Over the past few years, FinTech providers have been developing innovative cloud-based solutions that can help solve many of the ongoing challenges experienced by treasury professionals.
FinTech APIs are designed to address common treasury pain points such as slow software implementation times, challenging integrations, and repetitive manual tasks. So why has it taken so long for APIs to come to treasury? Perhaps there are still many unknowns to both practitioners and TMS providers, but what you don't know could actually be preventing you from taking full advantage of the cost-savings inherent in cloud technology.
APIs Address Many Treasury Automation Obstacles
At TreasuryXpress, a common challenge for clients is trying to reduce the amount of time spent on administrative tasks. Due to the complexity of the data and disparate systems, there are points where manual processes are involved. But it often can be difficult to automate these processes using legacy tools, requiring extensive development and IT integration work.
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Common obstacles include:
• Lack of funds
• Lack of time
• Lack of resources
• System downtime
• Vendor lock-in and expensive switching costs
Leveraging APIs in your treasury management solution infrastructure are a fast and affordable way to reduce repetitive tasks, save time, reduce risk and economize costs. Deployable in a matter of minutes, APIs require minimal technology resources – delivering a true frictionless technology experience.
APIs in Treasury: A Tale of Two Use Cases
TMS providers are using APIs as building blocks for innovation and provide a higher level of secure, financial transparency to treasurers. By building new products more rapidly and affordably they can pass cost-savings through to clients. Even large financial institutions have made their APIs available to third-party developers, as part of a movement towards "open banking."
Treasury professionals now have greater opportunity. These integrations can help with both market expansion and process optimization, by making it easier for global departments to interact and connect centrally. Whether using an ERP, a TMS, or both, it's now much easier to connect with more data providers, more banks, and more third-party software that will scale with the business.
APIs: A True Enabler for Transformation
Recently, TreasuryXpress released a payments API that automatically validates and converts ERP payment files into bank-ready ISO20022 Customer Initiation message payments. This API and all APIs truly open up the gates of possibility and provide both economic and resource-driven benefits:
• Cost savings: APIs are more affordable than switching or customizing solutions
• Time savings: Rapid time-to-market means business efficiency and productivity
• Reduced risk: Automation means less risk of human error
• Easier installation: APIs require minimal IT resources and time
• Fast implementation: With quick implementation, downtime and business impacts are minimized
• Scalability: APIs are designed to support higher volume business loads as the business grows
TMS' have typically been isolated from ERPs, even in the cloud. APIs are a way to bridge the gaps and allow previously siloed systems to communicate with each other.
Treasury is complex. But that doesn't mean that treasury technology has to be overwhelming. APIs provide a cost-effective, frictionless technology experience: they can be plugged into both TMS' and ERPs where and as needed, delivering greater system flexibility, agility, and scalability, and removing barriers to automation. As more FinTechs, TMS providers, and treasurers embrace APIs, business efficiencies will increase and technology innovation could experience exponential growth. If that isn't transformation, what is?
Anis Rahal
CEO & Founder
TreasuryXpress
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