Businesses Gain Big Benefits from Open Banking

City National Bank stays focused on business clients’ current and emerging needs. Perhaps the most important trend right now is open banking, and we want you to understand how this innovation offers a better experience. As reported by Statista in 2021, worldwide users of open banking are expected to increase by nearly 50% each year between 2020 and 2024. With that shift comes a period of exciting and expanding possibilities to transform your business. City National’s industry-leading treasury management solutions are built to work with the latest technology developments.

What is open banking, and why should I pay attention to it?

Open banking, also known as open bank data, is the future of business. It enables discretionary data sharing to benefit all parties involved, including business banking clients, financial institutions and third-party service providers. By relying on open architecture networks instead of centralization, open banking allows data to flow efficiently, securely and cost-effectively. It also gives your business the power to transparently control its financial data. As banks collaborate more closely with third-party providers in an open banking environment, your business benefits from a much wider range of customizable choices, a better user experience, streamlined operations and enhanced scalability.

Open banking works through the use of application programming interfaces (APIs).

How do APIs combine with open banking to benefit my business?

Application programming interfaces (API) are mechanisms that allow different systems to communicate and create an automated workflow. They have actually been in use for quite a while. Think of ordering food and having it show up at your door, or using a mobile banking app to initiate a payment. When modernized API connectors are combined with open banking, they allow access to a previously closed flow of institutional financial information. This enables the creation of automated workflows that were not previously possible. Benefits include actions like more easily transferring funds or transparently comparing financial product offerings. There are also some highly specialized treasury management benefits.

Within treasury management solutions, open banking APIs offer exceptional advantages that can help transform your business.

What’s so transformative about open banking treasury management solutions?

Open banking and modernized, easier-to-use APIs are revolutionizing the payments industry by enabling data to flow seamlessly and with unprecedented speed and transparency. Treasury processes and controls are both enhanced and simplified. Functions can be automated across formerly siloed departments. Among other advantages, manual and repetitive tasks can be automated securely, systems can be easily integrated, and data can be viewed and shared in real time. With instant access to your business and transaction data, analysis can be done on-demand to produce customized reporting. You can also choose treasury management solutions that work best for you and your business.

City National is ready with the solutions you need to embrace open banking and all its benefits.

What are City National’s solutions, and how easy are they to integrate?

In keeping with our longtime commitment to providing innovative business solutions, we have developed the technology for seamless, real-time, bidirectional connectivity between your treasury operations and City National. We named our integration solutions EASI Link®, because that is the kind of experience you can expect to have. Our solutions provide your business with an embedded banking experience, while allowing you to keep the accounting or enterprise resource planning (ERP) systems that you are already comfortable using. Cloud technology and APIs simplify integration between City National and your existing systems, and you have options:

• EASI Link direct integration, City National’s in-house solution, offers you the option of customized solutions for more complex, larger-scale integration of your ERP or accounting system with City National. 

• EASI Link connectors allow “plug-and-play” integration with eligible existing accounting and ERP software. 

• Book2Bank is an accounts payable automation solution with invoice capture and approval workflows.

Now may be the right time to start moving your operations to the cloud.

How does City National make cloud migration easy for my business?

City National takes a consultative approach, using our industry and technology expertise to help your business stay at its competitive best. As leaders in developing customized solutions, we have the expertise to help you streamline, automate, transform and grow. Our first step is a thorough discovery process to determine the right solution for you. We can also help with a cost-benefit analysis comparing current spending with your projected return on investment from cloud migration. You may choose a hybrid environment, where cloud-based systems integrate with on-premise infrastructure that remains in place. You move at your own speed with City National, and we provide attentive support.

A move to the cloud may also mean gaining advanced authentication security.

Can I really trust that my sensitive data is secure in the cloud?

Migrating to the cloud gains you the benefit of the billions of dollars invested in state-of-the-art cloud security measures. Fraud protection systems often include multiple approval options, secure access to accounts and audit reports. Modern cloud-based solutions also have data backup and recovery facilities built into their core services. This offers improved cyber-resilience against disruptions or disasters. Separate data centers reduce downtime during maintenance or upgrades, and each one can take over if another center goes down. Importantly, cloud security continuously evolves to evade new threats.

There are also many other competitive advantages to open banking in the cloud.

What benefits can my businesses expect from open banking and cloud adaptations?

When a business integrates its existing accounting or ERP system with City National’s EASI Link, everything is automated and updated with better real-time reporting and advanced digital payment capability. Businesses of all sizes can benefit from streamlined, customizable, secure processes that increase treasury management efficiency and visibility. These include:

• Intelligent automation of repetitive manual tasks.

• Enhanced accounts payable/accounts receivable/bill pay capabilities.

• Improved experiences for all transaction partners.

• Real-time viewing and sharing of treasury data.

• Improved controls and customized reporting.

• Improved and automated reconciliation process.

What other competitive advantages can we get from open banking at City National?

Faster Innovation — Once we are working together “in the cloud,” City National can respond much more quickly to needs that arise. We can trial options for you, evaluate the results and make nimble adjustments so you get customized solutions for complex problems in far less time.

Scalability On Demand — Your plans for growth can be accelerated because the open banking model has the flexibility to grow with you. Your company can take on new business with less worry about buying more hardware or adding head count.

Broader Resiliency — Distributed server workloads, automatic backups and disaster recovery systems prevent slowdowns and interruptions. Your business can also operate remotely at all times, which the COVID-19 pandemic proved to be of vital importance.


City National offers you the attentive support and technical expertise needed to feel confident in transitioning to open banking in the cloud. We are innovators working with you to create customized, modern and scalable solutions that help produce the best results for you. You are able to transform your business, while keeping your existing accounting or ERP system environment. Overall benefits include minimized IT resources, straight-through processing, automation, risk reduction, security, scalability, reduced manual/dual entries and digital trails for better auditing.

Open banking ushers in a new era of freedom and productivity, providing valuable opportunities for business success — both now and in the future.

Learn more about how City National’s industry-leading treasury management solutions can transform your business on, Twitter, Facebook and LinkedIn.

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This article is for general information and education only. It is provided as a courtesy to the clients and friends of City National Bank (City National). City National does not warrant that it is accurate or complete. Opinions expressed and estimates or projections given are those of the speakers or persons quoted as of the original date of the articles with no obligation to update or notify of inaccuracy or change. This article (or any portion thereof) may not be reproduced, distributed or further published by any person without the written consent of City National. Please cite source when quoting.