Multi-Bank API Connectivity
Replace laborious bank portal or host-to-host connectivity with streamlined API connectivity to all your banks and accounts.
Problem
Making do with legacy connectivity channels. Bank API connectivity provides superior security and enriched, real-time data while eliminating the need for bank files and middleware. But each bank has its own API design; connecting to multiple banks—with different formats, protocols and languages—has historically been a time-consuming process that requires expensive IT resources.
Solution
FinLync has done all the hard work for you. Our multi-bank API aggregator harmonizes data across all bank APIs, turning a previously complex connectivity challenge into a simple plug-and-play process. You get rid of bank files and middleware but get all the connections you need, plus real-time data and expanded data points, without having to manage the connectivity.
CFO
Access up-to-the moment available cash balances, instant status of critical treasury payments; reduced risk of fraud
Treasurer
Total confidence in critical treasury payments; view up-to-the-minute bank data from all bank partners in a central location
Assistant Treasurer
More-accurate information, which enables more precise and timely actions
Treasury Team
Faster, easier issue resolution; eliminates data management tasks of bank files
IT
Leverage existing security infrastructure; simplified access maintenance; utilizes existing ERP permissions and authorizations without redundancy
Process Comparison: Collecting Bank Balances for Cash Position
Without FinLync
With FinLync
Without FinLync Step 1
Each bank generates files at times according to the bank's schedule, not yours
With FinLync Step 1
FinLync automatically retrieves up-to-the-minute balances and transactions across all banks
Without FinLync Step 2
Middleware receives file and passes it to the corporate network
Without FinLync Step 3
Scheduled job consumes file and updates position for each bank
Common Questions About Multi-Bank API Connectivity
Host-to-host bank connections and individual bank portals do not directly embed your account data in your ERP as bank API connectivity does. What you sacrifice is either the ability to have real time information using bank portals or the ability to have a consolidated view of your global organizational cash. Legacy connectivity is vulnerable to fraud, and bank portals are not SOX compliant.
File-based connectivity is vulnerable to fraud. Because host-to-host connections accept file formats of any type, there are no forced data or security standards, leaving it vulnerable to data manipulation or malware injection attacks.
At some point in the life of the file, an administrator will need access to fileservers. Since host-to-host connections separate the interface and the files, the data in that file could be manipulated before any encryption occurs.
You want less work, more precision, and that requires bank API connectivity across all your banks and accounts. A single bank API gives you one type of data from one bank; a true multi-bank API solution harmonizes all bank data types and gives you comprehensive visibility from all banks in one centralized place.
Because bank APIs are designed and created by each individual financial institution, they are built in different ways including different data formats, different programming languages, and each contain different streams like transactions, balances, payments, payments status, and more. Efforts to standardize bank API protocols are challenging for any corporation to take on and maintain those connections going forward. They require significant internal IT resources, specialized software developers and a significant budget.
The best solution is to leverage a multi-bank API connectivity provider with a robust catalog of pre-built API connections. The hard work that goes into translating, transforming, unifying and building the connections across all available banks, and the unique data streams within each bank is already done. This type of provider is also responsible for maintaining these connections – not the treasury team or the IT team.
In addition to losing the advantages of centralized, real-time account data, you position your treasury behind your competitors: Your outdated technology discourages interest from the top talent you want to attract. From a decision-making perspective, you are using less accurate information and thus making less precise decisions, thus causing your performance as an organization to be comparatively lower than that of your peers.
Bank APIs give your organization a significant competitive advantage by enabling companies to adopt a real-time treasury approach which includes things like real-time cash balances, dashboards and reports updated throughout the day, same-day reconciliation and instant confirmation of payments.
FinLync is the authority in bank APIs for treasury & finance. This catalog is continually expanding based on our ever-growing client list and their bank partners. Star ratings are determined by FinLync bank API experts. Check out FinLync’s Bank API Catalog here.