A good cash flow management ultimately leads to more informed and wise financial decision making. Keeping operations up-to-date, knowing the cash flows well and discovering where there may be inconsistencies are just some of the processes that must be carried out on a daily basis to achieve this.
One of the main aspects that every treasurer has to check and keep up to date is their company's cash flow. An essential process that can be optimized thanks to the full potential of APIs.
Recent years have seen notable advances in the international payment system, and corporate cash flow is just one aspect of this new paradigm. Mobility and 24/7 access to real-time information, rather than being an added value, are now a requirement for most workers.
Bank statements are a key element in ensuring the integrity of cash information. APIs make it easy to integrate with companies' ERPs, as well as to reduce costs and provide information in a timely way.
Real-time cash flow is a growing need for companies, regardless of their size. This is a new business area that is benefiting from a much more favorable regulation and the opening-up of financial APIs, which will enable new applications adapted to each company to be developed.
APIs are not simply parts of a source code that allow communication between two applications. They also offer new ways of simplifying processes, saving costs and enriching business information.
Collection processing plays a key role in accounting departments, which is why it is essential that collections be handled quickly, in a way that does not create any conflict with customers.
Bank reconciliation is one of the most important accounting processes. And APIs are the ideal tool for carrying it out, since they provide greater security, lower costs and real-time information.
Although it may sound strange, the development of the API itself is often not the most important element for an organization that is thinking of having an API. Everything relating to the APIs in a company must be a strategic, a business, rather than a technical issue.
And, what does the future hold for the banking business? The cutting-edge developments in the industry are coming via technology, which is being harnessed to improve the products and services offered to customers. We take a glimpse at the future via ten of the hottest APIs in the sector right now.
