Scaling Your Payments With APIs
With the banking landscape set to change in 2018 with the implementation of the Payment Services Directive 2 (PSD2), two key functions of a bank’s daily activities are set to change: account management and payments. Application Programming Interface (API) Banking creates a new way for clients to interact with their banks and counterparties, offering a radical potential to transform their business digitally. API is a quick and efficient way to exchange data on a real-time basis and make informed decisions about their working capital.
While the directive is limited to the European Union, it has broad implications for the rest of the world. The ability to transmit rich payment data via files, queues, and APIs across disparate systems and data sources, is crucial in the age of real-time information travel.
The immediate benefits are clear:
- A lower cost of financial operations,
- seamless communication between the internal systems in your organization and those of your counterparts,
- A mark reduction in human errors which cause transaction processing failures.
However, a new interface brings additional headaches around data transmission, accessibility, and reporting capabilities. Not to mention creating a new information silo. How can we take reduce the discrepancy between our databases and systems?
A distributed integration platform for multi-client, multi-app, multi-format, multi-network messaging integration, such as Symmetree? is needed. Symmetree by Axletree™ connects to various business applications and networks via files, database connections, MQ, SOAP, Web-protocols, networks or emails, reducing the distance between your data stores and improving Straight-through-processing (STP). It supports data validation, parsing, transformation and replication activities. The intuitive GUI can handle various workflow activities, such as messages verification, correction/normalization, approval or rejection. You can process messages through configurable workflows, including standard and custom services, and to route from source (application or network) to destination end-points. The resulting flows can be fully automated, including error handling, or include manual interventions.
An integrated approach to connecting different business applications to automate communications with your global counterparties will give your treasury a shot in the arm. An experienced vendor can deliver these conveniences without sacrificing the confidentiality, integrity, and the availability of your information.
April 5, 2018
