APIs Support Client Demand for Seamless FX Settlement, Check Image Retrieval, and Pulling Reports
Bank of America(BofA) is supporting the increasing demand for real-time information and processing in corporate treasury with the launch of three new APIs (application programming interface). Connected through CashPro, the bank’s technology suite for companies, the new APIs support FX settlement, the retrieval of check images, and pulling reports.
The power of an API lies in its ability to directly connect different systems and allow for the exchange of data between them in real or near-real time. “With CashPro APIs, we’re helping our clients bring banking information and daily operations even closer together,” said Stephanie Wolf, head of Global Financial Institutions, Governments and Business Banking Sales in Global Transaction Services (GTS) at Bank of America. “Our clients can transact and see real-time banking data directly from their own enterprise software, giving them an advantage in the digital, always-on economy.”
“APIs are rapidly transforming B2B and B2C digital transactions,” said Tom Durkin, global product head for CashPro. “Using APIs, clients can improve their interaction with us and receive essential data needed for reconciliation and forecasting more quickly. They can transact instantly and get up-to-the-minute account information without leaving their enterprise systems.”
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The bank’s APIs are free to clients using CashPro. The three new APIs developed in direct response to client feedback include:
- FX settlement: Clients can directly manage cross-border payments, either initiating a single cross-currency FX payment or bundling payments into one foreign exchange settlement.
- Check image retrieval: To assist with account reconciliation, clients can now directly retrieve multiple images of checks that have been posted to their account.
- CashPro reporting: Pulling and scheduling reports are among the most heavily used CashPro features. Through this API, treasury teams can access reports seamlessly and optimize the power of their data.
Today, the bank’s suite of APIs on CashPro spans eight categories (see below), and clients of all sizes are availing themselves of the enhanced connectivity. In the months to come, we’ll add even more APIs to support additional payment types and other treasury needs and advance straight-through processing in all areas of our clients’ corporate treasury operations.
