What's Hot

    Creative Ways to Use Rice in Your Cooking

    March 24, 2023

    How to Choose the Right Colors for Easter Machine Embroidery Designs

    March 23, 2023

    Ecommerce Content Marketing: How to Use Content to Drive Traffic and Sales

    March 23, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    ZainView
    Subscribe
    • Home
    • Business
      1. Real Estate
      2. View All

      Can I Subdivide or Develop my Property?

      February 27, 2023

      8 Trending Luxury Backsplash Designs and Ideas

      January 4, 2023

      5 Mistakes to Avoid When Selling your Home

      November 30, 2022

      Mexico Beach front is a dream for investors!

      November 19, 2022

      Company Leaders Face Scope 3 Reporting Challenges

      March 22, 2023

      7 Features of the Best Point of Sale Systems

      March 13, 2023

      7 Best SEO Services for Business: Boost Your Rankings Now!

      March 11, 2023

      WhatsApp API

      March 10, 2023
    • Arts
      1. Family
      2. Fashion
      3. Home Decor
      4. Style
      5. Makeup
      6. Wedding
      7. View All

      Top 11 Wedding Hairstyles for Brides & Bridesmaids: 2023 Edition

      January 25, 2023

      How to make your marriage divorce-proof

      November 12, 2022

      What To Consider When Looking for Senior Housing

      November 5, 2022

      How can you support your child’s academic development?

      October 5, 2022

      Lightweight Parka Jacket

      March 22, 2023

      7 Reasons to Give Men’s Jewelry as a Gift

      March 13, 2023

      Gold Rings for Women: Shine and Sparkle

      February 17, 2023

      HOW TO WEAR WHITE SNEAKERS: A GUIDE FOR MEN

      January 30, 2023

      A Guide to Finding the Right Buyer’s Agent for You

      March 22, 2023

      The Advantages of Low-Light Indoor Plants: Bringing Greenery to Any Room

      March 8, 2023

      Ways in Which Ducts Play Their Part

      March 3, 2023

      How to Feel Inspired to Improve Your House

      February 7, 2023

      How to style linen clothing for a chic and comfortable look

      December 29, 2022

      HD lace wigs VS transparent lace wigs What’s the Difference

      December 28, 2022

      Why HD Lace Wigs are a Good Choice for People?

      December 15, 2022

      Best shoes for winter in 2022

      November 9, 2022

      Best Ways To Get Rid Of Paint Smell

      November 30, 2022

      6 Essentials for Aging Skin that Brighten Your Complexion

      November 15, 2022

      How to Create the Perfect Makeup Room

      March 15, 2022

      Amazing Health Benefits of Pine Pollen Powder

      January 18, 2022

      Top tips for planning the perfect wedding

      January 24, 2023

      How to Find Best Married Dating Sites for a perfect relation?

      September 30, 2022

      Everything You Need to Know About Selecting the Ideal Wedding dj Song

      September 10, 2022

      Wedding Themes Perfect for a Destination Wedding in Italy

      July 18, 2022

      How to Choose the Right Colors for Easter Machine Embroidery Designs

      March 23, 2023

      A Guide to Finding the Right Buyer’s Agent for You

      March 22, 2023

      Lightweight Parka Jacket

      March 22, 2023

      7 Reasons to Give Men’s Jewelry as a Gift

      March 13, 2023
    • Entertainment
      1. Music
      2. Fun
      3. Celeb
      4. View All

      11 Basic Chords That Guitar Players Should Know

      December 12, 2022

      Gift Ideas for Music Lovers

      August 18, 2022

      5 Unique Skills Successful Producers Have

      July 22, 2022

      Take Adult Violin Lessons Today To Excel Your Music Career!

      December 27, 2021

      Why Do People LikeFun Personality Quizzes

      March 16, 2022

      Storing cash into UFABET account

      January 12, 2022

      What is the Function of a rechargeable Lighter ?

      October 2, 2021

      Have fun while remaining healthy in this pandemic – Coronavirus jokes

      October 2, 2021

      Packed with Nutrients that help Skin repair

      September 26, 2021

      Know the Enemy: what causes wrinkles?

      September 26, 2021

      Maintaining Your skin

      September 26, 2021

      Beauty Has social lmplications

      September 26, 2021

      The Shocking Gabby Petiti Body Cam Footage

      March 18, 2023

      10 Heartwarming Gift Ideas to Make Your Dad’s Birthday Extra Special

      March 15, 2023

      How to Set Up a Home Music Studio

      March 13, 2023

      Planning to hire in 2023? We can help! | Robbert Murray

      March 10, 2023
    • Lifestyle
      1. Relations
      2. Fitness
      3. Food
      Featured
      Lifestyle

      Creative Ways to Use Rice in Your Cooking

      By Trevor James.cMarch 24, 2023
      Recent

      Creative Ways to Use Rice in Your Cooking

      March 24, 2023

      The History of Seiko Watches

      March 17, 2023

      Women’s Spring Fashion Trends That Work for Every Body Type 

      March 16, 2023
    • Pets World
      1. Pets
      2. Grooming
      3. View All

      Understanding Mirtazapine Transdermal: A Breakthrough Treatment for Cats with Depression

      March 6, 2023

      Puppy Diet: What to Feed Your Puppy and What to Avoid

      February 28, 2023

      What Are the Best Types of Dog Breeds?

      February 14, 2023

      Help Your Pooch Feel Amazing: 5 Astounding Benefits of CBD Chews for Dogs With Anxiety

      February 12, 2023

      Bloom and Groom: 5 Flowers to Have in Your Garden

      October 2, 2021

      How to Make Your Hairstyle Last Longer with Easy Application of Hair Setting Spray

      September 26, 2021

      The Best Skincare Trends of 2021

      September 26, 2021

      Frequently Asked Questions About Lash Extensions

      September 26, 2021

      Understanding Mirtazapine Transdermal: A Breakthrough Treatment for Cats with Depression

      March 6, 2023

      Puppy Diet: What to Feed Your Puppy and What to Avoid

      February 28, 2023

      What Are the Best Types of Dog Breeds?

      February 14, 2023

      Help Your Pooch Feel Amazing: 5 Astounding Benefits of CBD Chews for Dogs With Anxiety

      February 12, 2023
    • Tech

      Why do people buy mini PCs?

      March 23, 2023

      Kirill Yurovskiy: what equipment you need for blogging

      March 9, 2023

      Is XLPE Cable Armoured?

      March 5, 2023

      Unique Phonak Roger Pen and Phonak Roger FM System usage

      March 1, 2023

      All You Need To Know About 3D Printers Australia

      February 22, 2023
    • World
      1. News
      2. Hotels
      3. Interior
      4. Picks
      5. Travel
      Featured
      World

      How to Find a Wawa Near Me

      By iron_manMay 5, 2022
      Recent

      How to Find a Wawa Near Me

      May 5, 2022

      Top  Office Rental Market In The Asia Pacific 2021

      January 15, 2022

      Best Online Learning Techniques For College Students

      November 16, 2021
    ZainView
    Home»Technology»Using B2B Apis to Reimagine Transaction Banking

    Using B2B Apis to Reimagine Transaction Banking

    Trevor James.cBy Trevor James.cMarch 17, 2022No Comments8 Mins Read
    Share
    Facebook Twitter Reddit Pinterest Email

    Managing a variety of liquid assets, funding international commerce, maximizing working capital, and monitoring risk are all essential in today’s global economy. Traditionally, banks have supported these aims via a variety of digital banking solutions. As a result of increased competition from fintechs and digital banks, many incumbents see their market share shrink. With the help of B2B APIs (application programming interfaces), banks may get closer to their customers in the value chain. Through these interconnecting technologies, customers may more easily access GTB services from their own platforms and engage with third parties in real-time.

    Banks with the greatest potential for development are prioritizing GTB integration efforts on goods. CFOs anticipate cash management and trade finance to be the growth engines for their companies during the next three years. We are talking about a company with a worldwide yearly revenue of $1 trillion here.

    Four significant legislative and technological factors are altering the GTB environment as executives explore how to maximize growth opportunities:

    • As a result of open banking regulations, the systems landscape is becoming more dynamic and inventive.
    • Off-the-shelf apps are being replaced by digital channels that provide personalized service.
    • The accuracy of liquidity forecasts is being improved thanks to advanced analytics.
    • Using blockchain and distributed ledger technology, supply-chain financing is being digitized.

    A flexible and iterative reaction to these developments may be achieved via the use of API platforms. The problem is that many banks have not made the necessary investments and, as a result, are in danger of being overtaken by more seamlessly connected rivals who can better meet their customers’ demands. What’s the summary? GTB should focus on B2B API integration as a priority.

    B2B integration: the state of play

    To interface their GTB services with their customers’ systems, many banks have traditionally relied on technologies like SFTP and host-to-host file transfer based on old web services. Cash management services, such as payments, transfers, and cash pooling, extensively use these solutions. However, they suffer when dealing with conditional routing, even if they function well for one-step transactions. Therefore, they cannot be utilized to integrate more complicated goods.

    In terms of file-based integration, the following six issues need to be addressed:

    • Format mismatches are handled with minimal exception handling.
    • Following a network or system loss, manual failure recovery
    • Lack of safeguards to prevent file manipulation and man-in-the-middle attacks on sensitive data
    • Long onboarding timeframes for customers—up to six months or more
    • Large file formats for ERP integration, which need customizing for each business
    • Operational costs will be higher because of the necessity to operate and maintain certain software.

    Enter B2B APIs.

    In order to provide discrete operations to their customers and partners, banks might use B2B API platforms, like the Oracle digital banking experience. They usually operate in a closed network, helping to integrate GTB features into clients’ operations in an easy and safe manner. For instance, an Indian bank partnered with an internet delivery firm to provide real-time settlement and immediate wage payments. Similar to automating invoice reconciliation processes in ERP systems, using cash management APIs is becoming more popular.

    Adoption is also being fuelled by the rise of open standards and public goods infrastructure. Nearly half (48%) of the survey participants said they aim to increase trade finance APIs as part of their digital innovation plans in the next three years, and over 86% plan to invest in cash management APIs.

    Building a B2B API platform: Five success factors

    Internal security and operational risk controls must be balanced with business requirements on process flow and flexibility when building an API banking platform. In order to address these competing priorities, a well-designed B2B API platform will create a culture of co-ownership with clients and partners, thereby reducing time to market and spreading the cost of innovation. The most successful GTB players tend to rely on a combination of five factors for their success:

    1. Embrace a product development mindset

    It is essential that APIs be treated like any other new product or technology when they are created, tested, and promoted. With the exception of these two key aspects:

    • Design for process control and orchestration: It is imperative that banks implement end-to-end processes in operations, including domestic payments, import letters of credit advice, and currency rate booking using APIs. The IT team should intend to construct 40 to 50 APIs that can be orchestrated in ERP systems, conduct essential validations, and handle exceptions for the benefit of the customers.
    • Weigh tradeoffs between a channel and product approach: Individual teams would have to construct their own workflow and data structures before integrating them into current systems to provide new APIs for transaction banking. As a result, banks may avoid expensive duplication by developing APIs as routes to their current products (online banking, trade finance systems) and therefore using the account mapping, business logic, and security measures that already exist.
    1. Set up a modern API lifecycle management platform

    Banks may pick open-source or enterprise-level solutions that are either cloud-based or on-premise, as long as they meet the following requirements:

    • In order to expose and govern the use of APIs, an API gateway is needed.
    • Policy and version management, SLA performance monitoring, and environment access are all handled by this API publisher (sandbox, UAT, and production).
    • Discovery, onboarding, and administration of API developers, as well as documentation and reporting.
    • For operational data, business metrics, invoicing, and metering, API analytics may be used.

    Individual application owners working on downstream systems may continue to own the fundamental business logic, error handling, logging, and improvement of their applications. A RESTful and microservices-based approach to service contracts is necessary, though.

    1. Extend risk management and operational controls to API-based offerings

    There should be an extension of risk and operational controls for API-based solutions, assuring compliance with regulatory requirements.

    • Align security and regulatory controls: An API service must meet security and regulatory standards by adhering to established confidentiality, integrity, and availability models. IP whitelisting, client ID and secret keys, digital signatures, and hashed payloads may all be used to accomplish these security measures. Combined. The collections API suite of a major worldwide bank uses a hardware security module (HSM) for dynamic key management.
    • Amend client undertakings and legal contracts: Contracts with corporate customers may not include API-based integration conditions. To make system-to-system communication and straight-through processing (STP) easier, banks may need to establish new terms and set transaction limitations.
    1. Leverage partnerships and self-service solutions for customer acquisition

    In order for banks to unleash new potential for innovation and increase their client base, they need to build up their ecosystems first.

    • Form partnerships with software-as-a-service finance companies: Cloud ERP and fintech clients of GTBs may benefit from downstream banking services, allowing them to reach new markets. A cloud CRM solution provider helped a bank enroll new SME clients by providing back-end banking services for vendor payments and consumer refunds.
    • Simplify customer onboarding: B2B API services may be used by corporate client users who have the proper authorization if banks establish marketplace products and self-service onboarding routines. Clients may test APIs and communicate directly with the API owners via a number of banks’ API stores, which serve as test-and-learn platforms.
    1. Define an API taxonomy to accurately assess system readiness, avoid the proliferation of incompatible APIs, and prioritize business value

    An API taxonomy may assist banks in defining ownership and governance criteria. For banks, taxonomy is a matter of personal preference, depending on their own platform design. Here’s a typical method for layering definitions:

    • For a particular user experience, APIs are developed for a single purpose and allow all data consumption from a single source.
    • Process APIs make it easier to manage processes inside and across systems by abstracting away the implementation details of various source systems.
    • Users may access fundamental system data using APIs that handle CRUD (create, read, and update/delete). APIs also protect users from system complexity and allow the reuse of data across many projects.

    Both experience APIs and process APIs should be managed by channel teams. Ownership of system APIs should be delegated to applications. According to one bank, another way to prioritize APIs is to group them under umbrellas like regulatory APIs, build-to-stock APIs, and third-party APIs. The bank discovered that the strategy helped to encourage internal innovation and externally monetize its APIs.

    Conclusion:

    As a result of combining best-in-class services with an extensive API feature set and seamlessly integrating them into client systems, a number of GTB fintechs have attained unicorn status (valuations in excess of $1 billion). Global banks, on the other hand, are spending their GTB IT expenditures on technological advancements, such as OBDX, in order to stay relevant. As a result, banks that haven’t yet taken action need to quickly upgrade their API offerings and work with clients to stay relevant in a rapidly changing market that is becoming more crowded.

    Share. Facebook Twitter Pinterest LinkedIn Reddit Email
    Previous Article“The first step for makeup isn’t foundation or primer but skincare,” – Liat Kourtz Oved (Owner of CoverMe)
    Next Article The importance of Mathematics
    Trevor James.c

    Related Posts

    Can I Upgrade My Dedicated Server Plan in the Future?

    March 22, 2023

    All the information you need to know about soldering pcbs

    March 20, 2023

    Tips for Developing Healthcare Software

    March 17, 2023

    Choosing a Professional Automotive Electrician: How Their Expertise Can Save You Time, Money, and Headaches

    March 9, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Best For You

    4Movierulz (Movierulz4) Watch Latest Online Movies Free Download Website 2022

    September 26, 2022

    Streameast live and Steameast com one of the best sports streaming sites US

    February 27, 2022

    9xmovies win green Camp Best Movies Download Website In 2022

    September 26, 2021
    Top Posts

    What is Drug Therapy?

    July 28, 2022

    Question You Should Ask Dress Alteration Service

    May 24, 2022

    All You Need To Know About 3D Printers Australia

    February 22, 2023
    Categories
    • All
    • Animal
    • App
    • Arts & Culture
    • Auto
    • Beauty
    • Blog
    • Business
    • Celeb
    • Celebrity
    • Decor
    • Education
    • Electric motorbike
    • Entertainment
    • Family
    • Fashion
    • Finance
    • Fitness
    • Food
    • Fun
    • Gadget
    • Gambiling
    • Games
    • General
    • Grooming
    • Health
    • Health
    • Home
    • Home Decor
    • Hotels
    • Insurance
    • Interior
    • Law
    • Lifestyle
    • Makeup
    • Management
    • Marketing
    • Movies
    • Music
    • News
    • Pets
    • Pets World
    • Picks
    • Real Estate
    • Real Estate
    • Relations
    • Seo
    • Social media
    • sports
    • Statistics
    • Style
    • Tech
    • Technology
    • Tips and guide
    • Trade
    • Travel
    • Web Design
    • Website
    • Wedding
    • World
    Our Picks

    How to Choose the Right Colors for Easter Machine Embroidery Designs

    March 23, 2023

    A Guide to Finding the Right Buyer’s Agent for You

    March 22, 2023

    Lightweight Parka Jacket

    March 22, 2023

    Zainview.com is Get The Latest Online News At One Place like Arts & Culture, Fashion, Lifestyle, Pets World, Technology, Travel and Fitness and health news here.

    Connect with us:

    Email: [email protected]

    Facebook Twitter Instagram Pinterest YouTube
    Top Insights

    Creative Ways to Use Rice in Your Cooking

    March 24, 2023

    How to Choose the Right Colors for Easter Machine Embroidery Designs

    March 23, 2023

    Ecommerce Content Marketing: How to Use Content to Drive Traffic and Sales

    March 23, 2023
    Links:スーパーコピー 優良サイト 口コミ,スーパーコピー時計N級品,ロレックス スーパーコピー販売
    © Copyright 2021, All Rights Reserved
    • Home
    • Privacy Policy
    • Contact us

    Type above and press Enter to search. Press Esc to cancel.