IBANAPI public launch
Back in the day, we needed an API to validate the Bank IBAN and fetch the bank details from it, the decision was taken towards paid service, and due to our high volume, we consume an expensive package in less than a month and we left out without solution and we didn't have the capacity to build our own solution.
So I decided to work on some sort of solution over the weekends, which lead to https://ibanapi.com and it was used for years in our system and saved us a big amount of money.
The core concept of how this API is growing is the user, once the API gets IBAN from a bank that doesn't exist it will automatically highlight the IBAN for bank inclusion.
As I have had this API for years now, I've decided to release it to the public as a freemium product to help those in need of it.
If you are a FinTech, e-commerce, Accounting Software, etc., you require the customer IBAN, so it is better to use this API to reduce human errors and enhance the account acceptance process.
Hi @SamyMassoud just so I understand your service correctly: do you actually validate if the bank account / IBAN does actually exist / belongs to the user who is claiming to be the account owner or do you only check if the IBAN format is correct?
Hi @marginalia the service will validate the IBAN and also provide the Bank information for this IBAN if available.
No one can tell if the IBAN belongs to a specific user, without APIs from all the banks out there.
Okay, thanks for clarifying @SamyMassoud – but in fact those APIs do exist, as you probably know? Would be a nice extension to your existing offer, especially for SEPA direct debit use cases!
Hi @marignalia, I've tried to find out, if it is available, it will be in Europe maybe, because it depends on each and every bank, and if they want to expose such info or not.
The SEPA part is available in my API as well but to the level of if available for this IBAN or not.
In UK and the EU banks are by regulation forced to expose such APIs. Obviously it would be quite tedious to connect with hundreds of banks individually, but you can use API aggregation service providers to do the job.