Radius Bank launches API banking platform
With Application Programming Interfaces (APIs) becoming the new norm for digitization of payments systems and integration with other platforms, several companies are simplifying the process while also making them accessible to a wider base.
In June this year, HSBC launched its API service in Hong Kong which allowed companies to incorporate the instant electronic Direct Debit Authorisation (eDDA) and real-time funds transfer into their digital service platforms.
Last month, Bank of America launched three new APIs which are connected through CashPro, the bank’s technology suite for corporate clients.
This week, US-based Radius Bank has announced that it has launched Commercial API Banking Platform and sandbox testing technology in collaboration with its partner, US-based API platform company, Treasury Prime.
Radius Bank has expanded its Banking-as-a-Service (BaaS) online platform by giving its commercial clients service to facilitate and simplify their corporate banking needs. According to the company, the sandbox is a critical component because it “enables developers to explore Radius’ APIs for their particular use cases and test how the API would work in their application”.
“We see a huge opportunity with API Banking to streamline the process of working with businesses, startups and developers who are building applications and businesses that are in search of this type of banking service,” said John Relyea, senior vice president of commercial API banking at Radius Bank.
The Radius API Checking account allows commercial clients to manage their banking from within their operating system by using APIs to send and receive payments and manage cash, rather than having to log into a separate bank-powered online banking system, the press release said.
It also eliminates the need for transferring files and double data entry by tying banking transactions directly to the client’s business data.
Treasury Prime is Banking-as-a-Service (BaaS) company that connects banks and fintechs using API. Its integration with banking systems gives developers access to the range of banking services.
Back in May, the company had secured $9 million in a series A funding round which was led by QED, SaaStr and NYCA Partners.