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14 Payments APIs that Made Waves in 2014

Xignite

Let's Talk Payments APIsThe payments industry is embracing a range of disruptive payment systems that are changing the way we pay, especially as digital payments becomes mainstream. But the core of the payments systems is something that should not be ignored. A large number of developers are coding away to develop the next generation of payment experiences. All of this is supported by powerful APIs that payments companies have specially designed to enable the creation of digital and futuristic platforms for payments innovation. Here are some companies whose payments APIs are making the waves:

Apple

2014 saw the advent of a secure and convenient way to pay at stores using an iPhone 6 or 6+ with NFC and finger-print Touch ID. Apple Pay is helping users avoid the hassle of carrying a physical wallet and to conduct payments in a secure manner. Apple has provided APIs and SDKs to third party developers to allow them to integrate Apple Pay in their apps. This has seen Apple Pay integrated in a number of payment systems, especially in the case of in-app purchases. More and more banks have been able to integrate Apple Pay thanks to the APIs. This powerful Apple Pay feature will further boost its upcoming international expansion.

Braintree

Braintree’s Partners APIs provides users with an integrated way to start accepting payments using the Braintree payments gateway. The API allows users to sign up seamlessly from within applications and get instant approvals so merchants can easily receive the credentials on a user’s behalf, basically everything required to process a transaction. It becomes easier for merchants if their customers are already Braintree users, in which case users only need to sign in to initiate payments. For existing Braintree merchants, the Partners API enables developers to build valuable features in their apps like data visualizations and reporting.

CardConnect

The CardConnect API allows secure acceptance of a wide-range of credit, debit and alternative payments. Instead of a high flat rate, CardConnect uses “interchange plus” pricing as processing costs. The API offers features like next day funding, certified PCI level 1, patented tokenization, recurring billing, online bill presentment, hosted payment page and fraud protection as well. From Yen to Euros, CardConnect has you covered. CardConnect’s partnerships throughout the world allow it to offer global pricing and operate in different currencies internationally. CardConnect’s reach includes Canada, Japan, and 18 European countries with more in the very near future.

Dwolla

The Dwolla API provides an interface to integrate the Dwolla payments platform into a software application. Dwolla is a payments processor that provides a web based platform which allows users to send, receive, and request funds from any other user. Dwolla can be used to share money with friends through Facebook and Twitter. Users can also purchase goods and services through the web and mobile devices. The API provides developers with the functionality to send, request, and retrieve account history and send money between Dwolla accounts.

Google

The technology giant offers exclusive Wallet APIs which enable the integration of its popular Google Wallet services. The APIs help streamline purchase flow across mobile apps and websites. Two major API offerings include:

Instant Buy: this API provides a cloud-based method to access and store payment information. It increases conversions by streamlining purchase flow and reducing the amount of information customers need to enter. It can integrate with existing payments infrastructure and offer payment services quickly, easily, and free of charge.

Wallet Objects: this API is a simple platform to connect businesses to millions of Google users and showcase loyalty programs, offers, and more. Businesses can engage with customers through the always-available platform with location-based notifications, real-time updates, and messaging. Moreover, it becomes easier to manage updates at scale through the cloud.

Intuit

The company offers the quickbooks Online API which allows developers to leverage the huge amount of financial data that businesses create within quickbooks. Intuit also offers the Customer Account Data API which, along with the QuickBooks Online API, provides developers with programmatic access to data from more than 19,000 financial institutions. Using these APIs, developers can create third-party applications for QuickBooks which can be offered to consumers through the Intuit Apps.com app marketplace.

iZettle

The iZettle API allows developers to access and integrate the functionality of iZettle with other applications and to create new applications. Some example API methods include managing account information, processing payments, and retrieving payment information. iZettle itself is a mobile, tablet, and web-based payment application. Users can accept payments via mobiles, tablets, and the web with iZettle. iZettle also offers dedicated APIs for integrating support for chip-based card payments. iZettle already offers a mini chip-card reader. Developers can use the chip-card APIs to enable apps to access the card reader and turn the phone into a terminal.

Marqeta

In November last year, payments innovator Marqeta introduced an open issuer processing Payments API. The company already offers a payments platform with feature-rich functionality, making it quick and easy to set up new physical and mobile payment cards, configure multiple funding types, and define how and where cards can be used in real time. Marqeta can power a host of specialty applications, from processing and program management, to multi-merchant commerce, to dynamic spend controls for both business-to-business and consumer use cases. Developers can access all of these features using Marqeta’s open APIs.

MasterCard

The credit card processing giant offers an array of API based solutions to cover multiple aspects of payments solutions. Here are some prominent APIs that MasterCard officially offers to developers for developing payments solutions:

Simplify Commerce: enables acceptance of e-commerce and mobile commerce payments, regardless of the payment brand.

MoneySend: enables money transfer service through multiple access channels.

Mobile UI SDK: can be integrated into a proximity payment mobile UI application to enable mobile banking and mobile wallet service.

rePower: allows participants to add funds to accounts through various points of deposit.

MasterPass – Merchant Checkout: enables online checkout by retrieving payment card information from a digital wallet in the MasterPass network.

Western Union Money Transfers: enables financial institutions to send and receive money transfers using Western Union Agent Network.

PayPal

The REST APIs by PayPal allow the integration of the popular payment processing system into a web oriented checkout system. PayPal also offers mobile SDKs for iOS and Android that make use of the REST APIs. The REST APIs allow payments either using PayPal credentials or using traditional payment cards as well. PayPal Here is an app that works as a cash register to accept payments on phones.

The Adaptive Payments API by PayPal enables merchants and developers to select the payment scenario that is most suitable to their needs. Merchants and developers can create applications that manage payments, payment pre-approvals, and refunds. Merchants and developers also can send money peer-to-peer, and can split payments in both the parallel and the chained models. Merchants and developers can accept guest payments and can schedule disbursements.

Square

In 2014, Square publicly opened its Connect API to allow merchants and third-party developers to create apps and tools around Square’s platform. Merchants can use Connect API to retrieve activity reports for processed payments, refunds and deposits. Square itself received a massive $150 Mn in funds in 2014 and has offered a number of new services like Square Cash and Square Order. Moreover, the company has also come up with upgraded versions of mPOS hardware solutions. We certainly expect Square to offer even more solutions in 2015, from an API perspective.

Stripe

APIs by Stripe lets developers integrate payments within their website or apps. Stripe already went global in early 2014 supporting more than 130 currencies. With Stripe, a customer in South Africa can make purchases from a Stripe-using merchant in UK. For merchants, Stripe APIs bring a one stop solution to multi-currency acceptance rather than having to work with multiple financial partners.

Stripe recently updated its APIs to support Bitcoin based payments as well. Launched in March 2014, Stripe has earned itself a reputation for offering hassle-free online payment APIs to address businesses of all sizes.

Visa

Visa first launched the “V.me” digital wallet solution in collaboration with Nationwide in UK. V.me allows the user to store card information for multiple credit and debit cards from Visa, Mastercard, american express and Discover along with the ‘Bill to’ and ‘Ship to’ addresses for each of the cards. V.me allows making purchases with a single sign-on which is secure across all channels and devices. All of this is possible through the V.me APIs which makes the integration seamless across platforms.

Yodlee

Yodlee Interactive, a division of Yodlee, builds APIs to help customers bring innovative FinApps to market more quickly using the richest consumer transactional data in the world. It primarily offers the following two APIs:

Instant Account Verification API – This API is used to enable developers to reduce fraud and risk and also reduce friction. This enables them to get paid quickly because they actually verify the account so the developer can then charge the account making it more seamless and less fragile.

Aggregation API – Enables developers to get access to randomized and securitized bank data through the ability to aggregate accounts, whether it’s an investment account, a bank account, a credit card account, a rewards account, an insurance account, or some other account.

Besides the above two, the company has launched an Enterprise API, custom-built and co-branded for individual financial institutions. Yodlee’s API also allows geo-location information to be added to financial data.

Another noteworthy mention:

Xignite

Xignite APIs are used by over 40 startups with the clientele including companies such as Betterment, Wealthfront, Personal Capital, Yodlee, Oracle, SAS, Sungard, Charles Schwab, Navy Federal Credit Union, TD Ameritrade, Brinks, GE, and Starbucks. A particular API of the company called the ‘FactSet Fundamentals’ one of the first REST-based APIs to provide accurate and trusted historical financials, fundamentals, earnings and more across more than 170 global exchanges. FactSet Fundamentals joins more than 40 other APIs for financial services in Xignite’s API library. APIs from Xignite provide back-end data integration, powering a lot of financial service ventures.

Final Note

The API model is at the core of a cloud-based delivery model and at the heart of the connected businesses of tomorrow.

Source: Let's Talk Payments 

RECENT NEWS

Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, today revealed the results of its collaboration with StockCharts, a leading technical analysis and financial charting platform for online retail investors. The collaboration involved a move from an on-premise market data provider to Xignite’s cloud-native technology hosted in Amazon Web Services (AWS). Download the case study containing the full results.

StockCharts requires vast quantities of financial data to power its visualization, charting and tracking tools, which investors use to analyze the markets to help with investment decisions. The company was frustrated by the limits of its on-premise market data center, which was forcing the team to make architectural decisions based on what its data center could handle in terms of speed and storage, not on their technology. Its previous market data provider was just starting to build out some cloud offerings, but they were far away from what the business required. StockCharts decided to migrate its infrastructure to the AWS cloud and partner with Xignite to gain access to endlessly scalable market and financial data delivered through innovative cloud APIs.

The collaboration made an immediate impact as StockCharts was able to expand its offerings and customer base by pursuing growth strategies enabled by Xignite’s cloud-based approach, which provides easy access to data and eliminates architectural limits on storage and speed.

The pandemic provided further validation. Seattle-based StockCharts was in one of the first areas hit by COVID-19 and was forced to quickly shut down its office. Pandemic-driven market volatility followed and StockCharts customers wanted to visualize what was happening. The company’s ability to scale quickly and accommodate a high volume of new requests would not have been possible without Xignite.

“The move to the AWS cloud and Xignite has unlocked tremendous new potential for us in a lot of architectural ways, and has given us a lot of data options that we could not even consider before,” said Grayson Roze, Vice President of Operations at StockCharts. “It relieved us of the burden of figuring out how to source things. Instead, we know exactly where we need to go to get the data and can access it instantly. That is a huge, huge benefit for our business.”

“We are proud to have played a role in transforming how StockCharts approaches data,” said Stephane Dubois, CEO and Founder of Xignite. “The events of this year unleashed a massive spike in retail trading and a host of other unexpected forces that reinforced the need for financial services firms to leverage the cloud. Despite the disruption of this year, StockCharts was positioned for success, and we look forward to continuing to deliver our financial and market data solutions to the industry at large.”

Xignite

Xignite has been disrupting the financial and market data industry from its Silicon Valley headquarters since 2006 when it introduced the first commercial REST API. Since then, Xignite has been continually refining its technology to help fintech and financial institutions get the most value from their data. Today, more than 700 clients access over 500 cloud-native APIs and leverage a suite of specialized microservices-delivered modules to build efficient and cost-effective enterprise data management solutions. Visit http://www.xignite.com or follow on Twitter @xignite

01/12/2021

Xignite, Inc., a provider of cloud-based market data distribution and management solutions for financial services and technology companies, today announced that its Market Data Management-as-a-Service solution has been named “Best New Technology Introduced over the last 12 months – Infrastructure” at the 2020 WatersTechnology American Financial Technology Awards (AFTAs). Selected by the editors of WatersTechnology, the AFTAs recognize excellence in the deployment and management of financial technology within the asset management and investment banking communities.

Xignite’s Market Data Management-as-a-Service (MDMaaS) solution enables buy- and sell-side firms to centralize the management of vendor data feeds into their own cloud environment. The solution is built around the cloud microservice-based architecture and technology stack Xignite has been refining and scaling for more than 10 years. Xignite’s technology platform has been the backbone of the company’s Data-as-a-Service business, daily supporting 12 billion API requests of financial data for their 700 fintech and financial services clients. Now Xignite is leveraging this battle-tested cloud-native data management architecture to offer buy- and sell-side firms a market data vendor agnostic offering, with connectors available for firms to load data they license from Bloomberg, Refinitiv, ICE and numerous other providers.

The MDMaaS solution includes a suite of loosely-coupled modules that enable market data user firms to control their data usage, automate entitlements, optimize their data spend and minimize liabilities by simplifying data governance and ensuring regulatory compliance.

The functionality is delivered via microservices, an architectural approach in which core functionality is handled by loosely coupled, independently deployable modules that can work together or separately. Microservices architecture stands in stark contrast with monolithic platforms that require expensive on-premise technology – that is especially hard to maintain in the context of a pandemic.

The MDMaaS microservice-delivered modules introduced in 2020 include:

Xignite Entitlements and Usage - Manage the entitlement of vendor data to users and applications to ensure compliance and eliminate excess spend.

Xignite Optimization - Streamline data consumption to avoid duplicated vendor requests, leverage cached bulk data and get recommendations to reduce data costs.

Xignite Data Lake - Centralize, catalog and connect data shapes to enable frictionless integration by consumers via unified cloud APIs.

Xignite Reference - Aggregate, normalize, store and index vendor reference data to centralize enterprise-wide access.

Xignite Historical - Provide centralized access to normalized, stitched and adjusted historical data via cloud APIs.

Xignite Real-Time - Distribute real-time vendor data via cloud APIs, eliminating on-premise infrastructure.

Xignite Fundamentals - Make simple and complex time-series data structures available via cloud APIs.

“Xignite has pioneered market data in the cloud for more than 10 years now, so we are very excited to announce – and be recognized for – our Market Data Management-as-a-Service solution,” said Stephane Dubois, CEO, and founder of Xignite. “The pandemic has reinforced the need for financial services firms to migrate to the cloud as a means of navigating disruption and enabling scalability, among other benefits. We are proud to spearhead that effort and help the industry modernize its approach to financial and market data.”

About Xignite

Xignite has been disrupting the financial and market data industry from its Silicon Valley headquarters since 2006 when it introduced the first commercial REST API. Since then, Xignite has been continually refining its technology to help fintech and financial institutions get the most value from their data via its Data-as-a-Service and Market Data Management-as-a-Service solutions. Today, more than 700 clients access over 500 cloud-native APIs and leverage a suite of specialized microservices to build efficient and cost-effective enterprise data management solutions. Visit http://www.xignite.com or follow on Twitter @xignite

01/06/2021

Read the entire article at Business Insider

The Department of Justice has officially sued Visa to block its $5.3 billion acquisition of Plaid — and the fintech world is scrutinizing what this might mean for the industry.

Business Insider spoke with Xignite's CEO and Founder Stephane Dubois, and other legal and industry experts on how they see the DoJ's lawsuit shaking out — and what this means for the fintech world.

If the Justice Department wins in court, the merger could be scuttled
Stephane Dubois, the CEO of financial data provider Xignite, thinks that the fact that the DOJ sued suggests that it does probably have a solid legal basis for its allegations.

Unless Visa — which has been represented by powerhouse law firm Skadden in connection with the deal — can fight the DOJ's lawsuit on a legal basis and argue successfully that the government's argument is too speculative, that they're not anticompetitive, he doesn't think the acquisition will go through.

Otherwise, Visa would need to comply with conditions set by the DOJ — for example, lower fees on credit cards, or breaking up its business — to make itself non-competitive. But he's not sure if Visa would be willing to do that.

Dubois said such a lawsuit could be a "cold shower" for fintechs that are considering mergers and acquisitions given the massive $200 million Plaid paid for its API competitor, Quovo, in January 2019, not to mention the $5.3 billion price tag of Visa's acquisition of Plaid.

The DOJ's lawsuit could fail and Visa's acquisition could go through, but with diverging possible outcomes for Plaid and other fintechs

Dubois sees several possible outcomes playing out should the DOJ's lawsuit fail. The acquisition would go through and Visa could continue to make Plaid available to fintechs, but in a way that it doesn't "cannibalize" its own business — for example, by charging 3% fees to competitor services that Plaid enables.

It's also possible that Visa shuts down Plaid after a successful acquisition, essentially squashing competition for the market, something Dubois called a "worst case scenario."

11/05/2020

Yugabyte, the leader in open-source distributed SQL databases, today announced that market data distribution and management solutions provider Xignite has selected YugabyteDB as its database of choice to power its cloud-native financial data distribution and management solutions. Xignite selected Yugabyte’s distributed SQL database based on YugabyteDB’s high performance, on-demand scalability, and operational ease. 

“Due to the nature of our business, performance and scalability are the two most important factors we look for in a database solution,” said Dr. Qin Yu, VP of Engineering, Xignite. “Financial data is ever-changing and we need to capitalize on that data to give our customers the most accurate, real-time view of the markets. The performance and scalability of YugabyteDB allows us to provide granular data in real-time to our high-profile clientele, combined with the Yugabyte Platform, which greatly simplifies operations and management. In addition, we have come to rely on the Yugabyte as key partners, providing us with a best-in-class distributed SQL platform and support.”  

Xignite provides customers with a scalable way to manage, control, and optimize real-time and reference data across traditional systems and cloud applications. It does this through its cloud-native market data platform that unifies financial data consumption and market data management—delivering clients a real-time view of market activity as a service via the cloud. However, serving financial services and fintech customers like Robinhood, SoFi, Investopedia, and BlackRock requires scaling as their data requirements change and grow, while still providing the high availability and high performance they need and expect.  

“When you’re building a leading market data management platform like Xignte, data accuracy and availability are absolutely imperative,'' said Karthik Raganathan, CTO and Co-Founder, Yugabyte. “Making sure customers have always-on access to real-time and reference data in a market with high–and continuously growing–volumes, sources, and types of data puts extensive demands on the scalability and performance of a database and the teams that support it. We are thrilled to be a partner to Xignite, eliminating their database pain points and enabling the Xignite team to invest more time and money in building new features for their customers.” 

As Xignite’s business grows, so does the amount and granularity of data, creating the need to quickly scale the database tier. Scaling Microsoft SQL Server on AWS with Amazon RDS was very challenging, requiring manual partitioning of data at the application layer, which was time-consuming and increased complexity. After trying MySQL and considering NoSQL solutions, Xiginite turned to Yugabyte to address its need for a database provider that could easily scale on-demand, future-proofing the company for continued growth. Yugabyte has seamlessly handled Xignite’s performance requirements for both reads and writes, and enabled the company to add capacity and scale quickly, with operational ease and no downtime.

Moving to YugabyteDB has enabled Xignite to scale to more than 11 terabytes of data, unlock new use cases that would not have been possible with the older technology stack, and achieve an overall cost savings of approximately 50% compared to SQL Server.

For further information on Xignite’s work with Yugabyte visit www.yugabyte.com/success-stories/xignite/

About Yugabyte
Yugabyte is the company behind YugabyteDB, the open source, high-performance distributed SQL database for building global, internet-scale applications. YugabyteDB serves business-critical applications with SQL query flexibility, high performance and cloud native agility, thus allowing enterprises to focus on business growth instead of complex data infrastructure management. It is trusted by companies in cybersecurity, financial markets, IoT, retail and e-commerce verticals. Founded in 2016 by former Facebook and Oracle engineers, Yugabyte is backed by Lightspeed Venture Partners and Dell Technologies Capital. www.yugabyte.com.

11/05/2020