{"id":9414370853138,"title":"Flutterwave Watch New Transaction Integration","handle":"flutterwave-watch-new-transaction-integration","description":"\u003cbody\u003e\n\n\n \u003cmeta charset=\"UTF-8\"\u003e\n \u003ctitle\u003eAPI End Point: Watch New Transaction Explanation\u003c\/title\u003e\n\n\n\n \u003ch2\u003eWhat the \"Watch New Transaction\" API End Point Does:\u003c\/h2\u003e\n \u003cp\u003eThe \"Watch New Transaction\" API end point is a feature provided by many blockchain services, designed to enable developers and users to get real-time notifications for new transactions. Essentially, it allows an application to \"listen\" for transactions that are broadcast to the network and immediately retrieve information about those transactions as they are confirmed. This capability is particularly useful in a wide range of financial applications where tracking transactions in real-time is crucial.\u003c\/p\u003e\n\n \u003ch2\u003eApplications of \"Watch New Transaction\" API:\u003c\/h2\u003e\n \u003ch3\u003eFinancial Transaction Monitoring:\u003c\/h3\u003e\n \u003cp\u003eFor financial platforms that handle cryptocurrency transactions, such as wallets and exchanges, the \"Watch New Transaction\" API end point can alert them the moment a transaction is sent to one of their addresses. This can enable real-time balance updates or trigger an internal process such as order settlement, credit to a user account, or fraud monitoring.\u003c\/p\u003e\n\n \u003ch3\u003ePayment Gateway Services:\u003c\/h3\u003e\n \u003cp\u003ePayment processors can use this end point to verify that a payment has been made. Once a transaction is detected, the service can update the payment status on their system and notify the merchant that the transaction is underway, or that it has been confirmed depending on the number of required network confirmations.\u003c\/p\u003e\n\n \u003ch3\u003eSmart Contract Execution:\u003c\/h3\u003e\n \u003cp\u003eFor blockchain-based applications that use smart contracts, the \"Watch New Transaction\" API can initiate contract execution in response to received funds or specific transaction messages. This responsiveness is a cornerstone for decentralized applications (dApps) that run on blockchain technology.\u003c\/p\u003e\n\n \u003ch3\u003eRegulatory Compliance:\u003c\/h3\u003e\n \u003cp\u003eFinancial institutions that are required to adhere to anti-money laundering (AML) and Know Your Customer (KYC) regulations can leverage this endpoint to track and audit transactions with greater efficiency, thereby enhancing compliance operations and reducing legal risks.\u003c\/p\u003e\n\n \u003ch2\u003eProblems Solved by \"Watch New Transaction\" API:\u003c\/h2\u003e\n \u003ch3\u003eDelayed Transaction Awareness:\u003c\/h3\u003e\n \u003cp\u003eWithout a \"Watch New Transaction\" mechanism, users and applications might have to continuously poll the network to check for new transactions, which can be inefficient and result in delays. The API solves this by providing immediate notifications about transactions as they occur, enabling faster response times.\u003c\/p\u003e\n\n \u003ch3\u003eReducing Server Load and Costs:\u003c\/h3\u003e\n \u003cp\u003ePolling mechanisms consume server resources and increase costs due to the need for constant network activity and data processing. By using callbacks or webhooks, this end-point significantly reduces the need for polling, saving on computational resources and costs.\u003c\/p\u003e\n\n \u003ch3\u003eMitigating Fraud Risk:\u003c\/h3\u003e\n \u003cp\u003eImmediate transaction notifications assist in fraud detection and prevention. Systems can quickly identify unusual transaction patterns and volumes, potentially stopping fraudulent activities before they reach a critical threshold.\u003c\/p\u003e\n\n \u003ch3\u003eFostering Integration and Automation:\u003c\/h3\u003e\n \u003cp\u003eThe \"Watch New Transaction\" API facilitates the integration of the blockchain with other systems, ensuring that other workflows can be automated based upon transaction activities, streamlining operations across multiple platforms.\u003c\/p\u003e\n\n \u003ch3\u003eEnabling Real-time Analytics:\u003c\/h3\u003e\n \u003cp\u003eUnderstanding transaction flows in real time can be vital for analytical purposes. Market analysts, traders, and economic researchers can use the data provided by this API to identify trends and make informed decisions.\u003c\/p\u003e\n\n \u003cp\u003eThe \"Watch New Transaction\" API end point is a powerful tool that enhances the functionality of blockchain-based systems and allows developers to build responsive and efficient applications that satisfy both operational needs and user expectations.\u003c\/p\u003e\n\n\n\u003c\/body\u003e","published_at":"2024-05-04T06:37:38-05:00","created_at":"2024-05-04T06:37:40-05:00","vendor":"Flutterwave","type":"Integration","tags":[],"price":0,"price_min":0,"price_max":0,"available":true,"price_varies":false,"compare_at_price":null,"compare_at_price_min":0,"compare_at_price_max":0,"compare_at_price_varies":false,"variants":[{"id":49001141731602,"title":"Default Title","option1":"Default Title","option2":null,"option3":null,"sku":"","requires_shipping":true,"taxable":true,"featured_image":null,"available":true,"name":"Flutterwave Watch New Transaction Integration","public_title":null,"options":["Default Title"],"price":0,"weight":0,"compare_at_price":null,"inventory_management":null,"barcode":null,"requires_selling_plan":false,"selling_plan_allocations":[]}],"images":["\/\/consultantsinabox.com\/cdn\/shop\/files\/265d28bf19b848de974b288520983a00_8fbc546e-e403-4867-b99a-f881aa527e7f.png?v=1714822660"],"featured_image":"\/\/consultantsinabox.com\/cdn\/shop\/files\/265d28bf19b848de974b288520983a00_8fbc546e-e403-4867-b99a-f881aa527e7f.png?v=1714822660","options":["Title"],"media":[{"alt":"Flutterwave Logo","id":38968143937810,"position":1,"preview_image":{"aspect_ratio":1.778,"height":2160,"width":3840,"src":"\/\/consultantsinabox.com\/cdn\/shop\/files\/265d28bf19b848de974b288520983a00_8fbc546e-e403-4867-b99a-f881aa527e7f.png?v=1714822660"},"aspect_ratio":1.778,"height":2160,"media_type":"image","src":"\/\/consultantsinabox.com\/cdn\/shop\/files\/265d28bf19b848de974b288520983a00_8fbc546e-e403-4867-b99a-f881aa527e7f.png?v=1714822660","width":3840}],"requires_selling_plan":false,"selling_plan_groups":[],"content":"\u003cbody\u003e\n\n\n \u003cmeta charset=\"UTF-8\"\u003e\n \u003ctitle\u003eAPI End Point: Watch New Transaction Explanation\u003c\/title\u003e\n\n\n\n \u003ch2\u003eWhat the \"Watch New Transaction\" API End Point Does:\u003c\/h2\u003e\n \u003cp\u003eThe \"Watch New Transaction\" API end point is a feature provided by many blockchain services, designed to enable developers and users to get real-time notifications for new transactions. Essentially, it allows an application to \"listen\" for transactions that are broadcast to the network and immediately retrieve information about those transactions as they are confirmed. This capability is particularly useful in a wide range of financial applications where tracking transactions in real-time is crucial.\u003c\/p\u003e\n\n \u003ch2\u003eApplications of \"Watch New Transaction\" API:\u003c\/h2\u003e\n \u003ch3\u003eFinancial Transaction Monitoring:\u003c\/h3\u003e\n \u003cp\u003eFor financial platforms that handle cryptocurrency transactions, such as wallets and exchanges, the \"Watch New Transaction\" API end point can alert them the moment a transaction is sent to one of their addresses. This can enable real-time balance updates or trigger an internal process such as order settlement, credit to a user account, or fraud monitoring.\u003c\/p\u003e\n\n \u003ch3\u003ePayment Gateway Services:\u003c\/h3\u003e\n \u003cp\u003ePayment processors can use this end point to verify that a payment has been made. Once a transaction is detected, the service can update the payment status on their system and notify the merchant that the transaction is underway, or that it has been confirmed depending on the number of required network confirmations.\u003c\/p\u003e\n\n \u003ch3\u003eSmart Contract Execution:\u003c\/h3\u003e\n \u003cp\u003eFor blockchain-based applications that use smart contracts, the \"Watch New Transaction\" API can initiate contract execution in response to received funds or specific transaction messages. This responsiveness is a cornerstone for decentralized applications (dApps) that run on blockchain technology.\u003c\/p\u003e\n\n \u003ch3\u003eRegulatory Compliance:\u003c\/h3\u003e\n \u003cp\u003eFinancial institutions that are required to adhere to anti-money laundering (AML) and Know Your Customer (KYC) regulations can leverage this endpoint to track and audit transactions with greater efficiency, thereby enhancing compliance operations and reducing legal risks.\u003c\/p\u003e\n\n \u003ch2\u003eProblems Solved by \"Watch New Transaction\" API:\u003c\/h2\u003e\n \u003ch3\u003eDelayed Transaction Awareness:\u003c\/h3\u003e\n \u003cp\u003eWithout a \"Watch New Transaction\" mechanism, users and applications might have to continuously poll the network to check for new transactions, which can be inefficient and result in delays. The API solves this by providing immediate notifications about transactions as they occur, enabling faster response times.\u003c\/p\u003e\n\n \u003ch3\u003eReducing Server Load and Costs:\u003c\/h3\u003e\n \u003cp\u003ePolling mechanisms consume server resources and increase costs due to the need for constant network activity and data processing. By using callbacks or webhooks, this end-point significantly reduces the need for polling, saving on computational resources and costs.\u003c\/p\u003e\n\n \u003ch3\u003eMitigating Fraud Risk:\u003c\/h3\u003e\n \u003cp\u003eImmediate transaction notifications assist in fraud detection and prevention. Systems can quickly identify unusual transaction patterns and volumes, potentially stopping fraudulent activities before they reach a critical threshold.\u003c\/p\u003e\n\n \u003ch3\u003eFostering Integration and Automation:\u003c\/h3\u003e\n \u003cp\u003eThe \"Watch New Transaction\" API facilitates the integration of the blockchain with other systems, ensuring that other workflows can be automated based upon transaction activities, streamlining operations across multiple platforms.\u003c\/p\u003e\n\n \u003ch3\u003eEnabling Real-time Analytics:\u003c\/h3\u003e\n \u003cp\u003eUnderstanding transaction flows in real time can be vital for analytical purposes. Market analysts, traders, and economic researchers can use the data provided by this API to identify trends and make informed decisions.\u003c\/p\u003e\n\n \u003cp\u003eThe \"Watch New Transaction\" API end point is a powerful tool that enhances the functionality of blockchain-based systems and allows developers to build responsive and efficient applications that satisfy both operational needs and user expectations.\u003c\/p\u003e\n\n\n\u003c\/body\u003e"}