A strong governance of the authorisation process along with the real-time access to the group’s financial information was another motivation for implementing HSBC’s API solution, which helps consolidate data from multiple bank accounts into a single platform.
APIs provide real-time access to financial data, allowing the company to monitor its financial health and make informed decisions about investments, cash flow, and risk management. This can be particularly important for sectors where margins can be tight and cash flow critical.
“Treasury APIs help you optimise the way your cash is managed so all your decisions about cash management, investments, borrowing become much better and enhanced as they are more data-driven. Your entire liquidity management gets automated, which all leads to better decision making. There is also further synergy among departments as they are more informed and start working better together thanks to the APIs” says Nadya Hijazi , Global Head of Wholesale Digital Channels at HSBC.
Another advantage of APIs is a seamless integration with accounting systems, making it easier to track expenses and revenue, generate financial reports, and manage financial records.
This can help reduce the risk of errors and improve the accuracy of financial reporting, which is valuable especially for companies with complex billing and invoicing systems such as in manufacturing and healthcare sectors.
On the security side, the information being sent from the customer to HSBC is secure thanks to the end-to-end encryption. APIs also support both domestic and cross-border transactions.