Embedded Finance

Introduction

Our Embedded Finance API offers a powerful set of services to streamline customers, accounts and payment processes. It's organised into four primary services:

  1. Requests: The 'Requests' service is a versatile API that plays a crucial role in managing API requests. It provides real-time updates for specific API requests.

  2. Customers: Create and manage customers linked to your Andaria account.

  3. Accounts: Keep track of user accounts, making it easy to handle financial transactions within your application.

  4. Payments: Execute payments seamlessly, allowing your users to make transactions without leaving your app.

Requests Manager

When you send a request to the Embedded Finance API, the system logs the request and assigns it a unique request ID asynchronously. This request ID is essential because it allows you to monitor the processing status of your API request in real-time. You can track every step of your request's journey, from initiation to completion. This level of visibility ensures you are always in the know.

Once the request is completed, the system will provide you with a callback containing a reference to the specific entity created, such as a payment reference. This makes it straightforward to access and manage the results of your API requests.

A sample callback for a payment would look like the below:

{
    "requestId": "54e7391d-31d7-49eb-81eb-20caf0e7b694",
    "status": "Created",
    "errorCode": "Created",
    "errorDescription": "",
    "entityId": "C0000051",
    "entityLocation": "https://api.andaria.com/globalpayments/v1/account/GetByCustomer/C0000051"
}

The below example illustrates the use of the above for a Create Payment flow.

Customers Service

To get started, you will need to create a customer using our API. During this process, we will only require basic details of the end customer, such as their name, surname, email, and mobile phone number. Additionally, we will ask for your customer reference to establish a link between the end customer in your system and ours. Upon successful creation of the customer, you will receive a unique customer reference and a GUID. Upon completion of customer creation, we will send you a webhook together with a response that you may use to query Customer Info using our APIs.

Accounts Service

Once the customer creation process is complete, you can request to create one or more accounts for the customer using our API. In response, we will allocate an IBAN to the user's account, and you will receive the IBAN details. The account will be available for incoming funds immediately, but it may take up to 15 minutes for the user to be able to initiate outgoing transactions. Our Accounts API also allows for updates such as freezing and closing of accounts, as well as renaming to a friendly name more appropriate to your use case.

Payments Service

When it comes to payments, there are three types to consider: incoming payments, outgoing payments, and peer-to-peer payments.

For incoming payments initiated towards the accounts of your end customers, we provide a webhook mechanism to notify you in real-time as soon as funds are credited in the account. This allows your system to stay updated on the payment status and take appropriate actions.

Outgoing payments refer to payments made by the end customer to third parties outside of your ecosystem. These payments are routed through various payment rails, such as SEPA, SWIFT, or Faster Payments, depending on the region and currency. Upon sending a request to create a payment, a request GUID will be provided as described in the 'Requests' section, and a payment ID will be provided upon processing.

Webhooks

Webhooks play a critical role in the design of embedded finance. To facilitate seamless communication between your system and ours and keep you informed about important events, we have implemented a robust notification mechanism using webhooks. Through this mechanism, we will notify you of events such as customer/account creation status, account change status, outgoing payment status, and incoming payments. This allows you to update your user interface accordingly and enhance the end user experience. For example, once KYC is complete, you can notify the customer within your app. Additionally, you can request the account creation status to proceed with providing IBAN details to the end customer. These notifications can be delivered via various channels according to your preference.

We are excited to help you enhance your payment capabilities and provide a seamless experience for your users through our Embedded Payments API. If you have any questions or need further assistance, don't hesitate to reach out to our support team.