The new APIs help with foreign exchange (FX) settlement, obtaining check images and retrieving reports, according to a Tuesday (Oct. 6) announcement.
Customers can directly supervise cross-border payments by starting with one cross-border transaction or collecting payments into a single settlement with the FX settlement API.
In addition, customers can now obtain multiple pictures of checks that have been posted to their accounts to help with account reconciliation with the check image retrieval API.
Furthermore, those who work in treasury can access reports seamlessly and maximize the potency of their information with a CashPro reporting API.
“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, in the announcement. “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.”
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Bank of America’s collections of APIs through CashPro covers eight different areas, according to the bank, and customers of various sizes are harnessing the bolstered connectivity. The bank plans to have further APIs in the future.
“Using APIs, clients can improve their interaction with us and receive essential data needed for reconciliation and forecasting more quickly,” CashPro Global Product Head Tom Durkin said in the announcement.
In June, news surfaced that HSBC Hong Kong’s new API will streamline the payment system for companies down to a one-stop payment center.
The offering will allow companies to incorporate the instant electronic Direct Debit Authorisation (eDDA) into their own technologies in addition to real-time fund transfer services.
It will encompass the entire process ranging from configuration up to verification and initiation of the direct debit.
