With growing competition in the financial services sector, financial institutions (FIs) from Hong Kong to the U.K. are offering open APIs to developers to stay ahead of the curve. The August edition of the B2B API Tracker explores how banks and other financial players are turning to APIs to support open banking, facilitate faster payments and improve business clients’ cash flow management.
Around The B2B API World
Banking APIs are becoming especially prevalent in the U.K., at least if recent developments are any indication.
Metro Bank, for one, recently debuted a developer portal designed to let third parties create services on top of the bank’s APIs, as well as access Metro Bank’s PSD2 API documentation and sandbox. The portal is intended to offer smoother integration with the bank’s services and provide the building blocks needed to develop new products and services.
Even non-bank entities are getting in on the API game in the U.K., with open banking solutions provider The ID Co. recently launching its own standardized open banking API. The solution enables the company’s DirectID users to connect with major U.K. banks, including HSBC, Lloyds Group, Barclays, Santander Bank, Royal Bank of Scotland and Nationwide, according to a press release.
However, APIs in the U.K. aren’t just limited to open banking efforts — they’re also being used to help companies better manage their businesses.
Santander U.K. recently partnered with banking solutions provider Infosys Finacle on an initiative aimed at giving corporate clients access to a platform that works across multiple accounts, and is compatible with any mobile device. According to the two companies, customers can use the APIs to integrate Santander’s cash management solutions into their current enterprise-resource planning systems.
How APIs Add Accuracy To Seasonal Business Accounting
That’s a problem that providers, like cloud-based accounting software company Xero, are looking to tackle with the help of APIs. In this month’s feature story, Mary Buckley, Xero’s head of financial partnerships in the Americas, explains how integrating its accounting software with bank APIs creates a direct bank feed to provide business clients with a more accurate, automated way of accessing account information.
About The Tracker
The B2B API Tracker™ serves as a monthly framework for the space, providing coverage of the most recent news and trends, along with a provider directory highlighting the key players contributing across the segments that comprise the B2B API ecosystem.