BankingOpen BankingScaling your payments with APIs

Scaling your payments with APIs

API banking creates a new way for clients to interact with their banks and counterparties, offering a radical potential to transform their business digitally.

The banking landscape has changed in 2018 with the implementation of the Payment Services Directive 2 (PSD2). While the directive is limited to the European Union, it has broad implications for the rest of the world. The ability to transmit rich payment data via files, queues, and APIs across disparate systems and data sources is crucial in the age of real-time information travel.

Two key functions of a bank’s daily activities will transform: account management and payments. Clients can look forward to new products and services for their account management and payment needs from third-party companies that rely on technology and data provided by their banks. The vehicle for these innovations is a secure Application Programming Interface (API).

API Banking creates a new way for Corporate clients to interact with their banking counterparties, offering a radical potential to transfigure their business digitally. API is a quick and efficient way to exchange data on a real-time basis and make informed decisions about their working capital residing in their accounts.

The immediate benefits are clear to the Corporates:

  • A Lower cost of financial operations,
  • Seamless & secure communication between the internal systems in your organization and those of your counterparts,
  • An increased offering in financial products and services,
  • A marked reduction in human errors which cause transaction processing failures.

However, a new interface brings additional challenges around data transmission, accessibility, and reporting capabilities. Not to mention creating new information silos.

A platform for multi-client, multi-app, multi-format, multi-network messaging integration is needed. Symmetree by Axletree™ connects to various business applications and networks via files, database connections, MQ, SOAP, Web-protocols, networks or emails, reducing the distance between your data stores and improving Straight-through-processing (STP). It supports data validation, parsing, transformation and replication activities. The intuitive GUI can handle various workflow activities, such as message verification, correction/normalization, approval or rejection. You can process messages through configurable workflows (including standard and custom services) and route from source (application or network) to destination end-points.  The resulting flows can be fully automated, including error handling, or include manual interventions.

 

 

An integrated approach to connect different applications to automate communications with your global counterparties will give your treasury a shot in the arm. An experienced partner can deliver these conveniences without sacrificing the confidentiality, integrity, and the availability of your information.

 

Talk to Axletree today!

Related Articles

Pelican expands pan-European Open Banking API interoperability

Open Banking Pelican expands pan-European Open Banking API interoperability

3w The Global Treasurer
The future of trade is open

Open Banking The future of trade is open

1m Mike Walker
2019 banking trends: Cross-border transfers and flexibility in payments

Open Banking 2019 banking trends: Cross-border transfers and flexibility in payments

2m Christoph Tutsch
APIs: Part two of our in-depth focus on the six bold treasury predictions for 2019

Open Banking APIs: Part two of our in-depth focus on the six bold treasury predictions for 2019

3m Nash Riggins
What factors are reshaping global payments?

Cash Management What factors are reshaping global payments?

3m Michael McCaw
One year of Open Banking: lessons from ‘re-regulation’ in telecoms and energy

Open Banking One year of Open Banking: lessons from ‘re-regulation’ in telecoms and energy

3m Lu Zurawski
Why Open Banking increases the need for enhanced security

Open Banking Why Open Banking increases the need for enhanced security

9m Eric van Vuuren
Liberis CEO on Open Banking and the future of SME funding

Open Banking Liberis CEO on Open Banking and the future of SME funding

9m GTNews