Bank of America launches new suite of business treasury APIs
Application Programming Interfaces (APIs) are seen as a key component of the digitisation of commercial payments. Banks have started deploying the technology, removing manual processes as they modernise their cash management and payments services, with Bank of America the latest to join the pack.
HSBC in June this year launched its new API service in Hong Kong which would allow companies to incorporate the instant electronic Direct Debit Authorisation (eDDA) and real-time funds transfer into their own digital service platforms.
Now its global rival Bank of America has launched three new Application Programming Interfaces (APIs) which are connected through CashPro, the bank’s technology suite for corporate clients. Under these three new APIs, they support FX settlement, the retrieval of check images, and pulling reports.
“Using APIs, clients can improve their interaction with us and receive essential data needed for reconciliation and forecasting more quickly. They can transact instantly and get up-to-the-minute account information without leaving their enterprise systems,” said Tom Durkin, global product head for CashPro.
The bank’s API is free to clients using CashPro and under these new API, FX settlement would let clients manage cross-border payments, either initiating a single cross-currency FX payment or bundling payments into one foreign exchange settlement.
On check image retrieval it would assist with account reconciliation and under CashPro reporting, this would let clients pull and schedule reports and let treasury teams access reports seamlessly.