Why APIs Are Important for Business and Banking

APIs and corporate banking

If you don’t already know what an API is and what it does, you’re not alone. Although the importance and prevalence of APIs in business, particularly banking, continues to increase, many executives and managers still find APIs to be somewhat of an enigma.

In short, an API, or Application Programming Interface, allows one computer program to be used by another program. They aren’t written for human consumption per say. It’s essentially a code written in the language of computers that, once written, streamlines a process so that human developers don’t have to manually recreate the same code each time a desired action is required. Once in place, APIs also allow multiple computer programs to interact with each other to complete complex tasks in a fraction of the time it would take you to perform the same actions by shifting back and forth between different programs. APIs thus save software developers extensive time during the coding process and subsequently streamline functionality and flexibility for businesses.

Most companies and banks are using a variety of different software programs to manage AP, business payments, and corporate banking. In an age where customer demand is dictating faster, more secure, and more flexible payment and banking options, the need to bring these programs together far outweighs any resistance to change or fear of working with third-party FinTechs.

Organizations in all industries are battling for customers based on their ability to provide a superior user experience. The banking industry is no exception, especially amid the emergence of digital banking applications that continue to corner the market in terms of consumer convenience and choice. Corporate customers are also looking for better, more advanced technology that facilitates fast and secure payment platforms, which in turn has positioned FinTech firms as most-likely-to-succeed when it comes to creating positive banking experiences.

However, by working together and incorporating the advantages of well-developed APIs that are tailored to the future of payment solutions, banks and FinTechs can maximize their strengths and take the customer experience to an even higher level than either entity could do on its own.

A well-written API can offer significant long-term advantages and the better the API the more flexibility you can have when integrating systems to create the most efficient and secure experience. APIs can even be branded to a specific company ensuring concerns about the presence of a third-party become obsolete.

For banks, APIs enable a fully customized experience where new features can be easily adopted and cross-border commerce is more quickly executed. Likewise, businesses using the right APIs can simplify the payments process for their customers to file and pay invoices electronically all while fighting fraud and expediting reconciliations.

At CSI we’ve been in the payments space for nearly 30 years. As such, we’ve made it part of our business model to create APIs that capture the needed functionality and security demanded in the corporate banking space. Many of our customers don’t even know we offer APIs or that we are masters at technology adoption and integration, but we are here, and we are ready to take the stage.

Our APIs are built by developers for developers with forward-thinking application development in mind. We have a dedicated team focused on building robust and secure APIs, tailored to your company’s needs based on previous use-cases, combined with programming flexibility that allows us to work with any accounting and ERP system.

The globalVCard API is also Visa-ready and Mastercard-ready. Using the globalVCard platform you can create and manage secure, virtual credit card numbers, with global acceptance through the world’s largest card networks. This not only gives our customers access to more payments innovation but it also is allowing Visa and Mastercard to expand into new services that go far beyond what plastic payment cards have ever offered.

We love talking about the future of payments and our software developers love talking APIs. APIs have been described as the engine of innovation which makes perfect sense to us. Our APIs have proven to be a major player in the success of our payment innovations and our ability to partner with every vertical as we consistently provide the fastest and most secure payments worldwide.

We’re here to answer your questions. Contact us today at devsupport@corporatespending.com to learn more about how our APIs can propel and position your business and/or bank further into a successful future.