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API stands for Application Programming Interface and operates as a digital intermediary which facilitates communications between two applications. 

The average person uses 10 individual APIs per day through various applications such as Google Maps and social media apps. These apps wouldn't be able to function without the API as this allows your phone to talk to the app and exchange information which is then displayed on your phone screen. 

APIs are considered to 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. This is hoped to 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 amalgamate the capabilities of any existing applications such as digital wallets, blockchain or 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 for a wide array of tasks. We have specifically engineered our API to streamline bulk payments and global payments for our valued 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 more suitable option for 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 which the REST server reads and then sends a response back to you, the client. 

Yes, due to the nature of our platform we have a few conditions that must be met in order to join 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 or contact a member of our team to speak directly to an expert who can walk you through the process and answer any queries you may have.