Categories
ProgrammableWeb

ClearBank to Offer Multi-currency Bank Accounts via API

ClearBank, a cloud-based clearing bank, has announced multi-currency bank accounts via the ClearBank APITrack this API. ClearBank expects to offer over 30 multi-currency bank accounts options during the fourth quarter of 2020. This capability will allow users to seamlessly move funds between accounts with real-time FOREX pricing.

“Before, there were only two options for firms looking to help their customers hold and move multiple currencies,” Simon Jones, ClearBank Chief Customer Officer, commented in a press release. “One, obtain multi-currency capabilities through an electronic money institution but miss out on the functionality of a fully-fledged bank account, or two, work with an established correspondent bank that isn’t API-fluent and lose time-to-market through arduous onboarding processes. [T]his represents the best of both worlds.”

JP Morgan will provide the cash management functionality of the new offering. It will give access to the multiple currencies, pricing, and execution. The operations are all performed via the new API. Client funds will be held by ClearBank.

ClearBank has built its banking business on cloud-first, API-based bank accounts. This new offering is the next evolution in its business model. To learn more, visit the ClearBank site.

Go to Source
Author: <a href="https://www.programmableweb.com/user/%5Buid%5D">ecarter</a>

Categories
ProgrammableWeb

Co-Operative Bank Kenya Announces Open APIs

Co-operative Bank Kenya has announced a suite of open APIs to help developers integrate and manage payments in web or mobile applications. As is true of so many open banking solutions, the bank’s stated goal is to take care of the robust programming resources necessary to securely and efficiently incorporate modern payment services so customers can focus on their core products and services.

“We believe in the creation of technologies that support innovation and in the creation of systems that will positively impact the lives of the people in our society,” the bank states in its open API introduction. “We believe in continuous innovation to open up the banking space using the latest and thoroughly tested technologies.”

The APIs are RESTful and fall into two categories: account information services APIs and transactional APIs. Account information services APIs allow users to retrieve information such as account balance inquiry, cleared balance, booked balance, blocked balance, available balance, arrears amount, uncleared balance, overdraft limit, account transaction inquiry, account mini statement, exchange rate enquiry, account validation, and status enquiry. The transactional APIs allow users to perform functions such as internal funds transfer, pesalink send to account, instant notification services, and send money from a co-op bank to a Mpsesa wallet.

To learn more, visit the developer site. There, those interested can sign up for an account and review the API docs. The bank also offers a sandbox environment for developers to test out the suite of APIs.

Go to Source
Author: <a href="https://www.programmableweb.com/user/%5Buid%5D">ecarter</a>

Categories
ProgrammableWeb

​DBS Bank India Introduces Real-Time Payments Platform for Truck Drivers

DBS Bank India has partnered with TCIL with the aim to empower truck drivers through the facilitation of real-time payments through the DBS RAPID (Real Time APIs by DBS) solution. The solution for the transportation and logistics sector in the country will enable truck drivers to receive payments instantly.

Divyesh Dalal, Head – Global Transaction Services, DBS Bank India apprised, “…DBS RAPID can be seamlessly integrated into our corporate customers’ systems or platforms, to facilitate payments and banking transactions in real-time. In the case of TCIL, it enables truck drivers to live hassle-free and manage their expenses with ease, thereby aligning with our commitment to supporting lives and livelihoods.”

The Singapore-based bank proposed setting up a UPI-based real-time payments solution which is available 24x7x365, as the transactions are large in volumes and the operations are round-the-clock in nature in India.

Ashish Tiwari, Group CFO, TCIL enunciated, “At TCIL, we have immense focus on customer-centric approach and State-of-Art technology. The DBS RAPID solution has strengthened internal controls, reduced our cost, and increased our pace of business. We are proud to have partnered with DBS Bank, which has enabled us to contribute to digital India in a meaningful way and drive India towards a digital economy.”

The solution has been set up under the aegis of the National Payments Corporation of India (NPCI). DBS RAPID and UPI payments provide an integration with the company’s Enterprise Resource Planning (ERP) system. With this solution, TCIL truck drivers receive an instant credit into their bank account, which they can then swipe at terminals or withdraw cash using ATMs.

Praveena Rai, COO, NPCI elucidated, “…We believe, this initiative will empower truck drivers as they can now receive money real-time with UPI, to manage their day-to-day expenses. We aim to provide a convenient and safe UPI transaction experience to all sections of society. DBS Bank’s real-time APIs-driven solution will enable seamless and contactless payments, which is the need-of-the-hour. This aligns with our overall mission, as we urge organisations to adopt robust digital solutions and manage transactions virtually.”

DBS RAPID has enabled TCIL to improve customer experiences through a reduced turn-around time and quicker mobilisation of goods. The dependence on cash has reduced significantly, and lower digital transaction costs have ensured higher acceptability of the solution among fleet operators. DBS RAPID has also been adopted by companies such as Mahanagar Gas, Lykos, Herbalife, and Zolo Stays.

Via ibsintelligence.com.

Go to Source
Author: <a href="https://www.programmableweb.com/user/%5Buid%5D">ProgrammableWeb PR</a>

Categories
ProgrammableWeb

HSBC Continues Commitment to API-Driven Financial Solutions

It has been reported that HSBC, a British multinational investment bank, has announced several new treasury APIs that will serve 27 markets around the world. These new APIs aim to improve the transparency and efficiency of financial transactions for HSBC’s customers. This announcement provides evidence of HSBC’s continued commitment to the creation of API-driven financial solutions. 

At Salesforce’s annual Dreamforce conference in 2019, HSBC announced plans to create a digital banking platform that will offer HSBC customers new connected experiences powered by APIs. HSBC hopes that with this platform they will be able to build APIs that provide customers with secure access to banking products and enable future integration with financial partners.

PSD2, the EU’s revised Payment Services Directive, has pushed the envelope for financial providers hoping to keep pace in the ever-evolving world of open banking. This industry advancement has required financial institutions to not only embrace APIs but also develop robust API strategies that account for the entire user experience. HSBC is working to develop an API strategy that it believes can help them thrive in this new environment.

With these new treasury APIs, HSBC notes that financial managers will be able to make payments from their own workstations without needing to login to a proprietary banking platform. The APIs will improve visibility by allowing treasurers to track payments from their accounts to beneficiaries. HSBC hopes that the ability to check account balances and transactions in real-time will allow treasurers to make more dynamic decisions. 

Go to Source
Author: <a href="https://www.programmableweb.com/user/%5Buid%5D">KevinSundstrom</a>

Categories
ProgrammableWeb

ICICI Launches API Portal for Open Banking in India

ICICI Bank, a leading private bank in India, has launched an API portal. The portal includes 250 APIs that allow partners to build innovative banking solutions. The portal is simple for partners to sign up, integrate with, build applications, and test out sample code. From this single portal, ICICI is targeting partners within businesses, e-commerce, fintech, and startup communities.

“ICICI Bank has a legacy of leveraging new technology to bring in path-breaking solutions for the banking industry,” Anup Bagchi, ICICI Executive Director, commented in a press release. “The API Banking portal is yet another initiative in this direction. It is envisioned to be the gateway for several prospective companies to tie-up with the Bank in a quick and frictionless manner.”

APIs are available from many categories including payments, collections, accounts, deposits, credit cards, loans and more. After developing and testing new applications in a portal-provided sandbox, partner companies can upgrade to a UAT environment that provides real-time testing and access. ICICI sees the portal as a major step in the Indian banking system moving towards the Open Banking model that is expanding around the globe.

Those interested can learn more at the ICICI developer site. There, developers can check out the documentation, learn more about ICICI’s path from sandbox to UAT to production, and check out available APIs. Signing up is simple, and getting integrated takes days instead of months.

Go to Source
Author: <a href="https://www.programmableweb.com/user/%5Buid%5D">ecarter</a>

Categories
IEEE Spectrum

Ampacity Calculations of High-Voltage Cables Using Multiphysics Simulation

Get an introduction to modeling thermal performance of high-voltage cables in COMSOL Multiphysics® in this webinar. High-voltage power cables are major assets and are expected to work reliably for many years. One of the factors affecting reliability is thermal performance of the cables. This has to be determined at the early stage of the design and is achieved by calculations of the thermal rating (often called ampacity).

Ampacity calculations usually involve two different physics: heat transfer (in solids and gases/liquids) and electromagnetics (Joule losses in the conductor, dielectric losses, and electromagnetic induction). Some models of cable installations are relatively easy to solve, while others require in-depth knowledge of the physics and experience in building FEM models. For example, the heat transfer from directly buried cables involves only conduction, while for cables installed in air, radiation and convection must be taken into consideration.

This webinar will demonstrate how to build finite element models of underground cables using COMSOL Multiphysics®. The presentation concludes with a Q&A session.