A new collection of tools named Comprehensive APIs is among the current changes that promise to make our transition to Web3 smoother. What do these APIs offer and how do they form part of the ongoing process of making our online journey smoother?
The Full Story
Reltime is the company behind this new suite of Comprehensive APIs, which cover the use of their Web3 platform for the ecosystems used by financial services companies and for other digital products. Rather than covering a single area, they include various functions, including efficient e-KYC, account management tools, and P2P or B2C marketplace interactions.
A good example of how these changes should help can be seen with the addition of user ID/PIN management with biometric log-in. This uses the latest technology to provide a high level of security and control using biometric data for log-ins. The company also points out that a comprehensive dashboard will give users easy access to reports, transaction logs, and analytics.
Marlene Julo is the Reltime CEO, and she pointed out that the main reason for introducing these new APIs is to empower their clients to create better digital ecosystems. She said that this is about helping customers to “create winning ecosystems” and that they’ve already seen strong demand for their products.
How Are These APIs Going to Help in Real-Life Situations?
To better understand the impact of these APIs, we can look at some of the real-world situations where they might be useful. The more efficient e-KYC process is a good example of the positive effect they might have. Know Your Customer checks are a big part of many highly regulated industries like banking and accounting. Being able to do this more quickly without skipping anything is going to be extremely helpful and should also allow businesses to improve their compliance more easily.
The online casino industry and e-commerce are a couple of areas that should feel the benefit of these APIs. They could streamline their processes for payments using the multi-faced payment options API and use other APIs for explaining the gaming rules, among other things. When it comes to the example of e-commerce customers, it could be used to process payments and also to provide information on shipping rules and their general terms & conditions.
Several of the APIs also seem ideal for financial products, where the emphasis on security and compliance requires putting the latest technology to good use. As well as the areas we’ve already covered, the currency handling API has been designed to support financial management, including the swapping or converting between different currencies. The option of a highly secure process could prove vital in this industry, where assets held online always need to be 100% safe.
This is an interesting development that promises to provide numerous benefits across a selection of industries. It’s just one of the current examples of the move towards Web3 that will make our online lives more complete and more secure.