BBVA API Market
BBVA has been recognized by Global Finance as the bank with the best global open banking offer for companies. This award comes on top of 12 other recognitions the magazine has bestowed on the company, such as the best bank for corporate clients and the one recognizing its AI factory as one of the best financial innovation labs.
Among BBVA’s most recent launches is its groundbreaking real-time bank account verification service, which allows companies to verify in seconds whether an individual or company is the account holder. This solution, in addition to reducing errors, contributes to combating fraud. In addition, the bank has launched the first car loan solution in the Spanish banking sector that streamlines the entire process, from simulation to arranging, directly from the dealer’s website.
Another example is BBVA’s Reconciliation API, which helps companies reconcile the movements of their bank accounts with their accounting. In this regard, the bank has just closed an agreement with Vecttor, a subsidiary of the Cabify Group, to integrate its API into its accounting system and thus synchronize the trips that its users pay for in cash, and that drivers then deposit at any BBVA ATM.
BBVA’s open banking offer includes more than 40 financial solutions based on APIs that allow companies to integrate financial products and services directly into their platforms. These APIs respond to different financial needs such as the optimization of real-time treasury management or the implementation of ’embedded finance’. Examples of these integrations include flexible e-commerce payments, tools for studying mortgage loans, and tools for arranging home insurance digitally.
BBVA’s open banking strategy represents an important opportunity for financial institutions to differentiate themselves and add value to their corporate customers.
According to IBM’s Institute for Business Value, only 20% of banks offer embedded financial solutions, such as those aimed at improving the digital user experience on platforms. Similarly, in its recent study ‘Banking for small and medium enterprises’, it points out that these solutions can improve the relationship between SMEs and banks.
BBVA and Vecttor, Cabify’s subsidiary engaged in managing vehicles with drivers, have entered into an alliance that saves time and provides security to the company and its drivers. The collaboration allows drivers to deposit cash collections at any BBVA ATM and Vecttor to automatically reconcile this activity from their accounts with those in the company’s […]
The cash flow and payment management departments must consider the way in which payments to suppliers are made, because each type of payment has its own advantages or is better suited to the company’s strategy, the relationship with the supplier, or the respective needs of both. Far from being a trivial matter, choosing the payment […]
APIs have enormous potential for automating administrative processes and simplifying internal management Automating administrative processes becomes easier as APIs evolve and allow more and more integration both internally (private API) and externally (public). What can an API do for internal management? Can it eliminate some of the bureaucracy? Companies cannot function without their administrative tasks– […]
