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financial institution HSBC is rolling out a suite of APIs (application program interfaces) designed for corporate treasurers to more seamlessly initiate financial transactions. Reports in Treasury-Management on Wednesday (Jan. 15) said HSBC announced the launch of its Treasury APIs in 27 markets around the world.
HSBC has unveiled its application program interfaces (APIs) and developer portal to comply with the EU’s Second Payment Services Directive (PSD2). The solutions can integrate with data held by HSBC, with account information, paymentinitiation and funds confirmation the focus of the APIs.
Being able to handle accounts receivable (AR) and payable (AP) processes with minimal hassle or manual labor is bound to be high on business owners’ wish lists, after all, and integration-savvy banks can accommodate just that. Wells Fargo launched its open API (application programming interface) channel three years ago.
This week's look at the latest in bank-FinTech collaborations explores how a range of banks is turning to partners and API connectivity to enhance small business services, from lending to payments. Also focused on unlocking bank data is Visa, which recently announced a partnership with API provider Codat in Europe.
But innovations in B2B payments and other corporate workflows like liquidity and cashmanagement among the FinTech community have opened the door for a new era of corporate banking – one in which organizations are no longer willing to settle. Regulatory initiatives like PSD2 and open banking across Europe and the U.K.
Although the purpose of digitization in the finance department is, in many cases, to strengthen cashmanagement, the effect of so many siloed systems can actually be quite different. As Berghald explained, that’s because each critical function — from invoicing to payment to accounting — all occur separately from each other.
Swift has today set out plans to help financial institutions streamline the cross-border payments experience for their corporate customers, by extending ISO 20022 across the entire payment chain and giving banks ready-to-use, white-labelled tracking services that can be activated for customers at the click of a button.
As the corporate treasurer takes on a more strategic role in the enterprise, treasury and cashmanagement technologies can often be stuck in the past, failing to keep up with financial execs’ needs. Despite the data challenge, pressures on CFOs and treasurers continue to mount. Even so, Turner said U.S.
The disruptors range from machine learning and blockchain to APIs and faster paymentinitiatives, and banks have a choice to make when pursuing these tools. Eighty percent of treasurers surveyed identified cashmanagement surveys as the top area under review, followed by liquidity solutions, payables, FX and commercial lending.
Tripping Up CashManagement. Without the ability to obtain bank account data in real time, organizations and their treasurers cannot quickly and efficiently analyze cash positions, initiate transactions, or forecast cash flow. At the heart of this point of friction, of course, is data.
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