In 2023, interest in bank APIs by treasury and finance teams as an option for streamlining their payments and reporting functions is at all-time highs.
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According to data from TIS’ 2023 Treasury Priorities & Opportunities survey, 73% of U.S. practitioners expected to leverage bank APIs in some capacity for either payments or transaction reporting during the next year. Compared data from 2022, these numbers represent an 18% increase in expected bank API usage within just a years’ time.
When also examining recent survey data from prominent research bodies like AFP and Strategic Treasurer, we can see that the adoption of bank APIs by treasury has been trending steadily upwards for almost a decade now.
But what exactly is behind this widespread growth?
In large part, bank APIs are enhancing the way treasurers handle payments and reporting because they allow organizations to directly connect their back-office systems with their banks to enable faster, more efficient, and more secure financial transactions.
Today, some of the more prominent benefits associated with their usage include:
- Increased Automation of Payments & Reporting
- Streamlined Integrations & Connectivity
- Real-Time Visibility & Strategic Insight
- Enhanced Security Components
However, while bank APIs offer many benefits to treasury teams, there are also potential challenges to consider.
This factsheet highlights the main advantages and potential drawbacks of using bank APIs in 2023 and also demonstrates how TIS clients can leverage APIs through our platform in tandem with other connectivity methods. Download the full resource below to learn more!