FREMONT, CA: Financial services firms are embracing the value of Application Programming Interface(API) having understood that to better compete in the industry, they must curate their digital capabilities. Commercial banks in recent years have moved API to the center of their digital strategy. APIs help commercial banks strengthen their relationships with customers by facilitating value-added services. The ultimate value of APIs in retail banking will be of a vehicle for the next wave of the financial revolution.
• Treasury Management APIs
In future treasurers can choose from several commercial bank APIs to insert into their enterprise resource planning and treasury management system. This enables them to monitor their account balances in real time, check payment status, and validate account numbers of new customers. Treasurers will also be able to make bank APIs available to their vendors. APIs will also allow treasurers to streamline processes and no longer they will have to quarrel for IT resources. The intelligent APIs will be a critical catalyst of back-office automation in the future, which already exists through multi-bank reporting, but APIs making it easier and cheaper.
Check out: Top FinTech Companies
• API for Corporate Treasurers
APIs can deliver an impressive number of advantages for corporate treasurers. They can facilitate efficient payments, provide better management of working capital, assist more accurate decision-making and predicting, and scale back office automation among many other benefits. And treasurers can add from these benefits with a reduced investment of time and IT expertise because API developers have built everything needed to insert them in an ERP or TMS.
• A Better Way to Engage
Because APIs can be embedded in a treasury’s software of choice, it lessens the dependency on banking portals. APIs can enable treasury staff to access information more quickly, than mastering the complexities of various banking portals allowing them to be more efficient and ultimately freeing them up to focus on more strategic tasks, all in their preferred treasury application.
Treasurers need a commercial bank partner who understands the potential of APIs to take full advantage of the API revolution. Ultimately, the power of APIs is not only in the technology but the vision behind the technology as well.