Two new premium APIs available for corporate account data and payments

OP Corporate Banking APIs launched in production - OP Developer

19.12.2019

OP Corporate Banking APIs launched in production

Kickstart the new decade by streamlining your company's financial routines! Our two new APIs mark the beginning of the new OP Corporate Banking API product family that will expand to cover a wide variety of corporate customer needs.

OP Corporate Banking APIs help you improve your company's financial administration: you can get real-time account data and automate payment processes. The APIs support the most common types of corporate euro accounts. They are designed for machine-to-machine interaction with no human intervention required.

OP Corporate Account Data API allows you to:

  • get a list of the company’s accounts and balances
  • get more detailed information on a single account
  • get transactions on a single account

With OP Corporate Payment API, you can

  • initiate SEPA payments from the company’s own accounts

Learn more about OP Corporate Banking APIs and their use cases on op.fi.

The APIs have been available for testing in our sandbox since June 2019. At the same time, we have been actively piloting with selected partners in production. One of our pilot partners has been the Finnish company SuoraTyö whose goal is to automate and speed up salary payments by using OP Corporate Banking APIs. Read more about SuoraTyö and their collaboration with OP on op.media (in Finnish).

Easy access to account data and payments

Integration interfaces are nothing new in corporate banking, as the so-called Web Services channel has connected banks and companies for a long time. So why did we embark on creating the APIs?

APIs are simply a better fit for the modern world than the bank connection solutions of old. For example, payment processing doesn’t need to wait for the next batch run anymore: with a modern API solution, every payment can be made from an account right away. In addition, retrieving up-to-date information on transactions and account balances becomes much easier.

APIs create a better developer experience. It’s easier and faster to develop services on top of RESTful APIs. RESTful APIs are widely known and used, which makes it easier for a company to find experts to work with them.

But not only are things easier for the developer – making service agreements becomes smoother with APIs, as we now provide a completely digital onboarding. No more printing, signing and scanning papers; you can do everything by yourself in a few minutes – it’s simple and efficient!

Fully digital onboarding with OP API Admin

The best way to get started is to try out the APIs in our sandbox environment. Testing is free of charge to any interested developer. Send us an email at corp-payment-APIs@op.fi and we’ll take you from there.

When you’re done with testing in sandbox and want to start developing for real, go to OP API Admin, our self-service portal for production onboarding to our Corporate Banking APIs. OP API Admin can be accessed by anyone authorized to sign on behalf of a company.

OP API Admin asks you to select which Corporate Banking APIs and which bank accounts you want to access in your application. Then, you will create and confirm a service agreement.

Once the agreement has been signed, OP API Admin allows you to generate the API keys and certificates that you need to start production use. At this point, you’re ready – it’s time to start streamlining your company’s finance routines!

SEPA Instant Credit Transfers and other new features coming soon

This is only the beginning of the OP Corporate Banking API family. We are working hard to bring you the best possible Corporate Banking APIs, and the next batch of updates is already in sight.

One of the upcoming improvements is the extension of OP Corporate Payment API with a new endpoint: SEPA Instant Payment. As payments begin to flow in real time, banking services must evolve accordingly. The new endpoint will allow initiating SEPA Instant Credit Transfers, transferring funds from one account to another in a matter of seconds – any time of the day, any day of the year. The endpoint is available in sandbox now – try it out and let us know what you think!

But we’re not stopping there. Subscribe to the OP Developer newsletter to stay updated on our latest releases and new features!