IntaSend provides an interface for the PesaLink API. In this article, we’ll discuss in detail on how to get started with the PesaLink API, bank payments, and how to get started with the API integration.
Online payments are important to the growth of the African economy because they provide a convenient and secure way for individuals and businesses to conduct financial transactions over the internet. This can increase the speed and efficiency of financial transactions, stimulating economic growth by making it easier for people and businesses to buy and sell goods and services.
Online payments can also promote financial inclusion by providing access to financial services to people who may not have access to traditional banking services, such as those in rural or remote areas.
Additionally, online payments can help to reduce the risk of fraud and other financial crimes, which can further contribute to the growth and stability of the economy. Overall, the use of online payments can play a significant role in promoting economic growth and development in Africa.
What is PesaLink?
PesaLink is the idea of the Kenyan Bankers Association brought to life to aid electronic bank-to-bank transfers at a very low cost. The platform allows one to transfer funds from any bank to another in Kenya in a secure, real-time manner. The biggest advantage of using PesaLink is that it is cheap, unlike bank transfers used to be some years back.
Why Bank API is Important For Developers and Businesses
The PesaLink API was built as part of the growing importance of banking API, which has seen a surge in popularity over the past few weeks. The idea of the PesaLink API itself was conceived in January 2016 by the Kenyan Bankers Association to provide real-time payment services for the Kenyan banking industry every hour of the day, every day of the year. A few months later, the system began processing transactions and allowed customers to make real-time funds transfers with the promise of same-day settlement capabilities. Let’s explore some of the benefits of bank API for businesses and developers below;
Real-time transaction access
Payments integrated with your system will be tracked and recorded in your company's transaction history with utmost accuracy. It ensures that all your business transactions can be completed in a flash. Automation eliminates the potential for errors that come with manual processes. A bank API allows developers and businesses to access real-time transaction information.
This ensures accuracy and simplifies the process of keeping track of financial data. The ability for developers to integrate payment solutions into their applications is key for businesses to succeed. By incorporating bank APIs, businesses can ensure that their transactions are secure and that the accuracy of their financial records is preserved.
High-level data security
With its high-level security protocols and authorization processes, a banking API ensures that your financial information and customers' private data are safe. With a banking API, users can control which data is shared with third parties, so you never have to worry about any data leakage. This ensures an extra layer of security and privacy for your customers, giving you one less thing to worry about.
API Banking also provides an additional layer of authentication and authorization, which helps users control who can access their data. The technology used to secure API Banking is advanced and reliable, providing a secure environment for financial transactions. Not only does API Banking provide a secure system, but it also offers businesses the flexibility of setting up custom parameters to meet their needs.
This allows companies to use the API Banking platform to their specifications, which can be tailored to their specific business needs. This makes API Banking the perfect platform for developers, providing the resources and tools they need to create secure and efficient applications.
Cost-effectiveness and efficiency
Bank APIs are changing the way developers and businesses interact and transact. They provide a secure, cost-effective way for businesses to access services and information from financial institutions. Bank APIs offer many benefits for businesses, including the ability to streamline the payment process, optimize cost savings, and reduce manual effort. With a bank API, businesses can improve customer service by having real-time access to customer data.
API integration with banks is an important tool for businesses and developers. It enables easier, more cost-effective, and more efficient transactions. This technology eliminates manual labor, which can be quite cumbersome and time-consuming. In addition, API banking services are secure and auditable, which helps to reduce the risk of fraud associated with online transactions.
Better user experience
A successful business must be customer-centric and able to provide customers with exceptional user experiences. Businesses can use a reliable bank API to ensure their applications are secure, efficient, and resilient.
A bank transfer API can provide a high-security level. Because the API is integrated into a bank's existing systems, it can leverage its security protocols and infrastructure to protect users' financial information. This can give users peace of mind that their money is safe and secure during the transfer process.
Overall, a bank transfer API can improve the user experience by making it easier and more convenient to transfer money while providing a high-security level. This can encourage more people to use the service and help banks build stronger customer relationships.
Convenience in financial management
One of the main ways that a bank transfer API can ensure convenience in financial management is by providing a quick and easy way to transfer money between accounts. With a bank transfer API, users can quickly and easily move money from one account to another without navigating through multiple menus or inputting complex information. This can save users a lot of time and hassle and make it much easier to manage their finances.
A bank transfer API can also give users more flexibility in managing their money. With a bank transfer API, users can transfer money between accounts in real time, which means they can move money to where it is needed quickly and easily. This can be especially useful for people who need to make large or urgent financial transactions or manage multiple accounts simultaneously.
Ultimately, a bank transfer API can improve the convenience of financial management by providing a quick and easy way to transfer money between accounts. This can help users manage their finances better and give them more flexibility and control over their money.
Getting Started with PesaLink API
According to Integrated Payment Services Limited (IPSL), PesaPal enables users to transfer money from one bank account to another in real-time, making it very convenient for those who need to make quick transactions. PesaLink has been available through various bank channels, including internet branching, mobile banking, ATMs, branch, and agency. IntaSend has recently secured the rights to offer the PesaLink API to its users, a move that has been met with a gleeful response from its customers.
With PesaLink, you only need the recipient’s mobile phone number to move money directly to their bank account. This convenience is accompanied by a limit of up to Ksh. 999,999, and users can also transfer as little as Ksh. 10. Having recently switched from ISO8583 to ISO20022 to accommodate modern features, users can now enjoy the following benefits;
- Three-layer structure of participants, including direct, indirect, and payment initiators, also known as sub-participants.
- Detailed reports
- Secure payment
- Information exchange
- Several payment methods, including credit transfers, request to pay by PSP, and request to pay with mandate ID.
- Anti-fraud checks
- Account validation enables verification and confirmation of the recipient before the funds transfer.
Below is a detailed list of some of the features you’ll enjoy with the PesaLink API;
Account Verification
With this feature, you can verify and confirm the recipient’s information, i.e., name and account number, before transferring funds to the account. This limits mistakes and helps ensure you’re paying the right account.
Credit transfer
This is a simple term that means the sending customer can move funds from their account at the originating bank to the recipient's bank account. It’s that easy.
Transaction Status Query (TSQ)
This is one of the best features in the PesaLink API as it allows merchants to request to inquire more about the transaction status of a previous payment in several ways, including Customer Credit Transfer Initiation, Customer Credit Transfer, Payment Cancellation Request, Payment Return, or Creditor Payment Activation Request.
Visit the official website of IPSL to learn more about PesaLink integration.
Conclusion
Banking APIs are an important way for businesses to integrate financial capabilities into their applications. They allow developers to integrate seamless financial data management capabilities into their applications.
A bank API allows companies to use the API Banking platform to their specifications, which can be tailored to their specific business needs. This makes API Banking the perfect platform for developers, providing the resources and tools they need to create secure and efficient applications.
Developers can integrate bank APIs with their applications to seamlessly integrate financial capabilities into the development of those applications. It is important to note that a bank API service must be integrated into the developer's application to provide financial capabilities. It is not possible to integrate an API banking service into an application that doesn't already use a financial component.
Developers can also integrate a bank API into their applications to provide financial capabilities to their users. IntaSend provides an easier way for developers to start with PesaLink Bank APIs. To get started, visit our bank's payout APIs documentation. We also provide a sandbox environment for you to test the API. Feel free to contact us at any time regarding payments, disbursements and collections.
