Global leader selects FinLync’s multi-bank API aggregator to provide a single endpoint for real-time bank connectivity, regardless of data formats.
FinLync, a privately held, global fintech company transforming corporate finance and treasury offices by aggregating global banking APIs to deliver embedded real-time payments and cash management, announced that Siemens, a technology company focused on industry, infrastructure, transport, and healthcare, has selected FinLync’s corporate bank API aggregator, BankLync, to power its transformation to real-time treasury.
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“Siemens and FinLync share a common vision that bank API technology will drive digital transformation in the office of the CFO”
Siemens is leveraging FinLync’s uniquely-advanced multi-bank API aggregator to combine its ecosystem of banks with its internal custom-developed treasury application, finavigate ® – all in real-time. Recognizing that bank APIs will soon render file-based bank data exchange obsolete, the multinational technology company was seeking a way to advance to global, real-time bank connectivity and immediate cross-border payments. Both are a prerequisite for 24×7, instant payment capabilities and to further automate the global liquidity management of Siemens.
“Cut-off limitations and file-based communication is holding treasury back. Bank connectivity has hit a tipping point, and APIs should be standard in the corporate banking world,” said Heiko Nix, Head of Cash Management and Payments at Siemens. “FinLync supports instant transfer of fiat and digital currencies on a permissioned distributed ledger and is already integrated with our main bank partners around the globe. Both were key factors in our selection process.”
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Bank API connectivity provides superior security and enriched, real-time data while eliminating the need for bank files. But each bank has its own unique API design; connecting to multiple banks—with different formats, protocols and languages—has historically been a time-consuming process that requires extensive IT resources. BankLync automatically normalizes data across APIs from dozens of banks around the globe, takes on all bank API maintenance, and can connect to any ERP, TMS, data lake, payroll software, cash management, business intelligence or proprietary system – turning a previously complex connectivity challenge into a simple plug-and-play process.
“Siemens and FinLync share a common vision that bank API technology will drive digital transformation in the office of the CFO,” said Peter Klein, co-founder and CTO of FinLync. “Corporate treasury is no stranger to real-time information in the form of market trading data or credit/debit card authorizations. But real-time bank data is only possible via bank APIs. FinLync is thrilled to be selected by Siemens to create global bank API connectivity, easily, in support of their advancement to real-time treasury.
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