ACRA Launches New API Marketplace: Enhancing API Access and Management

On 26 May 2024, the Accounting and Corporate Regulatory Authority (ACRA) launched its innovative API Marketplace, marking a significant advancement in how users access and manage ACRA’s API services. This new platform is designed to provide a more secure, scalable, and efficient environment for subscribing to ACRA’s wide range of API offerings.

By leveraging the latest technologies and user-centric design principles, the API Marketplace aims to streamline users’ interaction processes, making it easier than ever to navigate and utilize these crucial services.

The launch of the API Marketplace underscores ACRA’s commitment to enhancing user experience and operational efficiency. Whether you are accessing financial reporting tools, engaging in financial data extraction, or utilizing xbrl validation, the new API Marketplace is built to support a seamless and intuitive user journey.

This initiative reflects ACRA’s dedication to continually improving its services to meet the evolving needs of businesses and regulatory requirements in the digital age.

With enhanced features such as improved user experience, robust business account management, and an advanced auto top-up system, the API Marketplace sets a new standard in API service provision.

Existing subscribers and new users alike will benefit from a platform that not only simplifies access to ACRA’s services but also ensures that their interactions are secure and efficient. As the digital landscape continues to evolve, ACRA’s API Marketplace represents a forward-thinking approach to regulatory service delivery, supporting businesses in achieving compliance and operational excellence.

3 Main Features of ACRA API Marketplace :

Improved User Experience:

The new API Marketplace introduces a user-friendly interface designed to enhance the overall experience for subscribers. With intuitive navigation and a streamlined layout, users can easily find and access the API services they need. The improved user interface reduces the time and effort required to subscribe to and manage APIs, ensuring that users can focus more on their core activities rather than on navigating complex systems. This simplification extends to all aspects of the API subscription process, from initial sign-up to ongoing management and utilization, making it a breeze to interact with ACRA’s offerings.

2. Enhanced Business Account Management:

The API Marketplace brings significant improvements to business account management, particularly for Corppass users. Corppass users under the same entity now enjoy shared access to a unified account, which includes subscriptions, application management, and usage history. This shared access model ensures that all authorized users within an entity can efficiently manage API services without the need for redundant accounts or isolated subscriptions.

Key features of this enhanced account management include:

Shared Subscriptions: All users under the same entity can view and manage existing API subscriptions, ensuring consistency and continuity.
Application Management: Users can collectively manage API applications, facilitating collaborative development and deployment processes.
Usage History: Comprehensive access to usage history allows for better tracking and monitoring of API utilization across the entity.

These features not only improve operational efficiency but also ensure a smoother transition during personnel changes. When staff members leave or new personnel join, the continuity of access and management is maintained, reducing disruption and ensuring that business operations proceed without a hitch.

3. Enhanced Auto Top-up Feature:

The API Marketplace introduces an advanced auto top-up feature designed to prevent service interruptions due to low subscription balances. This new mechanism automatically triggers top-ups under specific conditions, ensuring that users maintain continuous access to their subscribed APIs. The auto top-up is activated when the subscription balance reaches 150 API calls or two days before the subscription’s expiration date, whichever occurs first.

Key aspects of the enhanced auto top-up feature include:

Increased Threshold: Unlike the previous system, where auto top-ups were triggered at zero balance, the new threshold of 150 API calls provides a buffer to prevent sudden disruptions.
Expiration Trigger: The two-day pre-expiry trigger ensures that subscriptions are renewed in a timely manner, preventing any lapse in service.
Inactivity Deactivation: If an account has been inactive for 90 days, the auto top-up feature will be disabled. This prevents unnecessary charges for inactive accounts, ensuring cost-efficiency for users.

Transition to ACRA API Marketplace

With the launch of the new API Marketplace, ACRA is set to transition its API services in a phased manner to ensure a smooth and efficient migration for all users. Existing subscribers of services such as trustBar, XBRL FS, and transactional APIs will continue to use the ACRA API Mall until further notice. This approach allows current users to maintain their workflows without any immediate changes or disruptions.

However, it’s important to note that all new API subscriptions will now be exclusively available through the API Marketplace. This shift means that new or existing users looking to subscribe to additional APIs will need to do so via the new platform, ensuring they benefit from its enhanced features and improved user experience.

Next Phase of Implementation

ACRA is committed to expanding the range of services available through the API Marketplace in the coming months. As part of the next phase of implementation, the following services and timelines have been announced:

Currently Available APIs:

Entity Information Query API: This service allows users to access detailed information about registered entities, facilitating business and compliance activities.
Financial Information Query API: Subscribers can now obtain financial data and insights through this API, supporting financial analysis and reporting needs.

Upcoming Services:

trustBar Verification Service: Scheduled for release by the end of 2024, this service will provide robust verification capabilities, enhancing trust and security in digital transactions.
Transactional API Services, XBRL FS Upload APIs, and New Data APIs: These services will be available in March 2025. They will offer users seamless filing capabilities, efficient XBRL file uploads, and access to a broader range of data APIs to support various business and compliance functions.

These upcoming additions underscore ACRA’s commitment to continuously evolving its API offerings to meet the diverse needs of its users. By progressively rolling out new services and transitioning existing ones to the API Marketplace, ACRA ensures that users can take full advantage of the enhanced features and improved efficiencies of the new platform.

Stay tuned for further updates, and make sure to explore the new API Marketplace for a more streamlined and efficient API management experience.

Conclusion

With the launch of ACRA’s new API Marketplace, the landscape for accessing and managing API services in Singapore has been significantly enhanced. This development not only promises a more secure, scalable, and efficient environment for API subscribers but also underscores ACRA’s commitment to improving the user experience and operational efficiency.

As businesses and regulatory requirements evolve, the need for reliable and efficient financial reporting solutions becomes increasingly critical. DataTracks, a leading provider of XBRL services in Singapore, stands ready to support organizations in navigating these changes, specializing in ACRA XBRL filings.