API alchemy transforms B2B metals platform
Many industries need a regular and consistent supply of metals in order to operate, but often in smaller lots than are normally offered under standard contracts.
One trading platform seeks to address this by offering buyers smaller lots with transparent, dynamic pricing. The buyers, pre-fund their accounts on the platform to settle transactions and any unused funds are immediately returned to them. Speed is essential in reimbursing the buyers as these are high-value transactions.
The platform wanted to automate the handling of payments to increase speed and eliminate errors and they asked us to help.
Our solution used a number of APIs from RAPID (Real-time APIs with DBS), our suite of banking API solutions. These APIs allow us to integrate our banking services directly into the operations of a client, allowing them to carry out their banking activities in real-time with no manual intervention.
Now the platform receives a real-time credit update whenever a buyer sends funds for a purchase. The credit update includes a virtual account number which is unique to the buyer, so the platform knows immediately whose account to credit with the funds.
When buyers wish to make a purchase through the platform, their credit account is automatically debited, and funds moved to their operational account to settle the transaction. And they can request an immediate refund of any unused funds from their credit accounts at any time.
As a result of the new solution, the user experience has been radically improved. The streamlined and simplified flow of information and automated payment processing has eradicated failed transactions, and buyer confidence has soared as a result.
And because the solutions we have deployed are highly scalable, our client is ready to apply them to new product offerings and to move into new geographical markets.
We are leaders in the provision of banking API solutions, with 200 customers benefiting from the largest API library in the world. If you are looking to improve the operations of your own organisation, DBS RAPID can help.
Find out more about how APIs can transform enterprises of all sizes. We have produced a case book featuring companies in different industries, who explain how they are using DBS RAPID (Real-time APIs with DBS) to radically improve their businesses. Click here to download the casebook now.