Nacha’s Afinis Interoperability Standards announced today it has released three new APIs to assist corporate customers of financial institutions with accessing and reviewing their own financial transaction data to better help them with cash management analysis and informed decision-making.
Afinis is a membership-based organization that focuses on the rapid delivery of APIs and other financial services standards across the U.S. and globally. The new APIs are:
- Get Corporate Account Balances: enables corporate customers of a financial institution to retrieve balance information for their account(s).
- Get Corporate Transaction History: allows business and corporate account holders to get transaction history information for their account(s) for a date or range of dates from their financial institution.
- Get Corporate Transaction Detail: helps corporate bank customers to get detailed information from their financial institution for a transaction on their account to see additional data associated with a credit or debit.
“Businesses are seeking interoperability for banking technology, in particular, to give them better access to their financial data across platforms,” said George Throckmorton, Executive Director of Afinis. “Even subtle differences across platforms can pose a challenge, which is why there is consensus within the payments and financial services industry that standardized APIs, created by Afinis, would be of value.”
About the APIs
The Get Corporate Account Balances API would be useful for business and corporate account holders because it allows them to retrieve account balance information from multiple financial institutions in the same data structure, making analysis easier.
The Get Corporate Transaction History/Detail APIs would help corporate bank customers better access their financial transaction data, as well as integrate that data into other business applications, such as treasury workstation, enterprise Resource planning (ERP), or accounting applications.
The Get Corporate Transaction History API would retrieve all transactions based on the request made, while the Get Transaction Detail API would retrieve the full description for a single transaction.