Magazine
Banking and Finance

Memo Bank has been recognized in the “Best API Initiative” category by The Digital Banker

Céphas Gawargy

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20 March 2024

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5 minutes

In November 2023, Memo Bank’s Premium banking API was awarded by an external jury of French CFOs (Trophées DAF) in the “Innovation and Transformation” category.

Just four months after this recognition, our Premium API continues to impress financial experts, this time on an international scale, earning Memo Bank the “Best API initiative”. This award was presented by The Digital Banker, a leading provider of information, economic intelligence, and research in the financial services sector.

With this new distinction, Memo Bank positions itself alongside renowned international companies such as HSBC, Santander, and American Express, which are also award recipients, and continues to demonstrate the significant impact of its banking offerings on the financial industry.

Memo Bank: the only French bank offering a Premium API worthy of its name

Banking APIs that provide the most added value for finance departments are commonly referred to as Premium APIs. By establishing a direct and continuous connection between the finance team’s tools and their bank, they enable the secure and instantaneous transmission of financial data, thus allowing real-time execution of banking operations, without volume limitations and without the need for human intervention.

Thus, by using a Premium banking API, finance departments can, from their own tools (ERP, Treasury Management System, internally developed back-office):

  • Execute incoming and outgoing payment flows
  • Manage the company’s current account and client accounts.
  • Reconciliation of each transaction
  • Gain real-time visibility of the company’s liquidity and all banking operations

All tasks associated in carrying out payments and their reconciliations are automated, thus eliminating risk of errors and facilitating informed decision-making.

Premium APIs should not be confused with Open Banking APIs, which stem from the PSD2 directive. These PSD2 APIs have a limited scope of use:

  • Account information service (AIS)
  • Payment initiation service (PIS)

Memo Bank stands out as the only French bank to offer a Premium banking API. Due to the lack of access to such an API from their traditional banks, companies have no choice but to use multiple APIs offered by non-banking actors (payment institutions, etc.) and banks in an attempt to come close, yet never fully reach, the potential offered by our Premium API.

An international award in the "Best API Initiative" category

During the virtual award ceremony held in Singapore on February 29, 2024, Jean-Daniel Guyot, co-founder of Memo Bank, thanked the clients, the team, as well as The Digital Banker.

Jean-Daniel Guyot also highlighted the technology gap of traditional banks in the field of Premium APIs, as well as their added value: “Most traditional French banks have limited themselves to developing PSD2 APIs. Through Memo Bank’s Premium API, our clients can automate their incoming and outgoing payments, reconcile their transactions, manage their accounts, and gain a view of their liquidity, all in real time.”

The Premium API from Memo Bank was selected after a rigorous and transparent review of data, along with an award application, by a demanding jury composed of international finance experts from renowned companies such as EY, PWC, and Forrester.

“Memo Bank’s introduction of advanced API has enabled automating of end-to-end processes and providing real-time visibility on a client business’s liquidity. Importantly, the Premium bank API initiative is helping clients take more informed decisions through real-time access to source data and reduced risks.” commented The Digital Banker.

Our Premium API transforms the way businesses manage their transactions

Our case studies demonstrate that the standards imposed by the financial landscape can be surpassed by our Premium API:

  • Our Premium API and our client accounts have enabled Defacto to build an infrastructure compatible with securitization requirements, allowing them to initiate, validate, and reconcile large volumes of transactions.
  • By using our Premium API, SideCare has built a direct debit infrastructure that allows for the automation, segmentation, and reconciliation of payment collections with a precision comparable to a Swiss watch.
  • WeWard integrated our Premium API in just three weeks. Now, WeWard can send tens of thousands of transfers securely, instantly, and automatically, without the need for human intervention. Tanguy de la Villegeorges, co-founder and CEO of WeWard, succinctly summarizes: “Memo Bank’s API is currently the most advanced in the French banking market.”

If, like Defacto, SideCare, WeWard, or the many companies that trust us, you want to streamline your tasks, eliminate the risk of error, and automate your processes, do not hesitate to schedule an appointment with one of our relationship managers.

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Céphas Gawargy

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