In a fast-evolving Financial Services industry, APIs are becoming the go-to solution for many banks and payment service providers. FinTech companies are developing APIs for various purposes, but with the overall mission of improving the speed, efficiency and accuracy of the payment experience. With Validate API, Apply Financial offers next-gen payment validation solutions which support these improvements, whilst bolstering compliance with global payment regulations.
In this blog, we explore how our Validate API integration with Franx helps the FX and global payments provider to enable seamless global transactions for its clients.
Apply Financial's partnership with Franx
Over 700 companies are using our Validate suite of payment data validation solutions, from well-known global banks and financial institutions to payment service providers and card issuers. Collaborations between FinTech companies are playing a vital role in paving the way for a truly frictionless payment experience for customers.
Our partnership with Franx involved us integrating our payment validation API with its digital payments platform to enhance Franx’s financial transaction service offering.
What is Franx?
Franx is a digital finance platform allowing businesses to make easy currency transactions and international payments. As a wholly-owned subsidiary of ABN AMRO Bank, Franx is a FinTech provider aimed at SME entrepreneurs in the Netherlands.
The platform offers clients one multi-currency account with a single IBAN, which can be used to send and receive payments in over 33 different currencies. The mission for Franx is to make international payments faster and easier for small business owners.
What does Franx do?
In addition to enabling SMEs to make cross-border payments, Franx also allows clients to hedge their currency risk and manage operations simply and cost-efficiently. The platform is backed by a team of highly experienced banking professionals and digital experts, offering unique expertise for entrepreneurs looking to grow their business globally.
Franx has a range of financial solutions for SMEs, such as FX Spot transactions, FX Forward transactions, SEPA payments, international payments, plus a PSD2 API integration that enables Franx customers to securely share account information with third-party services, digital systems and banking applications.
Here are some of the benefits that the Franx platform offers:
- The ability to handle all trades and payments (in 33 different currencies) in one single multi-currency account
- 24-hour exchange rate monitoring (on working days)
- A personalised platform that allows users to select relevant currency pairs to track exchange rates in real-time
- Smart rate alerts to ensure clients trade at the right time
- A user-friendly platform with reporting and insights into transactions
Our payment validation API supports Franx in delivering frictionless transactional processes to its customers.
API Integrations for FinTech
API integrations in FinTech are helping to streamline processes for banks, financial institutions and payment service providers. Cloud-based solutions offer businesses in the payments space more efficiency, flexibility and scalability, and they are easy to integrate with other systems.
As we mentioned, Franx uses PSD2-related APIs to help customers share information and connect systems, to simplify operations and improve compliance. The APIs also enables account users to initiate euro and international payments from third-party services.
Our payment validation API, Validate API, automates payment validation processes and enriches beneficiary data to eliminate costly payment errors. Together, these integrations help SMEs to enjoy frictionless payments and transactional processes.
Franx discussing Apply Financial's payment validation API
Franx partnered with Apply Financial to further improve its payment services. We offered Franx a payment validation API solution that ensures that all payment data entered by clients is immediately checked, with the ability to amend data and correct payments when something has been entered incorrectly.
It’s crucial for Franx’s clients to be confident that payments will be made directly and successfully. Validate API makes this possible. The API automatically checks for inaccuracies in beneficiary data so that clients can make sure the data is correct before payments are made.
Check out this short clip from FinTech Finance’s video, in which Ronald Lokker, General Director at Franx, discusses our payment validation solution and the benefits of Validate API.
Apply Financial CEO Mark Bradbury on on our API integration with Franx
Here are a few words from CEO Mark Bradbury on Apply Financial’s partnership with Franx and the solutions we provided:
“Franx came to us a couple of years ago about building out an innovative payment solution for overseas payments. They wanted it to be as efficient as possible and looked towards APIs to implement the best possible solution, which is why Apply Financial was a great fit.”
Mark has been extremely pleased with the partnership with Franx, which has quickly progressed thanks to a shared vision of improving global payments capabilities. He offers more thoughts on this progression below:
“Franx has been a great partner to work with, as they have the same vision as us. It’s been a great collaboration so far. We started by validating IBANs for Franx, for payments in Europe, but their clients make payments all over the world to suppliers and partners. So, we’ve provided them with the ability to validate payments in 170 countries, which includes around 225 financial jurisdictions. Franx now has everything it needs to meet its clients’ payment requirements.”
Learn more about Validate API
Collaborations between FinTech solutions are becoming increasingly important for driving innovation in the Financial Services sector. Our partnership with Franx is one of many FinTech collaborations helping to transform the payment experience for end-users.
Validate API provides domestic and international account and payment validation for over 170 countries across the globe. The payment validation API solution ensures you and your clients submit correct bank payment details to improve straight-through processing (STP).
Our API integration is easy to deploy, intuitive and scalable, and saves businesses time, money and reputation by eliminating payment errors.
Learn more about the API integration in our blog about our partnership with Currencycloud.