another of the words we have been mentioning in the blog comes into play: FinTech companies and products.

FinTechs are companies (many of them what we call start-ups) which offer services to both private individuals and companies that until now only traditional banks have offered. But they are also characterised by using technology to make this service easier, with a better user experience. In some cases, they actually create new categories of services.

Baas API, a way to explain a major change

One of the foundations of this veritable revolution in the supply of financial services can be explained by the use of APIs (application development interfaces). They are a set of commands, instructions, etc., which allow two software programmes to communicate with each other. This simplifies the work of programme developers, who no longer have to write code from scratch but instead can use predefined functions in interactions with an operating system or another programme. This is the “mystery” behind the fact that if we integrate the API of a payment system into your online business, users can purchase our products and easily pay for them through, for example, a charge to their bank account.

Moreover, the use of APIs has received a major impetus thanks to the new European Revised Payment Service Directive, PSD2. Among other things, the new regulation stipulates that FinTech companies must appear as Payment Initiation Service Providers (PISPs) or as Account Information Service Provider (AISPs) within what are considered Third Party Payment Service Providers (TPP). And for that effort of, say, starting a payment, the regulation also stipulates that banks must make their API’s available to TTPs (like some FinTechs). In this way, services that they were already offering will grow and will come with additional guarantees. In fact, the objective of the PSD2 is to place consumers at the core so that they are offered more advantageous services through an increase in competitiveness.

An effective, proven Baas API for instant payments

As we said, the number of companies offering financial services developed with API is going to increase (or that, at least, is the Open Banking philosophy behind the PSD2). It is also foreseeable that banks will be encouraged to offer their own added-value services. When all these new actors start operating, Unnax will have already been around for some time and gained user experiences with our API. At Unnax, we are a BaaS platform, a concept which we were pioneers in bringing to countries like Spain.

As a marketplace of financial APIs, we offer you different payment solutions, including the possibility of immediate payments, with the maximum automation and simplicity. You can choose a “generic” API and integrate it simply and intuitively into your own applications, or, if you prefer, your developers can use our APIs to create your own applications, quickly and problem-free. All of our APIs are designed to meet the regulations currently in force, have impenetrable security systems and provide an outstanding user experience.

We help you grow your company, and our  Baas API grows with it

End clients are demanding greater simplicity and speed when paying for products or services, too. Our instant payment solution provides that added quality that will help your clients choose your company over the competition. Plus, you can use your payment engines from day one and the very first transaction, knowing that the result will be as satisfactory for minuscule amounts as for major transactions, for which our APIs can also prepare your business.

Your clients already want to test quicker, more user-friendly and secure new ways of payment in your company. Will you let us help you offer them?

 

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