HERNDON, Va., July 21, 2021 /PRNewswire/ -- 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:
"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 applicatios, 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.
The Afinis suite of completed APIs also include:
Afinis membership is open to all types of organizations – regardless of size or location – interested in the development of API standards. To join or learn more about how Afinis is advancing API standardization to enhance the efficiency and security of today's modern financial industry, visit afinis.org.
About NachaNacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. Nearly 27 billion ACH payments were made in 2020, valued at close to $62 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services. Learn more at Nacha.org.
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