In delivering real-time connectivity between bank and corporate, APIs offer the opportunity to capture data around transactions, almost as they happen. Data flow with unprecedented speed, transparency and seamlessness heralds the evolution of most day-to-day treasury activities. But APIs can also deliver transactional data, enriched above and beyond traditional SWIFT messaging content.
With more information, something as fundamental as reconciliations and payments exceptions management can be enhanced, saving time and money. Indeed, as the seamless and transparent banking experience is rolled out through APIs, it progressively removes treasury’s reliance on end-of-day batch processing and host-to-host connection with each bank.
Without APIs, integration of the corporate TMS or ERP with a bank, supplier or other third party can require a heavy lift of technology, almost certainly demanding access to IT resources. Once that integration has been built, there is usually very little re-usability of those connections.
