This is a story of links. Of LinkedIn. Of FinLync.
And most importantly, of the links between the treasury world and modern connectivity technology.
Over my career in treasury and as a treasurer at Microsoft, I always looked at ways for the team to be more efficient and reduce manual efforts for all of our processes. These processes included managing bank account balance data, making timely payments, ensuring proper bank account access, managing online banking portals and tracking payment statuses.
While we always prioritized simplicity and efficiency, we needed to manage multiple banks, multiplied by multiple systems, creating a complex patchwork of connectivity that demanded too much of the teams’ time, including our friends in IT, AP, payroll and other areas of the company.
Hence my first “link,” LinkedIn.
There, I found the posts of Phil Klein, FinLync’s CEO and co-founder. Phil is something of an evangelist for the API-based bank connectivity currently in use, and when I heard his (written) voice, I knew he was singing my song. Phil’s posts reflected my world: the treasury world.
This is a world with dozens of different treasury related systems that are supposed to “help” us. When Phil spoke about how painful it is to learn, remember and manage multiple systems, I was in total agreement. When Phil argued that we need just one means of bank connectivity via APIs, I thought, “That’s the way to go.”
Our LinkedIn conversation became a real-world connection between Phil, FinLync and me. I realized that while the underlying technology is sophisticated, the FinLync value proposition is simplicity itself: All APIs for all banks in one place. All in one.
FinLync is about treasurers getting everything they need without chasing multiple systems that need to be reconciled. Once you grok what all these bank APIs can do, plus the many more that are on their way, it’s simple to understand how easily treasurers can become more efficient.
Spoiler alert: I have joined the FinLync team.
After multiple conversations with Phil and other FinLync leaders, I was invited to become an adviser to the firm, a role I’m delighted to embrace. My job, naturally, is to serve as link between the firm and the treasury world. I know the treasury pain points because I’ve lived them myself. Here are four that are top of mind:
- Where’s the wire? Once a payment transfer has been initiated, where does the process stand? Payments move through several different systems before reaching the bank and final beneficiary. Given the tight time frames in which we make payments, we have to know where the money is at any point in the process.
- What’s our balance in Germany? Or Japan? Or Singapore? We need to understand the balances in-country by entity and accounts.
- Are our merchant and bank accounts reconciled? With the right links between merchant and enterprise bank accounts, our balances can always be reconciled in real time.
- How does our cash balance compare to our forecast? We need to make sure we’re optimizing cash to be in the right place and ensuring we have great tools to achieve that.
For these points and many more, bank APIs render file-based connectivity, like host-to-host, obsolete. As the global authority on bank APIs, FinLync is pioneering the way forward on numerous treasury trends: embedded finance, open banking and bank API aggregation for easier integration of banking data.
From my perspective as an experienced treasury professional, I’m interested in the same KPIs that probably drive your treasury functions:
- reducing the number of bank accounts
- minimizing cash not invested in portfolios
- reducing foreign exchange risk
- tracking our balances to ensure we have cash in the right entity at the right time.
These, and many more objectives, can be more easily achieved through bank API connectivity. My goal is to make sure we at FinLync are engaging, educating and listening to the broad treasury community.
Simply put, we have tools that make your lives easier and your work more rewarding. In the short term, I’ll be making introductions between FinLync and corporate treasury teams. We have the vision, leadership and expertise to deliver on the promise of integrated, aggregated bank API connectivity.
Together, we can improve treasury now and in the exciting and ever-evolving banking landscape ahead.
I look forward to meeting and reconnecting with you!