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Afinis Interoperability Standards Releases New Cash Management APIs

Nacha‘s Afinis Interoperability Standards has released three new application programming interfaces (APIs) to help corporate customers access and review their financial transaction records.

The move will help these business leaders improve their cash management analysis and overall decision-making, according to the Afinis announcement on Wednesday (July 21).

Afinis, a membership organization that focuses on APIs and other financial services standards around the world, teamed up last year with XMLdation of Finland to automate API standardization in the payment space.

The new APIs announced today are:

Get Corporate Account Balances, which allows customers to get balance information for their account(s);
Get Corporate Transaction History, which allows accountholders to get transaction history information for their account(s) from their financial institution for a specific date or range; and
Get Corporate Transaction Detail, which helps corporate customers to get information from their financial institutions for a transaction on their accounts.

The new APIs are added to the list of completed ones in the Afinis portfolio:

ACH Payment Initiation, which allows businesses to submit automated clearing house payment instructions to their financial institutions;
Transaction Status, which allows an originator of an ACH transaction to check its status;
Real-Time Billing Account Validation, which enables bill pay providers to validate consumer-entered account numbers;
Bank Contact Information, which allows financial institutions to find and alert the appropriate contact within a receiving financial institution of potential fraud;
Bank Contact v2 (for eventual use with the ACH Contact Registry), which will enable financial institutions to input and receive contact data from the Nacha database;
Account Validation, which ensures target accounts are valid and payments are posted;
ACH Account Validation (AAV), which enables a participant of Phixius, Nacha’s platform to enable the sharing of payment-related information, to confirm the status of an account;
Pay Me, which enables a biller to electronically route billing information to any customer through any network; and
Payee Profile, which allows a company to obtain correct payment transaction details and remittance requirements to pay another company.

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