APIs are transforming the treasury, payments, and bank connectivity landscape by providing new opportunities for companies to tap into up-to-date information in a dynamic way.
Although many companies are still at an early stage of realizing the benefits of APIs, there are a number of promising use cases that have already materialized.
Application Programming Interfaces (APIs) have been around for decades, but it is only in the last few years that their real potential has started to become apparent. At the most basic level, an API sits between different applications and enables them to interact and share data with each other.
In the context of banking, APIs enable banks and their customers to communicate with each other directly and in real time. Consumers are already able to take advantage of APIs for their online banking – so why shouldn’t they be able to access the same advantages in the context of corporate banking? Fortunately, this is now becoming a reality with APIs beginning to take their place in the connectivity landscape. There are already numerous ways that corporates can connect to their banks, including host-to-host (H2H), SWIFT, EBICS and other connectivity options.
Nevertheless, APIs have much to offer treasury and finance teams in a variety of other scenarios.
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