Context

In an increasingly data-driven world, the efficiency of financial reporting has never been more important. In order to manage the cash flow effectively, businesses need to be able to track and report on transactions and account balances in real time. Unfortunately, traditional reporting methods are often inefficient and slow. Furthermore, different countries and servicing institutions often have different reporting standards, which can make it difficult to see the full picture.

Introducing Instant Cash Reporting

The Instant Cash Reporting (ICR) API is on the promise to revolutionize how banks share information. It is a global, standardized way of sharing account balances and statements in real-time. In addition, the Instant Cash Reporting API is secured by Swift network and compliant with all major regulations thanks to ISO20022 by design approach. Banks and multi-national Corporates can be confident that their data is safe when using this API.

Overview

The ICR API provides real-time visibility of a company's account balances across all their banks in a unified ISO 20022 format. Banks and corporates can use it to reduce the cost and time spent reconciling accounts while also improving data quality by having more accurate and timely information on which to base business decisions. This is helping to create a more efficient and effective banking system that can better meet the needs of businesses and consumers worldwide. ICR is the ideal choice for Banks and corporates looking to improve cash management processes.

Features:

• List of accounts within the Servicing Institution;

• Account balance and statements;

• Debit/credit entries reported to the account;

• Pending and booked items on the account;

• Date/Time queries for intraday reconciliation.

Benefits:

• Standardized format for all account data;

• ISO20022 ready;

• Real-Time data;

• 24/7 operations;

• Swift Net Security.

Overview of the Account Balance API Flows