Payments, the API that allows you to send transfers from your platform
BBVA Payments allows a company to make payments within their platform, which ensures the continuity of the transaction and contributes value to the company. We spoke to Raúl Lucas Alcaraz, Product Leader in Open APIs at BBVA.
The financial sphere, as with other segments in the industry, is undergoing a revolution thanks to the API universe. This is why BBVA has decided to adopt different open APIs, including Payments.
Raúl Lucas Alcaraz, Product Leader in Open APIs at BBVA, believes that all the verticals have already been affected by this revolution, and the financial sector is just one more. “We're their staunchest proponents, because we're convinced of their value and potential”. He says the appealing thing about this sector is that “when you provide the basic capabilities, others can think up value-added solutions that would never have occurred to you”.
Payments allows any application or third-party website to make payments –with the customer's approval– without leaving its "look and feel". And that's its key value. What's more, 2018 will see the arrival of PSD2, the new payments directive that is even now requiring banks to offer a payment initiation service. That's where BBVA is ahead: “We believe the Payments API means we would already be in compliance with this part of the directive”, says Alcaraz.
A number of different companies are currently participating in the project. The apps that have expressed the greatest interest are “the ones looking to make fast peer-to-peer payments between customers, normally with mobile apps”, says the executive. Payments “is a very simple way for this segment of BBVA customers to follow this protocol. In any case, any company wanting to set up a money flow within its business model can benefit from this API”, he adds.
In addition to this, some companies believe they can use Payments to allow them to send transfers and make payments themselves on a massive scale. Alcaraz confirms that “it can be used this way”, but notes that “it's a personal banking API, so it would be a physical person making the transfer”.
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