Many industries view "appification" as one of the most important drivers of technological innovation in coming years. In open banking, this advantage opens the door to previously unexplored territory, even outside traditional banking.
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.
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.
Today, APIs are not a mere extra in the business world; they have become an essential part of the day-to-day operations of any company, large or small.
Carlos López-Moctezuma was part of the latest edition of Money Live 2020, where he offered his take on the open banking situation, its adaptation to the banking industry and how it can evolve in the future.
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.
At the moment, APIs can be divided into two major groups as regards the business model: APIs which are understood as a tool; and APIs which are a product themselves.
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.
For some years now, APIs have been the great catalyst of change in business organizations. And that is essentially, thanks to its capacity to generate new business models and increase their profits.
