Project: Building a modern banking API connectivity platform
As finance leaders demand real-time insight and agility, one global innovator in treasury technology is redefining how CFOs connect strategy with data. The company’s treasury and risk management platform enables organizations to connect all their financial accounts and handle the entirety of their treasury and finance operations—including cash visibility, forecasting, risk, debt, investments, payments, and netting—in one convenient, easy-to-use place. With the platform, financial leaders gain comprehensive connectivity across all banks and ERPs to build an orchestrated data environment.
In light of recent technological advancements, the company was exploring options to modernize its service offering with a connectivity solution that would be fast to implement and provide significant and lasting cost reductions to its clients.
Challenge: Developing a comprehensive API connectivity solution in a non-standardized data exchange ecosystem
The client reached out to HTEC, looking to replace its legacy connectivity infrastructure with a new platform that would enable simple integrations with third-party financial institutions without the need for any additional code development for each individual institution.
The company’s existing infrastructure involved extensive coding for integrations with each individual financial institution, requiring substantial time and expert resources. Further complicating the challenge was the varied nature of the global financial ecosystem without standardized protocols for communication and data exchange.
HTEC was tasked with building a comprehensive, out-of-the-box connectivity platform that provides fast API integrations with financial institutions, enabling various payment technologies, transaction and balance reporting, and other relevant financial activities.
Solution: A scalable, AI-powered Banking API integration platform
HTEC’s product and platform engineering expertise, in collaboration with the client’s business know-how, resulted in the introduction of a robust and flexible banking API integration platform that significantly shortens the integration process and eliminates the need for any code development. Instead of writing new code, the client’s internal teams simply use different components of the HTEC-developed platform to handle new integrations.
The solution provides organizations with instant API connectivity and data integrations with their preferred banking partners, enabling instant access to all balance and transaction information and a variety of bank payment options.
Digital platform provides numerous benefits for the client, such as:
- Ease of use: integrations can be conducted without any knowledge of coding scripts, reducing the need for additional expert resources.
- Speed of integration: once a financial institution becomes a part of the client’s partner network, onboarding of client accounts is significantly shortened compared to the previous state.
- Flexibility and scalability: the system quickly adapts to institutional certification changes and easily supports new integrations, eliminating extensive coding or deployment.
A significant and ongoing aspect of HTEC’s work on this solution is the utilization of modern AI technologies in improving different segments of the platform and further reducing the need for technical expertise. This includes AI-powered solutions for several key internal processes, including:
- Data mapping: using large language models to assist in generating liquid scripts used for mapping one data set into another. The solution supports JSON, XML, and CSV formats, and the mapping can be done in any direction.
- Diagramming: AI analyzes the generated script and provides a detailed set of structured information used to make graphic representations of the mapping model.
- Preview/testing: AI generates input samples that serve as testing data, allowing us to review the results of script execution.
With one eye on AI’s transformative potential, HTEC has used a modular approach in building the system, allowing further use of AI technology to simplify, automate, and optimize various internal processes.
Success: Industry-leading banking API integration solution
The synergy of HTEC’s technological sophistication and the client’s deep knowledge of business processes yielded one of the industry’s fastest and most comprehensive banking API integration solutions. The platform provides significant benefits to the client’s partner network, including unmatched onboarding speed, reduced costs, out-of-the-box APIs with leading global banks, and a complete set of financial services essential to treasurers and CFOs—all in a single platform.
The integration platform has served as a major addition to the client’s connectivity suite, fueling the company’s growth, which now includes more than 1,000 customers across a wide range of industries and territories.
