A Premium Banking API with a broad range of uses

If you’ve never come across the notion of API before reading this article, think of an API (application programming interface) as an interface that machines can use to communicate using standardized protocols. An API is basically a bunch of rules that says things like “if you send this request to that location, then you’ll receive this kind of response with that kind of element inside it”.

API are powerful because you can use them to create cascading tasks, so that a peculiar event occurring on your account automatically leads to a given action. When specific events occur on your Memo Bank accounts, we’ll send a request to your server (webhooks). These events include the creation, update, and closing of accounts (current accounts, third-party accounts), as well as the status (scheduled, authorised, pending, rejected, etc.) of your transfers or direct debits. All the things you were doing by clicking around on buttons can now be replaced by specific actions triggered by API calls.

What sets Memo Bank’s API apart from other banking APIs? To start with, let’s acknowledge that we’re not the first bank to offer an API. But unlike traditional banks, which sometimes offer dozens of different APIs for lack of a unified technology stack, we only offer one API. Memo Bank’s API is an integrated API which allows you to do it all in the same place. That also means less time spent on integration for your engineering team and less dependencies to manage down the road for you.

What sets Memo Bank’s API apart from other banking APIs? Traditional banks simply offer dozens of different APIs due to the lack of a common denominator among their numerous technical components. We offer a single, unified API. Memo Bank stands out as the only French bank to offer a Premium banking API. The Memo Bank API is an indivisible, integrated API that allows you to do everything in one place. That also means less time spent on integration for your engineering team and less dependencies to manage down the road for you.

The lack of a modern and versatile banking API is leading businesses to use multiple APIs from different providers. As a result, the number of interlocutors, the level of risk and costs are all increasing. By choosing Memo Bank as your banking API provider, your costs and risks become rationalised.

Premium banking APIs should not be confused with Open Banking APIs (PSD2). These PSD2 APIs have a limited scope of use:

• Account information service (AIS)
• Payment initiation service (PIS)

With our API, financial departments can, from their own tools:

• End-to-end automation of your transactions
• Manage current accounts and client accounts
• Identification of each transaction details
• Real-time access to your data

All tasks associated in carrying out payments and their reconciliations are automated, thus eliminating risk of errors and facilitating informed decision-making.

The scope of our API:

Current accounts

• Get the details of a current account: name, balance, IBAN…
• Get a list of current accounts: with their name, their balance…

IBAN

• Get the list of IBANs linked to a current account
• Create a new virtual IBAN (that you can use immediately)
• Get the details of an IBAN
• Delete an existing IBAN
• Update an IBAN to change its name

Transactions

• Get the details of a transaction: date, amount, label…
• Get the list of transactions linked to a current account

Attachments

• Get the details of an attachment: name, size, mime type…
• Delete an attachment
• Get the list of attachments linked to a transaction
• Upload a new attachment and link it to a transaction

SEPA transfers and direct debits

• Initiate a new SEPA transfer (either standard or instant)
• Initiate a SEPA direct debit

The Memo Bank API can also send you an HTTPS request when a particular event takes place on your Memo Bank space. You can then use those notifications to trigger actions on your Memo Bank account, all through our API. Think of webhooks as the first step in a cascade of automatic actions.

Our API can call you when the following events occur:

Current accounts

• A new current account is created
• A current account is updated (new name for example))
• A current account get closed down

Attachments

• An attachment is created
• An existing attachment is deleted

IBAN

• A new IBAN is created
• An IBAN is updated (new name for example)
• An existing IBAN is deleted

Transactions

• New scheduled debit (direct debit performed by a supplier for example)
• New outgoing SEPA transfer
• Transaction is rejected (operation has been refused)
• Transaction is authorized (funds are put aside)
• Transaction is confirmed (captured funds are debited)
• Transaction is canceled (captured funds are released)

What could you build using Memo Bank’s API? Answer: many actions

• Defacto automates orchestration and reconciliation of its transactions thanks to a banking API
• SideCare automates SEPA direct debit orchestration through a banking API
• WeWard sends tens of thousands of instant transfers securely without human intervention.