FinLync announces that it has launched its inaugural Power Rankings Report for Corporate Bank APIs. The report delivers unprecedented transparency into the status and quality of premium bank APIs being developed for different use cases across the global banking industry today. In tandem with its Bank API Catalog, FinLync provides the industry with the most comprehensive resources on corporate bank API availability and performance currently available.
This report comes amid a broad acceptance in the banking community that API technology is replacing legacy forms of corporate bank connectivity. This shift is critical, as much of the innovation consumers have come to expect from their banks, such as a real-time view into their account balance, has not translated to corporate finance, where many treasury teams are still dependent on day-old bank statements to see their recent cash positions. The majority of global banks are either live with or piloting fundamental API categories covering cash visibility and payments, with many looking to expand into more unique and embedded market offerings. Simultaneously, corporates are realising how premium bank APIs can alleviate pain points, such as a lack of payment traceability, across the treasury organisation.
“We consistently hear from treasurers who want to know which banks offer the top APIs today. With the launch of this report, we are excited to provide a new resource to corporates who are increasingly seeking and utilising bank APIs to solve real treasury challenges,” said Peter Klein, co-founder and CTO of FinLync. “We believe that industry recognitions like this are also critical for highlighting banks that are differentiating themselves and spurring innovation across the industry, and we are honored to work with some of the trailblazers recognised in this report.”
The inaugural Power Rankings Report spotlights HSBC, Standard Chartered Bank and Wells Fargo as the “Top 3 Banks for Corporate APIs Overall,” based on these institutions’ commitment to developing premium bank API offerings that meet the needs of today’s treasurers.
“We are honored to be recognised alongside other innovators in FinLync’s inaugural Power Ranking Report,” said Ramy Serageldin, Head of Connectivity Solutions at Wells Fargo. “We’ve been able to develop, invest and adopt in the bank API space with Wells Fargo Gateway, the market-leading open API channel. We hope that this report inspires further development within the industry as bank APIs are imperative for supporting and meeting our clients where and how they need, allowing them to streamline operations, automate, innovate and connect with more customers.”
“Our API offering has been built out over the last three years by working with our customers to deliver the solutions that they need. We understand that customers want to access our solutions on their terms and from their own applications, or to offer our solutions within their propositions and unlock new possibilities. Our transactional banking suite of APIs continues to grow as we continue to meet our customers’ needs via our Trade and FX solutions,” said Nadya Hijazi, Global Head of Wholesale Digital Channels at HSBC.
The report highlights key differentiators that top-performing banks employ, and includes rankings by type of premium bank API, including those focused on Balances, Transactions, Payment Initiation and Payment Status. The report also outlines common stumbling blocks that lead to low rankings, such as insufficient testing capabilities and limited API operations.
“We are delighted to have our team’s work building premium bank API offerings featured in this report,” said Mark Willis, Global Head of API and Open Banking Ecosystems at Standard Chartered Bank. “Our partnership with FinLync has enabled our clients connecting to our API offerings to make faster and more frequent decisions based on precise information, giving them an edge over their competition.”
FinLync’s Power Rankings Reports promise to deliver key annual updates to ensure corporates can stay informed as banks expand their market offerings.