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

Asian treasuries moving into the fintech era

FinTech Asian treasuries moving into the fintech era

3w Jay Ashar
CBDC 'need not undermine financial stability'

Liquidity CBDC 'need not undermine financial stability'

4w Jay Ashar
Democratizing the world of treasury technology

10 Minutes With The Treasury Democratizing the world of treasury technology

4w Austin Clark
Get more from real-time payments

Liquidity Get more from real-time payments

4w Craig Ramsey
South Africa Reserve Bank wants to test CBDC based on native currency

Open Banking South Africa Reserve Bank wants to test CBDC based on native currency

4w Jay Ashar
Kyriba announces new real-time payments service with J.P. Morgan

Corporate Treasury Kyriba announces new real-time payments service with J.P. Morgan

1m Jay Ashar
Trovata.io adds treasurer to board as $5.5M seed funding completed

Automation Trovata.io adds treasurer to board as $5.5M seed funding completed

1m Austin Clark
Regulatory pressures to prepare for

Compliance Regulatory pressures to prepare for

2m Nash Riggins

Whitepapers & Resources

Sanction Screening: The risk for companies is real

Payments Sanction Screening: The risk for companies is real

4w
Enhancing your strategic position: Digitalization in Treasury

Payments Enhancing your strategic position: Digitalization in Treasury

1m
Are You Ready to Implement your GRC Solution?

Are You Ready to Implement your GRC Solution?

2m
Netting: An Immersive Guide to Global Reconciliation

Netting: An Immersive Guide to Global Reconciliation

4m