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Case Study

API Integration for Automating Payments, Underwriting, and Orchestrating New Banking Process Workflows

Overview

API integration can help automate Payment Backoffice tasks involving underwriting, collateral management, credit checks, and various other processes. It requires careful consideration of various factors to ensure the bank’s workflow orchestration is efficient, secure, and compliant.

At Sun Technologies, our API integration experts use a proven checklist to manage critical aspects of API development that includes – Error Handling, Data Validation, Performance and Scalability, Transaction Processing, Webhooks and Notifications, Monitoring and Logging, Integration with Payment Gateways, Testing, Backup and Disaster Recovery, Legal, and Compliance.

By considering these aspects, our developers are creating robust, secure, and efficient interfaces that streamline payment processes and enhance the overall user experience.

Payment Process that is Now Automated: Powered by No-Code API Integration

 Initiate Payment:

Back-office system sends a POST request to /payments API with payment details.

API validates the request, processes the payment, and returns a response with payment status and transaction ID.

Check Payment Status:

Back-office system periodically checks the payment status using GET /payments/{id}.

API returns the current status of the payment (pending, completed, failed).

Refund Process:

If needed, the back-office system initiates a refund by sending a POST request to /payments/{id}/refunds.

API processes the refund and updates the payment status accordingly.

Transaction History:

To reconcile payments, the back-office system retrieves transaction history using GET /transactions.

API returns a list of transactions with details like amount, date, status, etc.

Automated Reporting:

The back-office system exports transaction data from the API in CSV format for reporting.

API supports filtering by date range and other parameters to generate specific reports.

Challenges

  • Reducing manual effort and streamlining payment processes
  • Reducing the risk of human error in payment handling.
  • Ensuring faster payment processing with real-time status updates
  • Enabling API integration with payment gateways, accounting systems, and other platforms
  • Ensuring APIs handle large volumes of transactions and scale as the business grows
  • Ensuring adherence to security standards and regulatory requirements
  • Enabling real-time status updates and transaction history
  • Providing visibility into payment workflows

How we Helped: Our Process Involving Underwriting Automation

  1. Requirement Analysis: Identify payment workflows, user roles, and data requirements
  2. API Design: Define endpoints for payment initiation, status checks, refunds, etc.
  3. Security Implementation: Implement OAuth 2.0 for authentication, data encryption, and RBAC
  4. Data Validation: Validate payment data for correctness and completeness
  5. Error Handling: Define error codes and messages for different scenarios
  6. Performance Optimization: Optimize endpoints for speed, implement caching, and rate limiting
  7. Webhooks: Provide webhooks for real-time payment updates
  8. Documentation: Create detailed API documentation with examples and tutorials
  9. Testing: Conduct unit, integration, load, and security testing
  10. Monitoring: Set up monitoring for API usage, performance metrics, and alerts
  11. Compliance: Ensure compliance with financial regulations and industry standards
  12. Release: Gradually release the API with proper versioning and support mechanisms

The Impact

100% Secure User Data

API Tokens provide secure access to user data without exposing credentials

3X Efficiency

We reduced the need for repeated user authentication by 300%

Faster User Experience

Seamless access to banking services within applications

100% Auditability

Tokens are logged and audited for security and compliance purposes

Payment API Integration

 

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