APIs provide a way to connect applications and software systems. This connectivity can enable quick financial interactions, enhancing an organisation’s host-to-host digital ecosystem. API technology has multiple use cases, including enabling near-real time payment processing, improving fraud management and reconciliation, and facilitating foreign exchange (FX) management and non-card payments.
Managing multi-bank and third-party relationships
Organisations with more than one banking partner need a simple and secure way to connect systems, share information, and provide seamless experiences for their customers.
APIs are the primary entry point for accessing applications, whether the applications are an organisation’s own (Internal API) or a business partner’s. They allow banks, for example, to expose a menu of products and services to their clients anytime, anywhere through customised integration with treasury management systems, enterprise resource planning platforms, or other online applications.
Integrating bank information into existing treasury management systems
APIs that provide access to account and transaction data allow organisations to access all of their accounts in one place, using their existing treasury management systems. That means streamlined account management, real-time access to reports and data, and fewer manual reconciliations.
Improving cash visibility and forecasting
Better cash visibility and forecasting is a top priority for treasurers. According to recent survey conducted by Oliver Wymann*, just 44% of organisations report having full visibility of all of their accounts on a daily basis.
Near-real time payment notifications that assist with payment reconciliations and balance and transaction reporting are all solutions that APIs can enable, helping organisations make faster decisions with greater insight into their cash flow.