To CFOs, the notion of leveraging “open” technology may seem contradictory.
CFOs have a duty to rigorously protect their company’s assets. Hold things close to the vest.
But to ensure that their company keeps pace and remains competitive – constantly innovates, creates new services and channels, and addresses new regulations – CFOs must embrace open application program interfaces (APIs), tools that enable software programs to interact with each other. APIs have been around for decades, but the technology has become more sophisticated and more open.
While using open APIs might seem counterintuitive to CFOs charged with growing corporate assets, the results of using open APIs to build financial applications are remarkable – faster time-to-market, a better customer experience, streamlined product development and reduced regulatory and fraud risk. The capabilities enabled by open APIs also may allow a business to grow enter new markets and grow its revenues. And open APIs extend the value of pricey legacy systems with modern tools.
Overall, studies show that enterprises with advanced approaches for leveraging APIs achieve significantly better business results than enterprises that use APIs in traditional ways.
All this is music to a CFO’s ears.
The software and product development function at most businesses historically has been rigid, slow and risky. This is especially true when it comes to developing payments applications. Capital and depreciation costs are often high. Projects can drag on. Cost overruns are common. The status of projects is hard to ascertain. Ever-changing customer needs go unmet. Risks loom large.
CFOs know that none of this is good for a company’s bottom line or its competitive position.
Open APIs facilitate continual innovation by providing developers with access to proven tools for creating general ledger accounts and sub-accounts, making and receiving payments in any method, digitizing workflows such as multi-party endorsement, and complying with regulatory guidelines.
With the open APIs offered by leading providers of omni-channel payment solutions, software and product developers can quickly and securely connect their applications to a robust payments platform that is PCI Level 1 Certified, supports multiple real-time payment methods, and does not restrict the number of connections to the payments platform. Some omni-channel platforms also have built-in business intelligence tools for tracking payments and configurable real-time payment notifications.
And leading providers of omni-channel payment solutions collaborate with software and product developers to identify the business requirements, develop a project plan, and set pricing.
The open APIs in omni-channel payment solutions address the biggest challenges that CFOs face.
CFOs cannot turn their backs on the benefits offered by the open APIs in payment solutions.
Thousands of companies offer APIs. Some prominent technology firms generate more than half their revenue from APIs. And researchers predict that these trends will become much more widespread.
Succeeding in today’s increasingly competitive global economy requires a “technology-first” mindset. CFOs are turning to open APIs to do that. Open APIs can result in smarter, faster and less risky software and product development. Importantly, companies can significantly expand their revenues by leveraging blockbuster technologies such as omni-channel payment solutions.
All this makes the open APIs offered by omni-channel payment solutions providers much more than a technical concept. They are a strategic tool for helping CFOs achieve their growth strategies.