Social Money, an online goal savings platform provider, has announced the launch of the private beta version of the CorePro API which allows companies to integrate savings accounts into online and mobile applications. The CorePro Platform is the first product that Social Money has developed that offers an open API and was built using elements of the company's SmartyPig platform.
The CorePro Platform allows companies to provide customers with FDIC-Insured savings accounts and initiate ACH funds transfers to and from accounts. In addition, CorePro is capable of accruing and paying interest, generating monthly electronic statements, electronically submitting 1099s to the IRS, and the platform is SSAE 16, PCI compliant. The CorePro API allows developers to seamlessly integrate CorePro platform functionality into web and mobile applications.
In an article published on Silicon Prairie News, Social Money Co-Founder Michael Ferrari is quoted as saying:
"We refer to this [CorePro] as our next generation of core processing—a platform that literally allows any company, any developer to essentially build in savings account technology to whatever they’re building—and that’s pretty exciting."
Although the CorePro API will be in closed private beta for the next few months, API documentation is available online. The CorePro API is powered by Apiary, a platform that provides companies tools to build, deploy and market APIs.
For more information about the CorePro API and for updates about the upcoming API release, visit corepro.io.