Credit Suisse has introduced two new Open Banking interfaces designed to provide financial counterparties with access to real-time data on the status of their securities and foreign exchange transactions.
In securities, users can learn the settlement status of transactions for which they have issued instructions and quickly uncover issues leading to settlement delays.
The other interface acts on FX trades passing through the international Continuous Linked Settlement (CLS) system. Trade details and the counterparty's Unique Transaction Identifier (UTI) are automatically updated, eliminating manual queries for internal and external reporting obligations.
"APIs enable innovative forms of collaboration and interoperability between banks," explains Paolo Muzzarelli, head of transaction banking products at Credit Suisse. "With these solutions, we are supporting new forms for financial institutions to work together. The increased flexibility and efficiency benefits all parties and their end-clients."
He says the bank is considering the introduction of new interbank APIs for safekeeping account positions, account balances and invoicing.