Banks have increasingly adopted application programming interfaces (APIs) to offer better experiences for their customers. But APIs have potential far beyond bank connections.
As the leader in connectivity in treasury and finance, Kyriba understands how to maximize the power of APIs to help finance leaders drive digital transformation and more informed decision-making.
What is an API?
APIs allow software applications to exchange data. They enable the development of faster, prebuilt connectors to transfer data between systems, reducing implementation times, standardizing onboarding and security, and providing users with instant access to data from internal and external systems.
For corporate treasury and finance, APIs have nearly limitless potential. They facilitate an open ecosystem that allows for third-party developers to build applications on top of the API provider’s platform. They expedite the flow of bank data, providing corporate treasury and finance departments with a host of benefits.
APIs are the catalyst for real-time treasury and finance, enabling CFOs and treasurers to make better, more informed decisions.
Kyriba connects with over 1,000 global banks every day on behalf of our 2,500 clients using a variety of connection protocols, including APIs. Most banks have not published APIs and are not using APIs in live production yet. However, Kyriba connects to those banks that support APIs, alongside other connection methods like FTP and SWIFT.
Banking services available via API vary by bank, but can include real-time payments, domestic payments, cross-border payments, bank balance and transaction reporting, and SWIFT gpi payment tracking. While API connectivity is transparent to the user, it brings key advantages over a file-based approach, such as immediate response from banks, and the ability to receive new data and notifications in real-time.
Open API Platform
Kyriba’s Open API hub enables treasury, finance and IT teams to transform the way they access and consume information. While other providers may offer APIs as additional features, Kyriba has taken an API-first approach. We are building a marketplace of real-time connections to apps, data, and new products and services that inject data-driven decision making into every financial operation.
A common frustration among treasury and finance leaders is a lack of centralized visibility across multiple departments, liquidity and payments. Kyriba’s Open API acts as a conduit between disparate teams and systems, allowing for real-time data and services. Through our platform, antiquated processes like manual logins to bank portals and reliance on Excel spreadsheets will be remnants of the past.
Kyriba has extended its APIs to cover all key workflows required by customers, such as reference data management, payments, liquidity, and supply chain financing to offer full accessibility and a great experience for our customers and development partners.