Bank of America launched an API gateway on Tuesday for its corporate treasury customers, intended to let clients access their banking information and initiate transactions in real time.
Currently corporate clients use a variety of different methods, such as XML and Swift, to deliver information and payments to the bank. The new application programming interfaces, the bank said, will let clients submit payments in real time and retrieve information about balances and transactions on demand.
The API gateway is open to clients and enterprise resource planning software vendors who register on the bank’s API developer portal. The bank said it “has begun conversations” with third-party providers such as fintech companies about letting them use the APIs.
“We want to embrace the innovation opportunities presented by APIs and work with industry providers to give our clients an expanded, secure experience that helps them grow and prosper,” Faiz Ahmad, head of global transaction services at B of A Merrill, said in a press release.
“As the pace of technological change accelerates, expectations accelerate in tandem," Ahmad said. "Clearing systems, regulatory mandates and banking channels are evolving to support real-time interactions with unbundled banking services. Our clients will expect to integrate these directly into their business processes and applications. The experience will be easy, more secure and seamless to end users.”
The API specifications can be accessed through the bank’s developer portal.
Bank of America said the API gateway is part of its commitment to complying with the European Commission's Payment Services Directive 2, which went into effect this month. Though the bank does not have retail banks in Europe, it has company clients that do business there.
