API-driven interoperability framework for corporate treasury management: A Financial Data Exchange standard implementation with secure data aggregation networks
Tata Consultancy Services, Columbus, OH, USA.
Research Article
World Journal of Advanced Research and Reviews, 2023, 19(02), 1727-1738
Article DOI: 10.30574/wjarr.2023.19.2.1609
Publication history:
Received on 01 July 2023; revised on 21 August 2023; accepted on 29 August 2023
Abstract:
Corporate treasury operations face fragmentation challenges requiring manual data transfers across disparate financial platforms, resulting in operational inefficiencies, reconciliation errors, and increased cybersecurity exposure through screen-scraping technologies. Legacy integration approaches employing credential-sharing mechanisms introduce security vulnerabilities, while proprietary APIs create vendor lock-in preventing interoperability across financial institutions. This research introduces a comprehensive interoperability framework implementing Financial Data Exchange (FDX) API standards for corporate treasury management, enabling secure, permission-based data sharing across banking platforms, treasury management systems, and enterprise resource planning applications. The proposed architecture eliminates credential-sharing risks through OAuth 2.0 authorization flows, implements standardized API schemas for payment automation, balance reporting, and transaction reconciliation, and establishes consent management protocols ensuring corporate control over data access permissions. A production deployment integrating major financial institutions with leading treasury management platforms demonstrates 94% reduction in manual data entry, 87% decrease in reconciliation errors, and 99.3% improvement in payment processing reliability. The framework processes 2.8 million daily corporate banking transactions across 847 enterprise clients, achieving sub-500ms API response latency and 99.97% uptime. Security analysis validates elimination of credential-sharing vulnerabilities affecting 73% of legacy integrations, while standardized API adoption reduces integration development time from 6-9 months to 3-4 weeks. Comparative evaluation against proprietary integration approaches reveals 68% cost reduction in implementation expenses and 5.2x acceleration in onboarding velocity. The FDX-compliant architecture establishes industry-standard interoperability enabling treasury automation, real-time liquidity visibility, and streamlined payment workflows across heterogeneous banking platforms.
Keywords:
Financial Data Exchange; Interoperability; corporate treasury management; Payment Tech; Cloud Engineering; Artificial Intelligence; Banking Payment Integrity; Cybersecurity
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Copyright © 2023 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0