One of main corporate to bank connectivity modules is API (Applications Programming Interface), which may be the next trend in transaction banking, as a response to a growing demand from corporates, mainly large multinational corporates whose size requires them to deal with multiple banks, each having its own legacy interface and process, making the management of a multibank relation on corporate treasury level quite challenging and time consuming.
Multiple initiatives lead to live solutions, like Citibank’s CitiConnect, launched in February 2017 as a response to evolving customer demand to a bank agnostic platforms, in opposition to banks legacy portals and platforms whose main disadvantage is low streamlined connectivity with Corporate Treasury Management and Enterprise Resource Planning.
CitiConnect API’s integration is supported by Citibank in 96 countries across the globe, providing a large coverage for Multinationals having globe wide activities.
Standard Chartered, another bank with global presence, gone further and launched an open banking application programming interface developer portal for Transaction Banking, called Straight 2 Bank API Banking, with the intention of an increased collaboration between the Bank, Corporate Customers and Fintechs.
This solution targets Cash Management needs, and will be rolled out to Trade Services among other business lines.
Blockchain and its relevant applications in the Trade Finance & Transaction Banking have longly made the headlines when it comes to Digital disruption, the API may be the next big thing in the Transaction Banking ecosystem, led this time by banks themselves.
Want to know more about APIs in Transaction Banking? Click here to read a dedicated blog article by Finextra.