Connected APIs and Treasury Management

Ben Wuerzburger

3 May 2023 | 2:38PM GMT

API connectivity is transforming treasury operations. These cutting-edge technological solutions offer a low-friction user experience that eliminates automation roadblocks, reduces common issues, and opens up opportunities for greater system flexibility, speed, and expandability. The advantages of connected APIs are impressive: they provide previously unimaginable levels of agility and scalability. Connected APIs are transforming how we manage treasury operations, making them more efficient and effective than ever by streamlining processes and lowering costs.

For instance, we connected a multinational FMCG via APIs to all their banks nationwide. This enables them to access general banking activities and our enhanced invoicing and virtual account management services.

Security and Privacy of Data Exchanged

When using APIs for treasury management, security and privacy are critical. Ceviant complies with GDPR and NDPR regulations to protect data. Data at rest, as well as systems, applications, and databases, are encrypted. Communication with internal and external services is only possible through whitelisted system IP addresses. Policies for auditing and monitoring are in place to ensure data security.

Emerging Trends in Connected APIs

Several trends are emerging as the use of connected APIs in finance grows. The increasing use of blockchain technology to secure and streamline cross-border payments is one. Another emerging trend is open banking APIs, which enable businesses to access financial data from multiple sources through a single application programming interface.

Providers of connected APIs for treasury management must adapt to these and other emerging trends to stay ahead of the competition. This calls for an ongoing commitment to R&D and a willingness to collaborate with other financial institutions and service providers to ensure interoperability and compatibility.

Corporate treasury and finance departments require efficient time and resource management. Ceviant's SaaS platform meets this need by providing a comprehensive view of bank accounts. Users can use our SaaS platform to perform invoice creation, cash flow management, reconciliation, and settlement. Furthermore, we're constantly researching new activities and gathering customer feedback to stay ahead of the curve and provide better daily operations.

Ensuring interoperability and compatibility

To guarantee our connected APIs' interoperability and compatibility with other financial institutions and service providers, we maintain a rigorous collaboration process. We assess areas of API integration synergy during technical pre-due diligence. Once the initial check-up is complete, we move to specialised interoperability testing. Upon success, we create a BRD outlining service and operational specs. Each integration is treated as a separate project, with daily stand-ups for updates and enhancements, ensuring constant connectivity and client satisfaction. Our dedication to collaboration and improvement ensures partnership success.

Onboarding and Supporting Clients

Companies starting with connected APIs will find onboarding daunting. Providers should offer complete documentation, training, and support to make it easier. We assign a dedicated technical team (Developer, Project Manager, and Support Manager) for integration, and have implemented tools to streamline our workflow, including an instant messaging platform for easy communication and a project management system for tracking progress and keeping everyone aligned.

Real-Time Data for Treasury and Payments

One of the most significant benefits of connected APIs for treasury management is the ability to access real-time cash balance and transaction data. This data can be used to optimise cash flow, improve liquidity management, and reduce risk.

Ceviant offers two ways for corporates to access real-time data and services:

Customers can use Ceviant's core-banking system to open accounts and facilitate payments and deposits. Ceviant's SaaS products also enable customers to manage their liquidity and financial operations in one platform.

Customers can connect their existing bank accounts via API to access Ceviant's services, manage their liquidity, and facilitate treasury activities.

Upcoming Developments and New Features

As financial technology progresses, treasury management API providers must stay up-to-date with innovations and trends. We are integrating multiple APIs to grant customers access to new payment rails.

Connected APIs are transforming treasury management, allowing companies to access real-time data, streamline processes, and improve efficiency. As this technology evolves, we anticipate more applications like machine learning, blockchain integration, and open-banking APIs. Ceviant is committed to collaboration, innovation, and development to ensure our clients have the latest features and solutions, emphasising interoperability, security, and client support. Connecting APIs will remain a critical part of treasury management's future.

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