FSBT Has Updated It’s Open Bank API Code

With the dynamic ecosystem of Financial Technology making waves, we are right on top with everybody else. We want the best and the latest for our customers.

I believe you read our last article where we talked about improving code quality and documentation to make our product more efficient and competitive. If you didn’t, and you are reading this piece, here is a recap.

“Our team of developers gathered to share ideas with intentions of entirely focusing on improving our systems and ensure implementation of better and high-quality coding in the system. The team further discussed ways of improving our documentation to offer our solution to various technology companies around the world…” Read more

After all the expert consultation and talking, action followed. And, here are some of the updates that our team of technicians oversaw and successfully integrated into our FSBT Open Bank API systems:

FX

With each passing day, the word is becoming more interconnected. And there are increased transactions between Businesses and individuals around the globe involving payments with different currencies.

Our improved API is now accessible to this decentralized global market where all the world’s currencies trade.

Create Fx

Finally, we have delivered on our promise of updating our API Code, so that it supports the creation of FX, our sole intentions here are not only to revolutionize the business models of companies and people so that through our API we can connect rates from other systems, but also the way developers work. This technological update streamlines and disentangle their work and bring forth flexibility and new perspectives.

Access to Current Fx Rate

FSBT Open Bank API code update allows all the companies and individuals access to a currency value, which measured by determining the amount of another currency it can buy. It’s known as a price quote.

Our API outputs in several different data formats which easily integrates with virtually every different billing systems, websites apps, and many more.

Our API is for businesses and Individuals who have the intention of managing FX exposure and may also have an interest in a high volume of payments. It brings you:

FSBT Open Bank API let you do automation of all your FX transactions and payments using similar and foreign currency. It also offers more accurate FX rates.

What is FX API?

It’s an Application Programme Interface that allows its users to automate their FX liquidity management and upgrade their online offering. Trading through the API streamlines users’ internal and external performance processes, hence minimizing potential risks involved reducing risk.

This system is friendly on cost and easy to integrate than the solutions available from the traditional providers.

Here’s what FX API can help businesses and individuals achieve:

• Management of collaterals
• Back to back trading
• Trades, orders, and rate alerts
• Charting
• Historical trade data
• Market data

How Do Banks Use FX API

API provides access to the digital assets and services of an organization; if effectively applied, it permits users’ to access a third party system while in their environment.

There is an emerging trend on the use of API across the fintech space, and banks to extend different services to corporate customers.

Banking-as-a-service (BaaS) for instance, is one of the most recent fintech trends to gain attention. In the banking space, it has enhanced the ability of banks to offer transaction processing services to the ERP of its corporate customers via a secure channel.

Open banking is getting a boost from regulators.

It’s a new dawn for open banking as the industry is continually getting boosted by the regulators and industry groups in the UK, and FSBT.tech is right at the center of it.

Recently, the Competition and Markets Authority (CMA) availed a compulsory application program interface (API) specifications meant for payment initiation and customer account information.

The body further mandated standardized formats and coding languages for APIs and is supervising third-party providers (TPPs) through a Third Party Provider register.

The move by regulatory authority has further propelled an excelling FinTech industry, a wave of bank and FinTech partnerships and investments, and the introduction of the first generation of open banking products and services-move that shall have a positive impact FSBT. tech Open Bank and our customers.

The regulators are boosting the open banking agendas in the UK regulators by adopting an active approach to open banking. It has transformed the Revised Payment Service Directive (PSD2).

Besides, the Cash Management Account (CMA) has enforced its open banking reforms.

On the contrary, the UK’s approach is close to a complete opposite of the approach taken by Chinese who have made a more basic hands-off approach.

In the UK, regulators are spurring institutions to adopt open banking.

Bottom Line

There’s a lot to smile about regarding the future of international payments for businesses and Individuals. APIs offers quick and simple access to third-party payment services functionality through existing business systems as well as improving the efficiency.

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