Northern Trust announced the launch of application programming interfaces (APIs) for its banking services, providing Asset Servicing institutional banking clients with real-time access to data and services through automated connectivity. The API solution enables clients to integrate banking data directly into their operational workflows.

Northern Trust’s APIs provide clients with automated access to real-time banking data and payment capabilities through direct system integration, including:

• Payment instructions and access to intraday and end-of-day reporting on account balances and activity, including real-time credit, debit and balance confirmations;
• On-demand data delivery in industry-standard formats that support faster, more seamless integration;
• Straight-through processing, improved cash visibility and reduced manual intervention.

“Launching APIs for our banking clients underscores Northern Trust’s commitment to innovation and digital leadership,” said Peter Lantero, head of Banking & Treasury Services at Northern Trust. “These capabilities allow clients to tightly integrate with Northern Trust for real-time balance and transaction information, supporting the complex needs of clients as their operating models continue to evolve.”

NAV Fund Services (NAV), an independent, global fund administrator serving alternative asset fund managers, is the first client to implement the new capability in production, developed through collaboration between the two firms’ technology teams. Working across a wide range of transaction types — covering balance and transaction reporting, cash management, data delivery and real-world fund administration scenarios — NAV built the integration technology to bring Northern Trust’s APIs for banking clients into its platform in real time. The integration supports more efficient reconciliation, reduced operational risk, and improved data accessibility aligned with NAV’s broader digital strategy.

“As a fund administrator, timely and automated access to banking data is critical to supporting our clients and our operations,” said Ravi Gupta, Chief Strategic Solutions Officer at NAV Fund Services. “Bringing real-time banking data into fund administration at this level required highly technical collaboration between our teams. We worked through a wide range of transaction types and real-world scenarios together to test and finalize for launch, and we’re continuing to extend the capabilities. The resulting API interfaces eliminate the delays of batch processing and file dependencies and advance how we service our clients.”

Source: Northern Trust