Among many other benefits, corporate customers will be able to seamlessly connect to API (Application Programming Interfaces) powered products of RBI and other financial institutions via the TIS platform and manage their treasury operations centrally using their preferred system.
Officials from RBI said that the cooperation with TIS, one of the fintechs in its area of expertise, is a landmark in their cooperation strategy with the fintech-scene. Their customers can now receive RBI account statements in real time within the TIS application. This is currently possible for RBI accounts in Austria, Serbia, and Kosovo with more extensions planned within 2023.
As opposed to today’s treasury routines with batch processing and end-of-day availability of balances and statements, APIs will become part of the ‘new-normal’, at least for RBI’s and TIS’s customers, as per the press release. APIs, alongside other connectivity options, are a crucial piece of the puzzle across the Office of the CFO: The set of programming code enables automated and real-time data transmission between systems thereby supporting various use-cases like real-time and on demand payments and balances.
Executives from TIS explained that they have worked closely with RBI to develop a suite of APIs that provide real-time statement generation, payment processing, and payment status updates. As part of their commitment to continual connectivity evolution, the APIs offer valuable additional benefits and real-time insights for their clients without requiring extensive IT projects.
TIS helps CFOs, treasurers, and finance teams transform their global cash flow, liquidity, and payment functions. Since 2010, their cloud platform and service model have enabled the entire office of the CFO to collaborate more effectively and attain maximum efficiency, automation, and control. By streamlining connectivity between customers’ back-office systems and their worldwide banks, vendors, and business partners, TIS enables users to achieve performance in key areas surrounding cash forecasting, working capital, outbound payments, financial messaging, fraud prevention, payment compliance, and more.
RBI regards Austria, where it is a corporate and investment bank, as well as Central and Eastern Europe (CEE) as its home market. 12 markets of the region are covered by subsidiary banks. Additionally, the RBI Group comprises numerous other financial service providers, for instance in leasing, asset management or M&A.
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