Bank of America Merrill Lynch (BofA) has launched its application programme interface (API) gateway. Building on the successful launch of its API-enabled CashPro Assistant, clients will now be able to benefit from direct API connections through enterprise resource planning (ERP) and treasury management systems (TMS), as well as other third-party providers.

Using BofA’s API gateway will enable clients to access their banking information easily and quickly and initiate transactions on a real-time basis.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

“We want to embrace the innovation opportunities presented by APIs and work with industry providers to give our clients an expanded, secure experience that helps them grow and prosper,” says Faiz Ahmad, head of Global Transaction Services (GTS) at BofA Merrill. “

As the pace of technological change accelerates, expectations accelerate in tandem. Clearing systems, regulatory mandates and banking channels are evolving to support real-time interactions with unbundled banking services. Our clients will expect to integrate these directly into their business processes and applications. The experience will be easy, more secure and seamless to end users.”

The bank’s API structure will support three access models:

  • Direct client connections – BofA Merrill is already engaged with interested clients to pilot its API services;
  • ERP and TMS vendors – BofA Merrill is currently working with a variety of technology vendors, with plans to add more, and
  • Third-party providers (such as FinTech companies) – BofA has begun conversations with several of these companies, and is looking to work with providers that can help clients with their working capital challenges.

“Our API gateway opens new opportunities to engage with clients, industry participants and new players alike,” says Hubert Jolly, global head of financing and channels for GTS at BofA Merrill. “By aggressively pursuing digital solutions that leverage client-driven content, we can play a central role in streamlining our clients’ financial lives.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The API specifications are accessible through the bank’s developer portal.