ABN AMRO (AMS: ABN) recently revealed that it’s providing business customers the option of carrying out IBAN-Name Checks on their own, via an API.
Checking customer data can be a tedious and time-consuming task for many firms. By integrating the IBAN-Name Check API, these companies are able to make their business processes a lot more efficient while minimizing the chance of errors and fraud. An (additional) name-number check can be useful when sending large amounts, and also when entering new customers into the computerized system.
The IBAN-Name Check API is reportedly the seventh API that ABN AMRO has made available for its business customers. With previously launched APIs, companies were able to obtain real-time insights into their banking accounts, get notifications of payments, conduct payments on their own, send out payment requests, and hedge against currency risks. Every business owner may decide for themselves how and when to integrate an API into their existing processes.
Companies gaining greater control over how they organize their bank-related activities
An API makes it possible for two apps to effectively communicate (exchange messages or data) with each other. By integrating with APIs, company customers are able to design their own customized way of banking that suits their business processes, customers and financial administration.
Patrick Pfaff, CEO of Commercial Banking, stated:
“APIs are already seeing very common use in other sectors. The expectation is that in the coming years business clients will start using more and more customised banking solutions. Of course, we’ll continue to offer the traditional banking possibilities as well, using apps and the internet. This way, companies ranging from small SMEs to multinationals can choose which way of banking best suits their way of working.”
The IBAN-Name Check API is being provided via a strategic partnership with SurePay, a firm that offers this capability to the market.
For ABN AMRO, it’s reportedly the first API that is being provided with assistance from a partner. In other key areas, the banking institution is currently working cooperatively with external partners to provide customers additional services.
