Today in APIs: ModoPayments Receives Patent, Offers API

ModoPayments plans to show API at FinDEVr event at the end of the month. WillowTree announces "MonkeyPod", a tool for rapid API design. Plus: Yodlee launches API for FIs, and DriveRight offers AAIA standard API services.

ModoPayments to Reveal API at FinDEVr Event, Receives Patent

ModoPayments, which develops a payment Platform for inshore purchases, is revealing its API at the FinDEVr event in San Francisco September 30th--October 1st.


Commonly called Modo for short, the company commented,

Profound changes are taking place in the mobile payments market and Modo's robust platform for building beautiful buying experiences turns out to be exactly what the market so desperately needs. At FinDEVr, Modo will be on hand to show off their API (to a consenting adult audience), and respond to the audience's unanswered questions about how to make mobile payments work.

How this is gong to compete with or dovetail with Apple Pay, and match the raised bar on security, isn't clear. But it might be the more interesting story long term. ModoPayments just received a patent covering the one-time use of account numbers during in-store purchase transactions:

Modo’s nifty new technology includes the ability to combine offers with any number of other funding sources available to consumers during their purchase transactions, all based on a one time use account number. “The key to using mobile devices for in-store payments is one time use account numbers,” Modo CEO Bruce Parker explained. “We’ve all seen too many examples of consumer’s card numbers being compromised, and the right solution is simply to never expose the real card number to the outside world. But until now getting the right solution has been challenged by prohibitive costs and timelines.”

The company sees Apple Pay as a welcoming boost to EMV & 3D Secure standards, noting that the ModoPayments solution works with existing infrastructure.

WillowTree Releases MonkeyPod to Speed API Development

Which comes first, the App or the API? In an effort to tackle the chicken/egg problem of the digital age, WillowTree aims to bring concurrent design and development into reality. As outlined by Michael Prichard, Founder & Chief Technology Officer of WillowTree, this conundrum has plagued developers for a long time, making WillowTree's solution all the more critical:

Until now, developers have faced two bad choices for beginning mobile projects where APIs either don't exist or are in flux: wait until the APIs are ready, which often delays a project by months, or build the apps and APIs concurrently based on existing Documentation. This invariably requires weeks of rework because the final APIs have differences from the client-side implementation. Monkeypod eliminates this problem by enabling developers and architects to design, immediately expose, and test a working API or Web Service and automatically create related documentation. This enables various Back-end and client-side teams to work concurrently, with almost no risk of rework, to more quickly create robust mobile apps.

Monkeypod offers an intuitive online UI and then creates a Swagger spec that allows the use of tools such as code generation and Sandbox generation prior to writing the code for the API.

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Be sure to read the next Payments article: General Catalyst Creates $10 Million Fund for Stripe-Based Startups