Today, APIs are the driving force behind the financial services sector. Online banking was adopted by the financial services industry, but digital innovation has been slow to progress. APIs are helping financial services to accelerate innovation.

Here are some of the most important functions APIs can help with:
- Allow siloed systems to talk to one another
- Rapidly assemble services to produce sophisticated products and increase productivity.
- Open services for financial data, available to be integrated as the framework into apps and front office tools
APIs are vital in today’s financial system. It is therefore useless to rely on them. Before they can be implemented, it is crucial to validate them.
APIs are used frequently by banks, non-banking financial service, payment schemes and fintech apps.
Read also: How to choose between UI and API Testing
This blog will be about functional testing web service APIs.
Functional testing APIs
This involves testing a particular set of functions in the codebase. These functions are used to test specific scenarios and ensure API functions conform to expected parameters. They also handle errors when results are not within the expected parameters.
What are the steps to perform API testing?
- Test API requirements – goal, target customer, workflow, features and functions, API interactions, what’s being tested, priority testing, expected output and definition of fail and pass
- Test environment – Configuration of servers, databases and API interactions
- Framework testing – Use standard tools or custom-built instruments for the framework
- API Test Cases – Coding test scenarios, creating sanity checks test suites, surveillance test suites
- Reporting and execution of tests
What are the steps?
APIs are the most common form factors used in digital payments. These include QR codes, SRC and platforms like UPI. It must be certified by different payment schemes before it can be implemented by merchants, banks, and fintech app developers. Before they can start performing transactions, they must go through testing, validation, certification.
Our test platform can be used by banks, payment schemes, and non-banking financial services organizations as well as fintech app providers for API testing.
You can complete the API testing process on the platform in as little as 48 hours or less. You only need to create the test cases according to the business process, API specifications of the customer, and workflow and then define the validation library.
Attributes for our API testing tool
The platform simulates workflow and functional scenarios. The platform also simulates mobile and web modules on iOS and Android. It sends API requests and captures and validates response logs. The tool then determines if the test result is pass or fail.
Automated automation automates the entire process from triggering transactions to recording the response logs to verify the testing criteria.
It can be used to debug test the device before it is certified and type approval tested (certification).