Good Day Everyone! The latest news update about new developments within a well known payment processor LibertyReserve was actually published on the official LR news blog about a week ago, but I thought I would share some of the insights about it with you anyway. For those who does not know, API stands for “Application programming interface”, which (roughly speaking) is a bunch of programming codes, provided by the system owner (LR in this case) to developers. Developers can then use provided API codes to create various tools (such as payment buttons for instance), allowing for direct connections to user accounts from the remote locations, such as merchant websites for instance (HYIPs are merchants). You must have noticed that when you are making a deposit in any of the HYIPs, you are first clicking on the deposit link, then you are automatically going to LR website to make the actual transfer and when you are redirected back to that HYIP, you normally see your deposit already reflected on your investment account. So you know, this entire deposit process is automated by virtue of API.
My understanding is that LR is now planning to develop and later release some rather handy stand-alone piece of software, which every system user will be able to download and use right from their desktop. Such software can be used instead of the usual logging into the account via browser, in order to conduct the transactions and perhaps to look up their history. I am predicting that such software will be sort of like a digital wallet and I think that a lot of people will find this addition very useful. This feature is not in fact entirely new on the market and perhaps the best example of such digital wallet software already implemented and widely used, is the “Money Keeper” of Russia based payment system Webmoney.
I’ll let you now read the text of the actual announcement below, with some extra comments of mine in between:
We would like to inform you that Liberty Reserve has started to develop a new wide API tool set for non-developer use. This product is targeting small to mid-size businesses and will assist our clients in handling of their accounts in more streamlined way. This additional feature will not require programming skills or much of your time to install or implement, but will allow you to gain a secure and easy way to control your account. The beta testing is being scheduled for December with the final release date of March 15th. 2013…
My impression is that in addition to just adding this extra convenience for the system users, LibertyReserve decided to implement this solution because they may have noticed the usage of some “home made” (so to speak) 3rd party software with similar functions. I personally never used one (for the sake of extra security of my account), but I have read that such “Money Keepers” do exist and they are being used. To create one, some programmers-enthusiasts used the existent, developer level API tools and basically what LR is now saying, is that people should be cautions about such 3rd party software and that they are now developing one of their own.
…We would also like to express extreme caution on using 3rd party, unofficial and unauthorized e-wallets, account keepers and such as we can NOT guarantee your account safety while using products not designed or tested by our programmer’s team. You are hereby notified that use of such software is solely at your own risk, and if you encounter any problem with your account while using such software our support team will not be able to offer much of assistance as the products in question are not ours…
Obviously, LR cannot prevent the use of relevant 3rd party software development and in fact, neither they are against it in general. They do however warn people to be very careful with it and better know the reputation of who they are getting it from. I guess after all, if all of the account API settings are are done properly and in a safe manner, some digital wallets out there, can actually stand strong as competitors to LR’s own future creation.
…As a safety measure, if you are excepting the risk of using such utilities please: disallow the Transfer Option under the API Settings in your Liberty Reserve account. If you are switching to your own API Tools (written by by account holder’s trusted group of programmers) from a 3rd party utility and allowing the API Transfer option, please ALWAYS remember to CHANGE your Security Word first to avoid unauthorized access to your funds or account controls.
Liberty Reserve Support team.
Have a good the rest of the week everyone and I will see you soon.
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