ABN Amro has moved to enable its business clients to use IBAN-Name Checks using an API, the seventh API the Dutch bank has launched for such purposes.
The financial institution intends to allow users to make their business processes more efficient and minimise the risk of fraud and errors when checking client data, as well as reducing time spent.
This will be made available for two primary purposes – firstly, for handling large transactions, and secondly, when eterning new clients into a business’s system. By leveraging the APIi, firm’s will be able to communicate effectively between two separate applications.
Patrick Pfaff, Managing Director Commercial Banking SME Clients & Transaction Banking at ABN Amro, remarked: “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.”
ABN Amro’s previous API’s have focused around a number of areas of payment technology, covering realtime insight into bank accounts, payment notifications, payment intations, payment requests and hedge currency risks.