Webhooks: Boosting Efficiency with Meaningful Events

Introduction to Webhooks

Have you ever wished your systems could talk to each other automatically without you having to constantly check for updates? That’s where webhooks come in. Webhooks are like messengers that instantly notify your system when something important happens. This way, you can automate processes and get real-time updates without any manual intervention.

What’s new?

We’ve recently rolled out enhancements to our webhook system to make them more efficient and valuable. 

Hello to meaningful events

• account.updated: This event is triggered when there are changes to an account’s details (excluding balance changes). This means you’ll get notified if any details like account name or type change, but not for balance changes.
• transactions.updated: This event is triggered whenever new transactions are added for a user. This helps you keep track of all transaction activities without being bogged down by minor updates.
• connection.invalidated: This event will notify you when there’s an issue refreshing data due to user-related errors like password changes or multi-factor authentication (MFA) issues. This way, you’ll know when something requires your immediate attention.

Why the change?
Previously, the connection.updated events were overwhelming and often required multiple API calls to find relevant information. This made the data less meaningful and actionable. Our goal with these new events is to provide updates that are directly useful and can help you make informed decisions quickly.

A few examples of how you can use events and webhooks in your application

Lending and Financial Decisions

• transactions.updated: Lenders can use this webhook to get real-time updates on a borrowers’ financial activities. For instance, when a borrower’s salary is deposited, you can automatically process loan payments.
• connection.invalidated: This webhook alerts you when there’s an issue with user authentication. For lenders, this means you can quickly address authentication problems, ensuring a smooth customer experience.

Account Management

• account.updated: Financial institutions can use this webhook to monitor changes in account details. For example, if a user updates their account information, you can automatically update your records, ensuring accuracy and compliance.

Future enhancements

We are continuously working on making our webhooks smarter and more intuitive. Stay tuned for future updates that will bring even more value to your automated processes.

Get started with webhooks

Are you ready to implement these enhanced webhooks in your products or applications? Don’t miss out on valuable insights and automation opportunities. Check out our developer documentation to get started today!

Important Information: This article has been prepared by Basiq Pty Ltd (ABN 95 616 592 011) (Company), and was originally published on 6 September 2024 on www.basiq.io. Information is current as at the publication date, and the Company has no obligation to update or correct this article. The information contained in this article is of a general nature and is not intended to address the objectives or needs of any particular individual entity, and should not be regarded in any manner as advice. To the extent permitted by law, the Company and its related bodies corporate will not be liable for any errors, omissions, defects or misrepresentations in the information in this article or for any loss or damage suffered by persons who use or rely on such information (including for reasons of negligence, negligent misstatement or otherwise. © 2024 Basiq Pty Ltd