Deutsche Bank has partnered with fintech firm FinLync to utilise pre-built API integrations and SAP-embedded treasury applications to allow for connection between corporate teams, in real-time.
Cutting down on IT efforts and time spent by treasurers trying to connect to Deutsche Bank APIs, FinLync can incorporate “up-to-the-moment” bank data into any ERP platform or TMS.
This plug-and-play model will provide benefits such as more precise cash forecast and improved working capital efficiency though 1-click global cash positioning, real-time payment tracking, beneficiary account pre-validation and accelerated automated reconciliation.
A recent survey by the Association of Corporate Treasurers in partnership with Deutsche Bank also reveals that API-enabled benefits such as improving cash forecasting accuracy and increasing automation rank as top priorities among treasurers.
However, many corporates worry about the complexity of API integration across multiple banks, regions, and entities, but uptake has always been slow. The new partnership addresses this concern and will provide simple, fast, multi-bank connectivity.
Kerstin Montiegel, global head client connectivity/digital client access channels at Deutsche Bank, says: “Our integration with FinLync makes it much easier for corporates to adopt our banking APIs and shortcut the road to automated, real-time treasury. FinLync’s pre-built API integrations and SAP-native applications significantly reduce the complexity of building and maintaining individual API integrations with SAP and other ERPs for our clients.”
Phillip Klein, co-founder and CEO of FinLync, adds: “We are excited to join forces with Deutsche Bank’s renowned Corporate API Program. We will support its clients by making bank API connectivity a simple plug-and-play experience, enabling corporates to manage liquidity in real-time and ultimately supporting faster, more-informed decision-making. Corporate finance teams have long sought the ability to access all their available bank data and deliver it directly into their existing systems. We are delighted to partner with Deutsche Bank, a global leader in API-based corporate banking, to make this a reality.”