Bank of America Merrill Lynch (BofA) has launched its application programme interface (API) gateway. Building on the successful launch of its API-enabled CashPro Assistant, clients will now be able to benefit from direct API connections through enterprise resource planning (ERP) and treasury management systems (TMS), as well as other third-party providers.
Using BofA’s API gateway will enable clients to access their banking information easily and quickly and initiate transactions on a real-time basis.
“We want to embrace the innovation opportunities presented by APIs and work with industry providers to give our clients an expanded, secure experience that helps them grow and prosper,” says Faiz Ahmad, head of Global Transaction Services (GTS) at BofA Merrill. “
As the pace of technological change accelerates, expectations accelerate in tandem. Clearing systems, regulatory mandates and banking channels are evolving to support real-time interactions with unbundled banking services. Our clients will expect to integrate these directly into their business processes and applications. The experience will be easy, more secure and seamless to end users.”
The bank’s API structure will support three access models:
- Direct client connections – BofA Merrill is already engaged with interested clients to pilot its API services;
- ERP and TMS vendors – BofA Merrill is currently working with a variety of technology vendors, with plans to add more, and
- Third-party providers (such as FinTech companies) – BofA has begun conversations with several of these companies, and is looking to work with providers that can help clients with their working capital challenges.
“Our API gateway opens new opportunities to engage with clients, industry participants and new players alike,” says Hubert Jolly, global head of financing and channels for GTS at BofA Merrill. “By aggressively pursuing digital solutions that leverage client-driven content, we can play a central role in streamlining our clients’ financial lives.”
The API specifications are accessible through the bank’s developer portal.