API integration & Payments for FX for Business

API stands for Application Programming Interface. APIs operate as a digital intermediary that facilitates communications between two applications.

The average person uses 10 individual APIs each day through a variety of applications, such as Google Maps and social media apps. These apps wouldn't be able to function without the API, as the API allows your phone to communicate with the app and exchange information which is then displayed on your phone screen.

Given their ground-breaking capabilities for real-time data synchronisation, it seems likely that the API market will be worth $8.2bn by 2027, double its 2021 size, as more businesses implement this technology.

APIs have the capacity to completely reshape the future of the financial services industry by enabling partnerships between banks, fintech firms and other financial services providers, such as accountants or consultants. It is hoped that this will usher in a new age of 'open banking' via an ecosystem of interconnected APIs.

The possibilities of APIs are truly limitless, as they can be used to connect different software applications, such as digital wallets, blockchain and data analytics. The API pulls information from these different channels depending on its purpose and displays everything in one holistic, user-friendly interface.

APIs are versatile in nature and can therefore be used to undertake a wide array of tasks. We have specifically engineered our API to streamline bulk payments and global payments for our clients. Find out more about our API below.

RESTful APIs refer to any API built using REST tech - 'Representational State Transfer' technology - which is generally preferred to its more robust counterpart SOAP tech - 'Simple Object Access Protocol' technology. RESTful APIs leverage less bandwidth, which makes it the preferred option with regard to internet usage.

REST is a software architectural style which provides interoperability between computer systems on the Internet. They use HTTP requests to 'GET', 'PUT', 'POST' and 'DELETE' data. The REST server then processes these commands and sends a response back to you, the client.

Yes. Given the nature of our platform, we have a few conditions that must be satisfied before one can access our API network:

• You must have an active Moneycorp account.
• You must be transferring at least 100 payments/month or £1,000,000 in foreign exchange/month.

Payment delivery times differ depending on the currency requested and the time at which the payment was sent. Our payments are usually delivered within the day for common currencies, but exotic currencies can take up to 1-2 days to be delivered. See our full list of currencies here.

Read our 'API Sandbox Documentation' to find out how to integrate our API into your system. Alternatively, contact a member of our team to speak directly to an expert who will walk you through the process and answer any queries that you may have.

‘Confirmation of Payee’ (CoP) is an account name checking service designed to help reduce misdirected payments and provide greater assurance that payments are being sent and collected from the intended account holder for UK domestic payments.

New UK regulation coming into effect from October 2024 is that Payment Service Providers like Moneycorp must also verify and confirm the payee details like how banks do.

CoP checks will be done when a new UK/GBP payee is created.

View our user guide.

View our endpoints and examples requests documentation.