Standard API – Transaction Verification

What is API?

API, or Application Programming Interface, is a command code that allows software programs to communicate with one another. In other words, API is a channel for requesting commands from operating systems (OS) or applications for use in the financial banking industry. It has revealed that various financial institutions can develop payment service innovations and adapt quickly to changes by utilizing API, which can easily connect the latest technology to the existing core banking system of banks. Through mobile banking, banks can also provide their customers with a financial transaction experience that is more convenient and faster than online banking. Furthermore, banks benefit from lower transaction costs when compared to other service channels, such as ATMs or bank branches. By offering excellent security, the service improves mobile banking by making it more reliable and secure, making payments easy and more convenient. The company invested in developing API Infrastructure or API for the banking industry as an infrastructure that promotes the development of member banks' products and services. The API can be applied to various services, including back office and IT operations, to make it easier for banks to connect while reducing development time and cost. As a result, banks can save money in the long run by sharing the company's central API infrastructure, reducing redundant program development, improving overall service quality, and lowering maintenance costs. Furthermore, the company has developed Standard API-related products and services to serve member banks and bank customers.

Service Features

The service provides transaction verification from proof of transfer/payment or slips for the transaction, including funds transfer or making payment for products/services, via the PromptPay system. Customers or retailers can verify the transaction themselves by scanning the miniQR printed on slips issued by any bank using the mobile banking application of a member bank of the PromptPay system that has signed up for the Standard API - Transaction Verification service. The bank that issues the slip will always generate miniQR on slip papers to prevent any falsification or alteration of the information in the slip, which is used as proof of transfer/payment.

As customers scan the miniQR on the slip to request transaction verification, the service bank will call API to the company's central system before sending the slip to the bank that issued the slip, and inquire the transaction information that is requested for verification through the slip's miniQR. The information retrieved from the slip issuer bank will display on the service bank's mobile banking application on the customer's mobile phone.

This online verification can solve the problem if the retailers do not receive the transaction immediately, which may occur if the retailer's bank system is down while the customer's account balance deducted. The miniQR verification on slip papers can increase customer and retailer trust in the PromptPay payment system.

Service Pattern

The Standard API - Transaction Verification system is a 24/7 online service that allows customers to process verification via their mobile phone in the following business flow:

1) Customers of member banks (or non-bank) perform transaction verification from transfer or payment slip through the channels provided by the Standard API - Transaction Verification service members.

2) The payment-receiving service provider will send the 1) request to the Standard API - Transaction Verification system. The system will identify the payment service provider who issued the slip and forward the request to them.
2.1 If the system is unable to identify the payment service provider who issued the slip, the result will respond to the customer who initiated the request.
2.2 If the system can identify the payment service provider who issued the slip, the request will be routed to the slip issuer.

3) After the payment service provider who issued the slip receives the request, the transfer or payment transaction information is checked for accuracy. The transaction information verification result will send back to the payment-receiving service provider who sent the request.

4) The payment-receiving service provider that sent the request will send the verification result to the customer via the service channels they used.