#FintechAPIs

[adityabhamboo]

Why You Should Consider SprintOPN for Your Next Fintech Integration 🔧💡

Looking to integrate banking and payment solutions into your platform? SprintOPN is the easy-to-integrate API layer your business needs.

Why SprintOPN?

Fast onboarding

Compliant with Indian financial regulations

Customizable services for various fintech models

24/7 technical support

Whether you’re launching a new fintech product or scaling an existing one, SprintOPN has you covered.

[sifipaygateway]

How to Make the Payment Gateway Secure and Protected?

Payment gateways must ensure that merchants always receive funds from customers upon purchase and are not concerned with credit risk or the possibility of fraud. Even so, it is nearly impossible to completely eliminate fraud. Fraudsters' methods are constantly improving, so such a disaster could happen to anyone. However, by utilising a secure online payment gateway, you can significantly reduce the likelihood of fraud and theft. The methods listed below can help you provide secure payment on your website or programme.

-Photo created by pch.vector on freepik

SSL for Secure Connections SSL must be used to protect every transaction that occurs on your company's website or mobile application. With the help of SSL, you can encrypt the confidential data of your customers' bank cards, keeping this information safe from fraudsters. The use of such technology not only increases payment security but also makes customers more likely to buy. A padlock icon in the address bar indicates SSL, and web addresses begin with HTTPS. When a user sees such an icon, he understands that he can make purchases on your site without fear of his data being compromised. You must ensure that the secure payment provider you are using uses HTTPS for all of their services, and that they also have an SSL certificate. Furthermore, you should check the information about the certification authorities that you or they use on a regular basis. This will help to keep your secure payment at a high level. PCI Certificate PCI compliance is required when accepting payments on your website. The Payment Card Industry Data Security Standards (PCI DSS) include guidelines that merchants must follow when processing payments to protect sensitive user data. This standard's requirements include the following: 1.Use validated payment software at the point-of-sale or in the website shopping cart; 2.Do not store sensitive customer data on computers; 3.Encrypt customer data transmission across any open public networks; 4.On networks and PCs, use a firewall. 5.Teach employees about security precautions, such as how to protect cardholder data. One of the best pieces of news is that merchants are not required to adhere to or comply with PCI standards. All they have to do is select the most suitable service provider. Sellers can rely on the best payment gateway to adhere to industry security standards and provide data encryption, as mandated by PCI. As a result, if the merchant follows these security standards, he can be confident in a secure online payment gateway. As a result, payment gateways serve as third-party solutions that provide merchants with the most up-to-date security measures. Tokenization Tokenization replaces all sensitive user data with a set of randomly generated characters. The use of this technology reduces the risk of data loss significantly. One of the most effective methods is to use a token, which is a genuine bank card number. Following the transaction, the user's confidential data is sent to a special server and securely stored. In addition, the seller receives a one-of-a-kind number. The client can use this number to make purchases on the website or in the programme. He doesn't have to re-enter all of his information; he can pay with a single click. Payment gateways with tokenization will help you reduce the risk of payment fraud. You do not have to keep all of your customers' information, such as bank and credit card information, on your server. It is also critical that the data is encrypted before reaching the database server. 3D Secure Authentication Three Domain Secure (3D Secure) is a messaging protocol that involves three domains: the bank, the technology that processes the transaction, and the issuing bank. This is an additional layer of security that aids in the prevention of fraudulent transactions without the use of a physical bank card. Furthermore, by employing such technology, you automatically shift responsibility from yourself to the issuing bank. As a result, when a user makes an Internet purchase, he must always confirm the transaction with a generated password or a one-time PIN sent by SMS from the bank. This will significantly improve your defence. Conclusion It is important to note that there are several rules that both sellers and customers must follow in order to secure their business and conduct secure transactions. If companies want customers to be able to securely purchase their products or services directly through their website or mobile app, they must use all of the methods described above. Customers should check the websites where they make purchases to ensure that their personal information does not end up in the hands of scammers. It is also critical to enter only the information associated with a bank card and to never send scanned documents or bank card copies. Companies typically find it difficult to develop their own payment gateway. There are numerous companies involved in the development of financial software today. However, not every business can provide quality services and produce a truly high-quality product.

[adityabhamboo]

Fintech APIs: The Hidden Backbone of Digital Banking 🏦🔗

In the fast-evolving world of digital banking, APIs are the unsung heroes. They power everything from simple payment transactions to complex banking operations.

SprintOPN is a Fintech-as-a-Service (FaaS) platform that offers a wide range of plug-and-play APIs for businesses to integrate:

UPI Payments

AEPS (Aadhaar Enabled Payment System)

Micro ATM

BBPS (Bharat Bill Payment System)

APIs make it easy for developers and entrepreneurs to create scalable fintech solutions without reinventing the wheel. Why build everything from scratch when you can integrate secure, compliant, and high-performance APIs?

SprintOPN helps you bring banking, payments, and other fintech services to your app or platform with minimal hassle.

[adityabhamboo]

Embedded Finance is Everywhere — Thanks to Platforms Like SprintOPN 🌍💸

Ever noticed how apps now offer payments, banking, or insurance? That’s embedded finance — and it’s growing fast.

With SprintOPN, developers and businesses can embed:

AEPS cashouts

BBPS bill pay

UPI transactions

Payouts to any bank

Into any app, portal, or platform.

Finance is no longer a destination — it’s built-in.

[adityabhamboo]

How SprintOPN Empowers Entrepreneurs to Enter the Fintech Market 🚀💰

Entrepreneurship in fintech is made easy with SprintOPN. If you’re looking to enter the fintech space, SprintOPN offers easy-to-integrate APIs for:

UPI Payments

Aadhaar-based services (AEPS)

Bill payments (BBPS)

With low startup costs and scalable solutions, entrepreneurs can launch their fintech product in no time. SprintOPN provides the infrastructure, allowing you to focus on building a great customer experience.

[adityabhamboo]

Why Fintech Aggregators Are Choosing SprintOPN as Their API Layer 🔄🔧

Fintech aggregators need scalability, speed, and support — and SprintOPN delivers on all three.

💡 Unified APIs for AEPS, Micro ATM, BBPS, UPI, payouts & more ⚙️ Easy integration with minimal downtime 📈 Perfect for resellers, agents, and large-scale networks

SprintOPN doesn’t just offer services — it offers infrastructure for growth. That’s why India’s leading aggregators trust us.

[sifipaygateway]

Common Problems with Merchant Accounts and How to Fix Them

So you've got a merchant account and, hopefully, a dependable online payment gateway. What comes next? For starters, you can finally expand your business and begin accepting online payments. However, risks are lurking in every aspect of our lives, and payments are no exception. And, as a merchant, you must be ready. As a result, we're going to go over some of the most common online payment issues and offer advice on how to deal with them today.

Photo created by vectorpouch on freepik Payment fraud One of the most serious concerns for merchants. To be clear, payment fraud encompasses a wide range of illegal online transactions. After all, committing financial crimes is easier when no one can see your face on the internet.  Multiple lockdowns occurring around the world only added to the unfavourable statistics. Fraud examiners observed a significant increase (31 percent) in global payment fraud in August 2020 and predicted that it would continue to rise (47 percent) throughout the year. To prevent fraud, businesses must use security tools and reputable payment gateways. But we'll get to the solutions later. Types of payment fraud Identity theft This type of scam occurs when a criminal steals an individual's data and uses it for financial gain, as the name implies. The majority of merchants face this online payment issue when fraudsters use people's bank card information to make purchases, transfer funds, and so on. This type of fraud is usually avoidable if your best online payment gateway offers 3D secure services. More elaborate schemes are also carried out: scammers can obtain enough information to obtain a substantial loan on behalf of a person, which is terrible news for the latter. Phishing The next scam is one that leads to identity theft. Phishing is the practice of criminals attempting to obtain personal information through emails or websites. All it takes is providing your credit card information or other relevant information, and you're unfortunately on the hook for the scammers. Friendly fraud This online payment issue causes a slew of complications for merchants. When a customer purchases something on the internet but then disputes the payment due to a misunderstanding or malicious intent, this is referred to as friendly fraud. The problem is that there are various types of friendly fraud, some of which can be resolved, while others will cost you: A customer forgot about a purchase.  This happens by chance. Here's an example: someone bought something from your website. Then, a few days later, they check the transaction history and discover that the payment was not recognised. It could be that your company's name does not match the one on the bank statement, or that the product description is incorrect. As a result, they file a chargeback request. If you're not sure why chargebacks are bad for business, read our article on the subject. We also explain how a good online payment gateway service can help to reduce chargebacks. A relative used a person's payment information. This occurs when a cardholder's family member uses their card to make a purchase. There may be nothing illegal about it, but the cardholder may object to the purchase and cancel it. A case of buyer's remorse. When it comes to making purchases, customers can be hesitant. This may cause them to cancel their order later or result in chargebacks. A deliberate tussle. This type of fraud is not at all friendly. It occurs when a customer requests a chargeback on purpose. For example, they may lie that they did not receive the product or that it was of poor quality in order to obtain it for free. Triangulation fraud This is another method by which criminals prey on people's financial information, similar to phishing. They create fictitious e-commerce websites or pose as existing businesses, luring customers in with extremely low prices. When a customer enters their information on the malicious website, the scammers steal it.

Pagejacking Another data-stealing scam, but this time the fraudsters reroute traffic from a legitimate e-commerce site. After that, the traffic is redirected to another malicious website. Chargebacks Chargeback is dreadful news for some businesses: if you face it too frequently, you risk losing a large portion of your revenue and putting your company in the high-risk category. Why is this the case? Chargeback is the process of reversing an electronic transaction – a customer receives their money back if they did not receive a product/service or are dissatisfied with it. So, what's the problem? Unfortunately, merchants must not only refund cardholders' money, but also pay additional fees. As a result, a refund is a preferable way to return money to a customer because other parties (acquirer, issuer banks) are not involved in the process and businesses are not required to pay chargeback fees. Merchants should always keep an eye on their chargeback ratio: if the percentage of chargebacks compared to successful transactions is too high, your bank may refuse to provide you with services. You will be classified as high-risk, and you will have to pay higher fees for using your merchant account and additional features.

Photo created by pch.vector on freepik Credit card data theft This is a type of credit card fraud that can occur with any type of payment information used to conduct transactions (debit cards, e-wallet data, etc.). A criminal steals the cardholder's physical card or hacks into their account/website where the information is stored in order to steal the card data. The fraudster then uses the data to conduct unauthorised transactions in order to purchase goods or transfer money to their account. Multi-currency payment methods Fortunately, this online payment issue does not include any fraudulent transactions. Multi-currency payment methods refer to a merchant's ability to allow customers to pay for goods and services in multiple currencies. The good news is that it allows you to significantly expand your customer base. The bad news is that implementing such services is difficult, and you may need to open additional merchant accounts to process cross-border payments. Solution for each problem Some methods can assist you in significantly reducing or eliminating the aforementioned online payment issues. Let's take them one at a time. Payment fraud The most common issue for merchants with this type of fraud is that they are at risk of receiving fraudulent transactions, which result in chargebacks and traffic losses. Several steps can be taken to avoid such unfortunate events: Turn on 3D Secure. The 3D Secure protocol allows a cardholder's identity to be verified twice when they make an online purchase. So, when a customer purchases something from your website, they must not only enter their payment information, but also confirm that they have authorised the transaction, either through an OTP, biometrics, or interaction with their phone. Due to the fact that this verification requires the cardholder's direct participation, it is much more difficult for criminals to pass it and thus make unauthorized transactions. Use anti-fraud software. When you have specialised services for detecting suspicious payments, it is much easier to detect them. As a result, we recommend that you find a payment service provider or an online payment gateway that provides anti-fraud features. Chargebacks You can't avoid chargebacks entirely, but you can try to minimize them with your efforts and seek assistance from your bank, PSP, or payment gateway. What merchants are capable of. As a business, you must ensure that your refund policy is clearly stated on your website – your customers should understand that a refund is preferable to a chargeback for both parties. Merchants should also clearly state the product description in order to avoid dissatisfied customers who receive "not-as-described" goods. Explain the delivery process to your customers: tell them how long it takes for a product to ship and whether or not they can track it. What financial institutions are capable of. Banks and payment service providers (PSPs) can provide businesses with additional tools to help them reduce chargebacks and avoid other online payment issues. Credit card data theft In addition to the fraud and chargeback prevention tools mentioned previously, we recommend that you indemnify your website and services: 1.Use SSL technology to encrypt the data on your website. 2.Merchants must comply with the PCI DSS requirements. 3.Locate a secure and dependable payment gateway. Multi-currency payment methods If you don't want to open new bank accounts, you can always find a payment service provider or a payment gateway that accepts multi-currency payments. You can also select one from our list of the top ten most popular online payment gateways.

[cashvisionusa]

● Today digitization has transformed lending decisions in many different ways. Today customers are expecting quick and timely decisions so they can know whether their loan will approve or not.

● A financial data API helps lenders to make sure to use that data to make lending decisions as quickly as possible. We live in a world where people want decisions quickly. As a lender, you need to do the same.

● Data Challenges With Data:

❖ Data Quality - The quality of data is one of the most important aspects to make informed lending decisions, so lenders must ensure data integrity once it is accessed

❖ Data Standardization- Properly analyzing sets of a business’ information provides insights that help lenders make intelligent lending decisions and reduce the risk. Lenders must know how to use this data insight as well as develop a strategy to standardize full data sets.

❖ Data Availability - Finally, the data must be available at the right time so lenders can easily make decisions. They can use financial data APIs to get a real-time picture of a business's future financial health at decision-making time.

Source: ForwardAI

[cashvisionusa]

3 Ways to Increase Your Equipment Lending and Boost SMEs Credit

The equipment SMEs use can make or break their businesses. Every small business owner knows the importance of having advanced tools for the trade. However, purchasing high-quality equipment can be expensive, especially for business owners who have limited or no credit history.

Many small and medium-sized businesses have a less than an ideal credit score or not at all. At the same time, those businesses may want to buy or upgrade old equipment, but they can’t because of their credit situation.

Fortunately, banks and other financial institutions can help these potential equipment buyers. They can use forward-looking data and other special programs to help make more loans to more SMEs while increasing the institutions’ equipment loan portfolio and allowing more businesses to afford new equipment.

Here are a few important ways your bank, credit union, or alternative lending institution can help those with credit struggles looking to make equipment purchases.

Secured Loans:

Generally, excellent credit is required for most equipment loans. After all, it’s an investment that helps in an SME’s growth and revenues. Those with lower credit scores can’t qualify for equipment loans, but many lenders provide extra working capital to those business owners who can put up some type of personal or business assets as collateral to buy the equipment.

Though equipment loans are often unsecured but getting collateral will reduce the risk for your financial institution. If a small business fails to repay the borrowed amount, you can seize the equipment to repay the losses.

Business Credit Builder Program

Novice entrepreneurs with no credit history and those who are struggling to manage positive credit are going to struggle to get an equipment loan through traditional means. To help remedy this, many financial institutions help SMEs start and grow their business by providing a credit builder program.

In this program, the lender provides a fairly small amount, and while receiving regular payments on that loan, the proceeds made on the loan are set aside in a saving account. Eventually, an SME has an improved credit score and money saved away to make down payment on equipment.

Forward-Looking Data

Forward-looking data, which is non-traditional financial, accounting, banking, and cash flow data are powerful tools to help your financial institutions establish an SME’s ability to pay back their equipment loan. Using a forward-looking data API helps lenders get the most robust accounting and financial data suite for small business lending.

Forward-looking data give you a 360-degree view of an SME, providing insights beyond their conventional credit score alone. You can incorporate this additional data using an API to accurately predict the future of financial health of an SME, faster. This forward-looking data API offers precise, real-time, short and long-term cash flow forecasting supported by numerous other data attributes that help lenders to better determine a borrowers’ creditworthiness, provide customized equipment loans and make informed lending decisions.

Final Thoughts

Providing an equipment loan for borrowers with a bad credit history is such a challenging and time-consuming endeavor for banks, credit unions, and other financial institutions. Lenders can use these above methods to boost their equipment lending and boost borrowers’ credit.

Forward-looking data, which is non-traditional financial, accounting, banking, and cash flow data are powerful tools to help your financial institutions establish an SME’s ability to pay back their equipment loan. Using a forward-looking data API helps lenders get the most robust accounting and financial data suite for small business lending.

Forward-looking data give you a 360-degree view of an SME, providing insights beyond their conventional credit score alone. You can incorporate this additional data using an API to accurately predict the future of financial health of an SME, faster. This forward-looking data API offers precise, real-time, short and long-term cash flow forecasting supported by numerous other data attributes that help lenders to better determine a borrowers’ creditworthiness, provide customized equipment loans and make informed lending decisions.

Final Thoughts

Providing an equipment loan for borrowers with a bad credit history is such a challenging and time-consuming endeavor for banks, credit unions, and other financial institutions. Lenders can use these above methods to boost their equipment lending and boost borrowers’ credit.

[cashvisionusa]

Working capital: It is the funds required to manage day-to-day operational activities.

Working capital management process: It is the process of managing short-term assets such as cash receivables, inventory, or marketable securities.

Working capital operating cycle: It is the duration in which raw material, finished goods, work in progress, debtors get converted into cash.

The four key components of working capital management are:

- Cash Management

- Inventory control

- Account receivables

- Account Payables

Methods to improve working capital

Select appropriate KPIs to measure: The vital parameters for working capital management are; debt to equity ratio, operating cashflows, outstanding days payable (DPO) to monitor the success of accounts payable, accounts receivable turnover ( DSO), and outstanding inventory days ( DIO) to control inventory turnover.

Minimize inventory and improve turnover ratio: Avoid stockpiling, holding less of slow-moving inventory, and rising the turnaround period of inventory can help in achieving high working capital.

- Inventory management and evaluating inventory performance metrics are ways to optimize inventory. Also, methods like, JIT strategies, lean inventory manufacturing avoids stockpile ups.

- Ratios, such as days inventory turnover (DIO) helps in determining the average number of days a firm holds its stock. This ratio provides a better understanding of inventory turnover.

Moving to electronic payables and receivables:

Replacing manual activities with automation is another way of optimizing the working capital process. This can help in reducing errors, provide reminders for payment to collect/pay, risk of loss of invoices can be mitigated.

With the help of financial API, the turnaround process of payments gets minimized as day-to-day transactions notification can help BFSI in ranking the priority of making/collecting payments.

Reference: ForwardAI