Operating competitively in the modern marketplace includes keeping up with the latest technologies. In recent years there have been many innovations to help businesses provide faster service to their customers, as well as help employees be more productive.
Tech can change quickly, though, and businesses may worry about investing in something today, only to have something better come along tomorrow. However, if you decide to wait until better technology comes along, you could find yourself missing out on innovations that can improve your speed, productivity, and customer service right now.
Fortunately, you don’t need to wait to upgrade your global payment processes. APIs let you integrate services using the best technology today, and without worrying about upgrades in the future.
APIs Speed Up Development
Application Programming Interfaces – or APIs for short – are programs that facilitate communication between different software applications or databases, even if they weren’t originally designed to work with each other. The API contains the code needed to integrate the two applications, which streamlines the process of integrating programs. They’ve become commonplace, with the average person using 10 individual APIs each day.
Developers can use APIs to save time when writing new software. The API lets them skip writing a lot of new code, speeding up the development process. New applications can be up and running in weeks or even days, instead of months or years. Most API providers will upgrade their applications as operating systems and other programs change, so developers don’t have to worry about it.
APIs are efficient and make integrations easy to personalize. They allow more automation, so computers do more of the work. APIs also make it easier to change and adapt to new requirements, or to integrate new software.
This flexibility helps you manage global payments in several ways. You can use APIs to speed up access on your desktop and mobile devices. Being able to use multiple devices keeps your applications available any time of the day or night, allowing you to work wherever and whenever you need to. You can also use APIs to integrate all the tools you need, like live rate feeds, planning tools, as well as market insights and news to help you in your decision-making.
Choosing the Right API Provider
Before you decide to integrate APIs into your digital solutions, make sure they’re a good fit for your organization and customer needs. In a previous article, we discussed three factors to assess whether APIs will benefit your business:
- Assess the business opportunity
- Allocate sufficient resources to the API project
- Promote the new services
Once you’ve decided to use APIs to manage your global payments, you can turn to the same experts you trust with your FX solutions. We offer the Monex API, which will give you the flexibility you need to grow your business globally.
Use the Monex REST API to customize your offering with these features:
- Rate feeds to access real-time exchange rates
- Beneficiary validation to manage the intricacies of foreign banking instructions in real-time
- Payments transferred direct to bank accounts saving you and your clients time and money
- Multi-currency accounts to receive funds from overseas in 34 different currencies, in a single account
REST API is a RESTful API based on JSON: API specification. This application is used when you want more granular control of your Monex Online payment processes. It’s also for when you want to incorporate more payment features, and you want to use RESTful support tools to maintain your code and to manage your system operation.
API integration is a speedy process that can fit within your organization’s existing global payment structure, so you can provide the services your clients want. The Monex API can access the same payment features you’re used to, including:
- Quotes
- Transaction Funding
- Spot Transactions
- Fixed and Window Forwards
- Payment Delivery
- Take Profit Orders
- Add/edit beneficiaries
- Payment Tracker
- Currency Holding Account Management
- Payment Reports
- Notification Management
With the Monex API, your development team has complete control over your integration, and end-to-end development support with everything you need to get started with our APIs. Contact us to get started building today.
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