Addressing Bank APIs in an RFP
Treasury teams are experts in countless highly complex topics. But when it comes to asking the right questions on your treasury workstation RFP or for a new bank partner, it helps to have an inside track.
As the authority on bank APIs for corporate treasury and finance, FinLync’s engineering team has seen under the hood of more than 100+ corporate bank APIs from all corners of the world, and we’ve come up with a simple list of questions for treasury teams to ask about transaction banking APIs on your bank RFP.
Question #1: API service availability
Please confirm the availability of the following inbound corporate bank API services:
- Bank account balances
- Bank account transactions
- Payment status
- Bank account details including signatories
- Receivables financing status – if part of your finance operations
Please confirm the availability of the following outbound corporate bank API services:
- Payment initiation
- Receivables financing requests – if part of your finance operations
In the event an API service is not available yet, please specify the planned availability date.
Question #2: Current API status
Please share a full list of all existing corporate bank APIs in your library today and a current status for each, including:
- build in progress, or
- live with clients
Question #3: Performance requirements/SLAs
For each corporate bank API service confirmed above, please confirm the performance requirements/SLAs, including but not limited to:
- any restrictions on the number of calls or frequency of calls,
- any volume restrictions for bulk payments, etc.
Question #4: API specification availability
How do you make your technical bank API specifications available? Do you have a corporate bank API developer portal available for the corporate bank APIs confirmed above?
Question #5: Pricing
What is the pricing structure of your transaction banking APIs?
Question #6: Security
What are the security mechanisms of your corporate bank APIs?