MoolahGo releases API for B2B cross-border payments
Currency exchange service MoolahGo says it intends to make inroads into B2B payments with the launch of its enhanced Application Programming Interfaces (APIs) integration platform. The MoolahGo API allows software developers, businesses and partners to connect to the company’s platform and instantly gain access to licensed cross-border payment capabilities to over 40 countries.
The full suite of APIs available as part of this launch enables integrators to perform functions including authentications, obtain market data such as exchange rates, manage recipients, submit and monitor payment transactions.
In technical terms, the API integration platform is a RESTful API that conforms to all the standard principles of software architecture for machine-to-machine information transfers. It accepts standard HTTP commands (GET, POST and PUT) and returns JSON responses. Security in the API platform is managed through tokenised authentication methodology and data exchanged through its APIs are encrypted.
MoolahGo says that the API is for businesses looking to automate their payments processes. By using the API connectivity, businesses can send payment instructions directly from their systems, which can reduce the workload of finance and accounting staff. Automation also increases speed while reducing or eliminating payment errors typically associated with manual data entry.
MoolahGo also makes its APIs available to any partners that wish to enhance their service offerings and to generate additional revenue opportunities by embedding MoolahGo’s cross-border payment solution into their platforms.