In the following sections, we focus on six commercial payments-related APIs that have been created to meet a range of needs:
|Adopt new payment methods||
|Improve the accuracy and security of transactions||
|Enhance the efficiency of legacy systems for making and receiving payments||
In addition to addressing specific payment needs, these APIs enable users to perform various activities from within their own workflow, which can help improve the user experience and, in some cases, simplify the adoption of new technologies within an organization.
Using APIs to adopt new commercial payment methods
In recent years, PNC has introduced new commercial payment methods that can help provide a range of benefits, including faster payments, reduced costs, more efficient payment administration, reduced vulnerability to fraud and greater transaction intelligence.
Notably, PNC was one of the first U.S. banks to introduce real-time payments (RTP). Since the launch, PNC has enhanced its RTP capabilities, including the development of the two RTP-related APIs below that support the integration of RTP payments into clients’ systems.
|RTP Bank Eligibility API||Send RTP Credit API|
|API Functionality||Validates another financial institution’s participation status in the RTP network.||Provides real-time confirmation of payment from within the client’s system.|
|Action||Submits a routing number.||Submits payment detail.|
|API Response||Provides instant confirmation of whether the recipient’s bank is participating in the RTP system. If the recipient bank is an RTP participant, the API provides the client with a routing number, financial institution name and a list of eligible RTP services.||Generates a response that the transaction has been “successful” (payment has been successfully originated or recipient has accepted the payment). The API can also provide other industry standard responses when an issue is detected.|
|Typical Use Case||Corporate payroll providers use RTP APIs to provide instant payroll to their clients and to offer enhanced payroll solutions (such as enabling employees to access funds in between payroll events). RTP is a prime solution for any use case where payment must be made immediately.|
In addition, PNC has launched Direct to Debit Card (DTD) APIs that provide an efficient new option for business-to-consumer (B2C) fund disbursement.
|Direct to Debit Card (DTD) APIs|
|API Functionality||Enables 24x7x365 business-to-consumer funds disbursement to a retail bank account linked to a Visa®/Mastercard®-issued debit card.|
|Action||Submits payment detail.|
|API Response||Debits a PNC business account and immediately disburses funds to an eligible consumer account. PNC offers a range of APIs to add value to the B2C transaction, including:
|Typical Use Case||Insurance firms dealing with large claims volumes from their clients can leverage PNC’s Direct to Debit Card APIs to provide a fast, efficient and user-friendly claims settlement process.|
Using APIs can help improve the accuracy and security of transactions
As businesses embrace faster payment methods (such as RTP and same-day ACH) for an increasing share of their transactions, they also need access to real-time verification services to help improve payment accuracy, lower the risk of returned payments and reduce vulnerability to fraud.
|Bank Routing Number Verification API||Account Verification Services APIs|
|API Functionality||Enables clients to validate routing numbers for ACH and wire transactions from within their workflow.||Performs account verification in real-time. Clients can confirm the existence and status of a bank account and verify ownership attributes through two APIs (Verify and Authenticate).|
|Action||Submits a routing number.||Submits a routing number, an account number and consumer name (as well as optional input fields).|
|API Response||Confirms the routing number is valid and returns the name of the responsible financial institution and the type of routing number (ACH, wire or combined ACH/wire).||Confirms if the account verification is successful and the account is available to accept the payment, as well as provides other high-level information about the account.|
|Typical Use Case||PNC clients use these APIs to verify that routing numbers entered into their ERP systems are correct, to confirm routing numbers at the time of payment and to verify that an account is valid before they send a payment.|
Using APIs to help streamline receivables processing
Although their usage continues to decline, checks remain one of the most popular methods for businesses to make or receive payments. According to the AFP 2019 Electronic Payments Survey, 97% of businesses report that they still use checks as a B2B payment option. To help improve the user experience, reduce administrative costs, streamline reconciliation and generate transaction intelligence, PNC has developed a check deposit API.
|Check Deposit API|
|API Functionality||Provides an easy method for depositing checks from within your workflow or your smartphone app.
Also streamlines the process of correcting any discrepancies between the check amount entered by the administrator and the value generated by image capture software.
|Action||To deposit a check, enter data (including the account number, check images, deposit amount and other relevant values) into the API.|
|API Response||Generates a response indicating if the check has been successfully deposited, as well as a range of other transaction intelligence (for example, a response indicating an issue has been detected and a transaction ID that ties back into your system).|
|Typical Use Case||Companies handling significant check volumes (such as home services contractors and delivery firms) use the Check Deposit API to digitize their check processing and have check payments deposited into their bank accounts in real time.|