Astra launches automated bank transfer API for financial institutions and fintech Companies
Astra, a technology company that offers advanced bank-to-bank transfer solutions, has announced the official release of its transfer automation platform designed for financial institutions and fintech companies.
The company’s transfer automation platform enables its customers to offer fast, programmatic transfers between their users’ network of accounts. Astra’s rule-based routines dynamically initiate bank transfers, and then systematically orchestrate the full life cycle of the transaction. The platform is tailored specifically for integrations with financial institutions, fintech start-ups, and enterprises, helping them to fund user accounts and capture more deposits through a single comprehensive API.
“We are excited to unveil Astra’s transfer automation platform,” states Gil Akos, co-founder and CEO of Astra. “Over 3 per cent of the 26.8 trillion ACH transfers are lost to failures, return codes, and fraud. With a best in class reliability rate of 99.999 per cent, Astra makes transfers created through our system settle faster than standard ACH and are processed without risk, eliminating these concerns entirely for our customers.”
A vertically-integrated API, Astra’s technology allows developers to easily embed financial automation within their existing products. The Astra platform evaluates user profiles across multiple data points, manages authorisations, and verifies all accounts for ownership. Its orchestration technology performs so well that Astra is able to offer no-fee, two-day ACH transfers to its customers.
Will Quist, partner at Slow Ventures, says: “We haven't even begun to tap into how software can improve people's financial lives. Astra's network connectivity and logic are fundamental steps forward in unlocking that potential.”
Astra leverages a user’s network of financial accounts through a single access point. After establishing routines, users are able to fund accounts on day one and automate transfers over time. With its integrated anti-fraud features, quick integration, and single sign on for end users, Astra remains the only API provider of automated and dynamic financial transfers on the market.
“Our team built the accessible and powerful transfer API that, as product owners, we always wanted, but never found,” says Sam Morgan, co-founder and COO of Astra. “Our platform performs at 1,000x the industry standard for reliability with a 100x reduction in cost and 10X reduction in time to integrate. With these results, we are now strategically positioned to offer our proven technology to market.”