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Key to Digitizing Payments Processes Is Compatibility

As organizations work to digitize their payments systems, compatibility remains one of the biggest challenges they face. However, with technologies like application programming interfaces (APIs), a secure and frictionless connection between any two existing systems is not only possible—it’s already happening.

An adapted version of this article was originally published in PaymentsSource.

When placing a phone call, no one stops to consider whether they’re on a different carrier’s network than the person they’re calling. It doesn’t matter; the call will go through regardless. Similar to wireless networks, payments are sent and received across different platforms, so shouldn’t the process be just as easy?

How APIs Are Changing the Game

Payment processes that make instant and secure transactions already exist—and consumers use them every day. However, businesses often face challenges posed by compatibility issues and technology expenses that can delay their adoption of a fully digital payments system. API technology enables any two systems to communicate with each other regardless of the hardware or platform used—removing this adoption constraint.

A cash management system that incorporates APIs can drastically reduce the need for staff members to spend time inputting, authenticating and authorizing invoices. The technology transforms a multistep undertaking into one-click processing that eliminates duplicate actions and releases remittances within minutes. Essentially, the interoperability of the technology delivers maximum compatibility.

The Benefits of APIs

· Facilitate real-time data exchanges

· Integrate two systems quickly

· Reduce repetitive tasks

· Enable greater security

The Future Is Open Banking

By turning compatibility into a nonissue, APIs help enable open banking, which has the potential to offer core banking services such as payment initiation or account balances through APIs. They also enable sensitive data to flow securely among banks and directly to clients. However, since only authorized parties have access to this information, APIs create full transparency within a closed system. Not only does this reduce costs and maximize efficiency, it improves the security of information.

Security and ease of payment are important as companies increasingly leverage digital methods to make payments and get paid. Open banking ensures minimal-to-no waiting time in a transaction; there’s also no need to exchange bank account numbers or store other people’s sensitive data. Companies switching to this type of solution will be better positioned to keep pace with the transition to real-time payments.

How Businesses Are Benefitting From Open Banking

Open banking leads to more than reduced operational expenses and increased efficiency; it also enhances the customer experience. Benefits of open banking include:

  • Managers achieve a real-time view of treasury data for more accurate planning
  • Payments clear faster compared to traditional paper checks
  • Information is more easily and deeply integrated into front- and back-office platforms

With some $3 trillion worth of transactions expected to be generated on mobile devices by 2020, having a fully digitized payments solution helps keep your organization competitive in the new age of interoperability.

With Chase Cashflow360SM, you can automatically sync vendor and payment information with your accounting system, get system upgrades up and running in minutes, and save your customers up to half their time approving and paying bills1—all with enhanced security and real-time visibility into your account.

1Data based on November 2017 survey of current Bill.com users.

Stephen Markwell, Head of Treasury Services Product Strategy, JPMorgan Chase Commercial Banking

Stephen Markwell

Stephen Markwell, Head of Treasury Services Product Strategy, JPMorgan Chase Commercial Banking

Stephen Markwell is the head of product investment strategy and fintech partnerships for Commercial Banking. He is responsible for creating and executing our product investment strategy as well as evaluating and sourcing fintech partners that address our strategic priorities.

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