API solutions for corporate bankingEnhance your company’s business efficiency and build a real-time connection to your bank using our corporate banking APIs.
What is an API?
API stands for Application Programming Interface. Our API solutions enable companies to establish a secure, real-time connection between their apps and the bank.
Our API solutions transfer your company’s data between various systems in a predefined format. The advantage of an API is that it enables various tools and apps developed at different times to exchange data.
For example, your company could use our corporate banking APIs to make machine-coded payments and transaction queries on any system.
Genuinely real-time data
Data is transferred with APIs between your company and the bank in real time. Payment processing and lists of account transactions are no longer based on batch runs. Instead, each API call is processed immediately. In addition, SEPA Instant Credit Transfer can be used to transfer funds to the recipient’s account in seconds, and your company immediately receives confirmation of a successful payment.
Accelerate your company’s processes – automate payment transfers
APIs can be used to fully automate payment transfers and transaction queries, thereby speeding up your company’s processes involving payment settlements and monitoring of receivables. When your company uses our Corporate Banking API solutions, we identify your company by machine.
A flexible and modern way of integrating with a bank – tailor-made for your needs
Corporate Banking API solutions can be integrated wherever your company needs a bank connection. This also makes it easier to export data from the bank for purposes beyond financial administration.
API solutions for corporate banking form a growing product family
OP Corporate Account Data API enables you to view an up-to-date account balance in your company’s software and retrieve account transactions whenever you need them.
OP Corporate Payment API enables your company’s software to initiate immediate SEPA Credit Transfers or SEPA Instant Credit Transfers from the company’s account without the need to wait until the next batch run.
OP Corporate Transaction Filter API allows you to use filters, such as the reference number, amount or payer’s name, to search for account transactions. This is useful in a number of situations, such as for customer service applications.
OP Corporate Refund API lets your company’s software refund payments based on the details of the original received payment. To perform the refund, you do not need to find out the original payer’s account number, as OP will forward the payment to the correct recipient.
Interfaces to support real-time banking
The services are always available
Cut-off times and batch processing cycles do not meet the needs of modern-day business. In the future, every day will be a banking day. The services available via the payment transfer API solutions are available around the clock, every day of the year. With SEPA Instant Credit Transfer, funds are transferred to the recipient within 10 seconds.
Machine identity verification enables entirely automated API calls
The use of interfaces is based on OAuth certificates, which identify the system making the API call and the compatibility of technical keys with the service agreements made by the customer.
Visit the OP API Admin site to make a service agreement and create the certificates required to use the service. Service agreements can be made by a person authorised to sign on behalf of the company. The administrator user can also grant another person OP API Admin permissions in order to create technical certificates. Log into OP API Admin using identification credentials accepted by the Finnish Trust Network (such as online banking identifiers).
Easy to develop and maintain
Modern JSON APIs have long been widespread in the IT sector. It is easier to find experts to develop and maintain such software than for older bank connection solutions.
Customer stories and use cases
Current account ledger always up to date
Thanks to SEPA Instant Credit Transfer service, credit transfers go from one bank to another in seconds on any day of the year.
OP Corporate Account Data API enables up-to-date balance and transaction data to be retrieved whenever it is needed.
When API calls are made regularly throughout the day, the current account ledger will remain up to date, and business processes will not need to wait until the following day to obtain bank statements or lists of reference numbers.
Bills instantly go from approval to payment
The corporate banking API solutions are not based on batch processing – every call is processed individually and immediately. Payments made via the interface are not left waiting until the next batch cycle – they are processed on the bank’s systems immediately. Payments are no longer collated into a single enormous data file and left to wait for the next batch run; instead, the money gets moving straight away.
Some businesses need to confirm that they have received payment before they send goods or activate a service. When a bill is ready for payment on your system, OP Corporate Payment API enables the payment to be made from your account immediately. SEPA Instant Credit Transfer can be used to transfer funds to the recipient’s account in seconds, and you will immediately receive confirmation of a successful payment.
Account details to support operations
Account details have traditionally been searched electronically from the bank only to financial management systems from where the details have been updated to accounting and enterprise resource planning systems in batch processing. In many situations, however, customers are quicker than financial management, and real-time account transaction data would be necessary in, for example, customer service, sales or logistics.
OP Corporate Transaction Filter API has been designed to help in these situations. It enables narrower account transactions search with different search criteria, such as payment amount, reference or date. This is how it is possible to show in the customer interface application a real-time status of the actual account transactions in support of the service situation and only when it is necessary. The customer service person can, for example, check whether the customer’s payment has really come into the company’s account or whether the company has paid a certain payment.
Improved efficiency for investigating and paying refunds
Many companies, particularly those with high billing volumes, often receive incorrect or otherwise unknown payments which cannot be balanced with receivables. Investigating these payments and refunding them to the payer requires a great deal of manual labour for the company’s financial administration, and it can take even up to weeks for the refund to be credited.
OP Corporate Refund API makes it simpler for companies to refund payments. In the interface, companies can initiate the refund process automatically based on the details of the received payment. We use the information to refund the desired amount to the original payer. Automating the process with the help of the interface simplifies and speeds up the refunding of incorrect and unknown payments.
Adopting the service was easy and quick and the examples were good. I would not have ever believed how quickly it went.
How can I get started with the payment transfer API products?
1. Select the services
Select the services your company needs, and make an agreement on OP API Admin.
2. Integrate them into your company’s systems
Implement API calls in your company’s systems using the sandbox test environment.
Utilise our API products in everyday systems and enjoy the benefits.