Featured Releases
Quiltt's Real-Time Balances: Seamless Payments
At Quiltt, we're committed to streamlining financial operations for businesses that leverage open banking data. Today, we're thrilled to announce our latest feature: Real-Time Balances. This feature tackles a common pain point in open banking payments – the risk of working with outdated account balance information.
What are Real-Time Balances?
Normally accounts connected through an aggregator like Plaid or MX provide balances that may be several hours to several days out of date. This makes these balances unsuitable for payment workflows, without handling provider-specific balance refresh flows. Quiltt’s Real-Time Balances solves this problem by providing on-demand, up-to-the-minute balance information for a user's connected bank accounts through a single straightforward API interface. With Quiltt, you always have the most accurate financial picture at your fingertips, no matter the provider under the hood.
Why are Real-Time Balances Important?
- Seamless Payments: Say goodbye to declined transactions due to insufficient funds. Real-Time Balances ensure you have the precise data needed to initiate successful payments.
- Informed Decision-Making: Make business-critical financial decisions with confidence, knowing that you're working with the most current balance information available.
- Enhanced Customer Experience: Prevent payment failures and deliver a frictionless experience that builds trust and loyalty with your customers.
How Quiltt Makes Real-Time Balances Easy
We've designed our Real-Time Balances feature to be intuitive and powerful:
- Webhooks Integration: Get notified instantly when an account balance changes, thanks to our seamless webhook integration.
- Straightforward Interface: Requesting and using real-time balance updates is effortless within Quiltt's user-friendly platform.
- Simple API Calls: Initiate balance refreshes quickly and easily through our state-of-the-art API.
Upgrade Your Payment Operations
Quiltt's Real-Time Balances feature eliminates the guesswork in open banking payments, empowering you with accurate financial data whenever you need it. This translates into fewer failures, smarter decisions, and happier customers.
Are you ready to experience the power of real-time financial data? Contact us today to learn more about Real-Time Balances and revolutionize your payment processes with Quiltt!
Frequently Asked Questions
How often is financial data refreshed?
Refresh rates depend on the aggregator and the type of institution. Some APIs offer near real-time updates, while others may refresh once or twice daily. For time-sensitive workflows like lending or fraud detection, it's important to choose a provider that prioritizes low latency and consistent syncs.
What are common use cases for aggregation in FinTech products?
Aggregation powers features like personal finance dashboards, income verification, credit modeling, cash flow analysis, and lending decisions. It also enables smoother onboarding and faster user activation by reducing manual data entry.
What advantages does Quiltt offer over direct provider integration?
Quiltt significantly reduces the complexity and resource investment required to leverage open banking data:
- Single Integration: Instead of building and maintaining multiple provider integrations, you integrate once with Quiltt.
- Unified API: Access data from any provider through one consistent API, eliminating the need to handle provider-specific data formats.
- Provider Optimization: We automatically route users to the best provider for their specific bank, improving connection success rates.
- Cost Efficiency: Benefit from our aggregated buying power and avoid minimum monthly commitments with individual providers.
- Faster Time to Market: Launch in weeks instead of months with our pre-built components and comprehensive SDKs.
- Simplified Operations: One contract, one integration, one support team, and one bill - dramatically reducing the overhead of managing multiple vendor relationships.
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