It’s finally happening: you’ve decided to offer embedded payment services on your platform. You’ve rallied all the stakeholders, secured the investment, and gained the backing of your leadership team.
And you’re not alone: over the next five years, European brands expect to generate €626 billion by implementing embedded payments and embedded banking. Given that 69% of businesses that have already adopted embedded payment solutions have partnered with BaaS providers to deliver the projects, much of that deployment will depend on such partnerships.
Yet, important choices remain. One of the biggest is whether to build an API integration, or to access the services you need through a dashboard. OpenPayd offers both – and while there’s no ‘right’ answer, the choice you make will play a key role in how you access our services and build the functionality you need.
Whether you choose OpenPayd’s API integration, our dashboard, or a combination of both, knowing the benefits can help you make the right choice for your business – and your customers.
If you’re API and you know it
Simply put, an API (application programming interface) allows two or more software components to communicate using a standard set of definitions and protocols. Through an API, a programme containing financial information like customer account balances, for example, can communicate with the platform holding user data.
APIs are the glue holding the embedded finance revolution together. From approving your debit card details on e-commerce marketplaces to topping up a wallet via Open Banking, APIs make it happen.
OpenPayd’s API is designed for handling payment and banking information automatically. It lets our clients send a constant flow of information from their own systems into ours, allowing them to initiate a payment, retrieve account information or move money into a different currency. Moreover, some functions – like generating vIBANs for customers – are only available through an API integration.
Since almost all such features are accessible through the same API integration, you don’t need your developers to build custom integrations from scratch for each new service. OpenPayd’s API covers many embeddable financial services in one place, speeding up development time while reducing cost.
So, what’s the catch?
Even on the internet, there’s no such thing as a free lunch. APIs may be the unsung heroes of embedded finance, but they pose challenges of their own. An API integration requires development time and skill. Thankfully, this process can be rapid – at OpenPayd, we have clients who have integrated with us in as little as 10 days. However, it does still require a project manager with a plan and the committed resources to make it a reality.
A prepared team is important for the speed of integration, but so too is the quality of the service provider. Integration will be accelerated or hampered not only by the API’s build quality, but also the quality of the API documentation and the service provider’s support team. If you want to integrate API functionality quickly, it pays to partner with providers who know what they’re doing.
How dashboards deliver
As helpful as APIs are, they can be challenging for non-developers to engage with. Yet, for many businesses, non-technical staff need to see and understand their product functionality. OpenPayd’s dashboard provides a control panel for non-developers within a business to oversee everything that’s happening with the accounts.
Just like accessing your personal bank account via an app, OpenPayd streamlines your product’s financial services through a simple, easy-to-use interface. You can send payments and check your balances without needing to make API calls or involve a team of developers.
As with any dashboard, familiarisation can make all the difference. Our Interactive Demo gives you a preview of the platform, with no sign-up necessary, so that you can see how it works:
Then, when you’re ready to go deeper, our Sandbox tool allows you to test different features, from initiating payments to issuing accounts, without using real money.
Simple, accessible, and ready to go: the dashboard approach has clear advantages. It’s designed to give small groups of internal staff like treasury, finance, and operations teams access to banking and payments in an easy-to-use format. In businesses where individuals occasionally need to make manual payments during working hours, it’s the ideal solution. However, to fully reap the benefits, it’s worth ensuring that your staff are familiar with all the functionality to get the most out of the platform.
Use your use case
Choosing wisely depends on your situation. Some scenarios require an API integration, while others are better served by the efficiency of OpenPayd’s dashboard. Some companies use both API calls and our platform: giving finance and operations teams oversight of total customer balances through the dashboard, for instance, while relying on API calls for more specialised features.
Capacity, product features, and audience needs – understanding these factors is the key to unlocking the right approach for you. If you have a technically proficient team with the skills to adapt APIs to your needs, OpenPayd’s API integration could be advantageous. In fast-changing circumstances, you can make rapid changes as and when you need to.
Some organisations won’t have the technical capacity that a successful API integration demands. If simplicity, quick deployment, and ease of use matter, then OpenPayd’s Dashboard platform has you covered.
This isn’t just a technical decision. How you incorporate embedded finance services influences your business’s growth and scalability, as it affects the services you offer and how your customers use them. Conversely, your business strategy should influence your choice of embedded finance integration, so that your methods match your ambitions.
At OpenPayd, our mission is to put financial services infrastructure in the hands of every business. That’s why we’re committed to providing a full complement of embedded finance capabilities to companies around the world, including named IBANs in multiple currencies, global payments, and transparent FX rates. So that, by enabling companies to build new products, streamline their operations, and manage payments on a global scale, OpenPayd’s embedded finance and Banking-as-a-Service infrastructure powers business growth.