An application programming interface, or API, is a piece of software that enables the communication between two or more applications. Simply said, it is the messenger who sends your request to the service provider and returns to you with the result. It is an interface that enables straightforward commands between applications.
The great news is, Banks, Neobanks and Fintechs can now easily integrate Lidya Collect into their system. Using the collect API, users can now seamlessly utilize Lidya Collects processes into their already existing platforms.
How Lidya Collect API can Enhance your growth
Collect API streamlines and facilitate integration, enabling Lidya Collect to restructure its interrelationships in accordance with the unique requirements of your Fintech/ banking business. By doing that, your business can improve results and efficiency on cash flow management.
Ease of integration
The collect API is a part that connects many platforms, applications, and systems to enable information sharing and performs a variety of activities. For instance, to speed up your application’s collection operations, collect API can be connected to other fintech products.
Automation of collection on your own system using Collect API
For a significant portion of automation strategies, the integration of applications serves as the cornerstone, making APIs crucial.
Automating manual operations like collecting information from customers can now be done through the Collect API. creates a seamless transition between your application and the Lidya Platform. Thanks to process automation and integration, your company can cut costs, save time, and put less effort into operations.
Even if your finance department has a dedicated staff for collecting payments, the time-consuming process might take valuable resources away from other crucial tasks.
The good news is that Lidya Collect’s provides a method to avoid many of these common problems with collection. You can focus on other business areas while saving time by implementing Lidya’s automated direct debit requirement for collections.
Make room for scaling and growth.
Because the amount of information available to businesses is constantly changing and expanding, the collected API includes the potential to increase your platform capacity with relative simplicity significantly. The collect APIs are able to transmit all necessary data quickly, without interruptions, usual delays, or other setbacks. A Fintech API’s dependability and quality using target, goal, and objective measurements is crucial and of utmost importance.
Setting up Lidya collect.
Create and keep an eye on your automatic collections by automating your client collections and fund restoration with Lidya Collect.
Set up the mandate plan specifics, including a clear description, Standing Instruction, quantity, currencies, collection frequency, and start date, by selecting create on the GSI tab.
Include all payer information and link the payer via BVN.
Choose to Validate to ensure the correct information, then click Submit to send it to the payer.
The mandate will be sent to the payer through email, and they can accept or reject it.
Once it is permitted, it is put in the “active” position so that you may track the progress of your collection.
You can keep track of payments, see expiring mandates, and deactivate mandates.