BBVA API Market
One of the critical points when a company launches a platform – whether a website or mobile app – is opening user accounts that enable them to be used as wallets, speeding up collections and allowing payments and transfers. Banking services Options already exist – such as BBVA APIs Accounts and Mortgages – that mean users don’t have to visit a bank in person,
With the growth of ecommerce and the digitization of society, demand for virtual payment solutions has spread to all businesses. From services such as gyms that want to make it easy for their customers by enabling digital payment of membership fees, to vendors such as bookstores that want to monetize gift cards and make them accessible to the general public.
This digitization is transforming payment services at all levels of business, from multinationals to small and medium-sized enterprises down to the micro-SMEs belonging to the self-employed. From payments to providers of products and service to paying off the credit so typical of traditional local stores, there is now an opportunity to digitize the “I’ll put in on the tab” in an organized way.
This type of demand is reflected in all kinds of areas for customers, from managing personal wealth, for which a bank account is such an important asset; to platforms that enable trading of assets with third parties, such as crowdfunding rights and tokens. These systems help by making it easier for users to open accounts quickly and securely.
Nervousness about adopting digital payment – first using bank cards and then through mobile banking services – has been a historical barrier to entry. The technology only started to be accepted by the “majorities” in the stages in the product life cycle (innovators, early adopters, early majority and late majority) when the early adopters reported that they were secure.
The question owners of banking services – and in turn the end users – ask is: how is the security of the API guaranteed? BBVA API_Market’s banking-as-a-service model operates with BBVA’s security levels as part of its system. This integration depends on the opening of a digital account within BBVA’s digital infrastructure, a significant point in ensuring security.
With this API, a company’s customers can open a digital account with low financial risk directly from that company’s app or website, with no need for third parties. And without leaving home. When the user of the service goes to the company’s platform, Accounts allows them to create a digital account within the BBVA environment. Fast, safe and with just a few clicks.
BBVA’s Accounts API helps companies expand their business through the use an API integrated into the BBVA environment, facilitating the opening of accounts for customers, employees and suppliers with just a few clicks. This includes offering users the possibility of linking a debit card to the account.
Companies need to complete BBVA’s validation process and have the ability to integrate this API into their digital platform to make use of it. When users want to create a digital account, they initiate a request and receive an SMS with a unique, one-time code, enabling them to activate their new account quickly and securely.
The contract is sent to the customer’s email automatically. The new account can be administered using BBVA mobile banking, querying details of account information, viewing balances, and checking and making movements.
Accounts is not the only BBVA API_Market API designed to facilitate payments, calculate loans and take payments. This open banking platform also offers:
Visiting a bank branch was a major barrier for many users when choosing between service providers even before COVID-19. BBVA therefore launched a digital platform from which users can do their banking, to improve quality and convenience. This has benefited users for years.
But in the post-COVID-19 world of intermittent geographical lockdowns, local quarantines and reduced mobility, providing digital banking services is now essential. Far from ‘making life easier’ for users, offline options are now ruled out as impossible.
In the high digitization environment in which this is going to become the norm (rather than a transition period), digital banking must be possible. This is why BBVA API_Market is offering companies secure tools that provide value for end users.
APIs allow companies to offer their own e-wallets, building a new user experience that drives and contributes to customer loyalty.
The PSD2 regulation opened up banking infrastructure to third parties and revolutionized banking as we know it. Particularly as regards contracts for products whose rules seemed set in stone, such as mortgage applications. Thanks to APIs, this can be done entirely online, without going to a branch and minimizing friction in the process.
Rulebook 43 is one of the main banking communication standards. It allows any company to receive daily statements of its accounts and, although they still have a long way to go, APIs can help implement it in any size of company.