GTreasury ClearConnect Gateway | Q&A German Karaivanov
By GTreasury
Two weeks ago, GTreasury has launched ClearConnect Gateway, an out-of-the-box global bank API connectivity suite. We spoke with German Karaivanov, VP of Product Management at GTreasury, to learn more about the new solution and its implications for customers.
We asked German Karaivanov 5 questions. Read and learn!
1. What is the difference between ClearConnect Gateway and GTreasury’s ClearConnect platform?
ClearConnect is GTreasury’s connectivity technology and services suite. We launched ClearConnect last year, and it’s become a popular solution for our customers; treasurers and CFOs leverage the suite to ensure the fidelity of the market data they depend on.
ClearConnect Gateway is a significant technology enhancement to the ClearConnect suite. The technology allows us to build standard API and host-to-host (H2H) integrations, and to simplify custom ones. What it provides is the most “out-of-the-box” bank API connections available to treasury teams and the ability to build new ones faster than any treasury and risk management system provider.
2. In what specific ways will treasurers/customers using GTreasury benefit from using ClearConnect Gateway?
ClearConnect Gateway increases treasury and finance team efficiencies by lowering operational costs and enabling customers to take full advantage of their banking partners’ balance reporting data and new payment technologies (including RTP, FedNow, and new B2C payment types). With ClearConnect Gateway, we are reducing organizations’ banking fees, increasing data visibility, and delivering critical real-time reporting that directly impacts business decisions.”
3. How does ClearConnect Gateway reduce API / data-connectivity implementation time and complexity compared to older systems that organizations have in place?
ClearConnect Gateway allows GTreasury to build standard banking API connections quickly and efficiently, and then seamlessly extend them for our customers to use. Once those API connections are built to customers’ banks, the implementation effort is much, much simpler and quicker than a host-to-host file exchange. ClearConnect Gateway’s API connectivity suite works smoothly from day one; once an API is set up, it does not need to be changed.
Banking APIs—unlike host-to-host connectivity—do not require any file mapping, there is no need to test files with the bank, and there is no dependency on the bank’s implementation resources for testing files. This reduces client onboarding from weeks to a matter of hours.
4. What cost savings can customers expect to realize by using GTreasury’s ClearConnect Gateway compared to legacy systems?
The possible cost savings for customers will entirely depend on how their banks charge fees for host-to-host vs API connectivity for balance and transaction reporting and payments. Typically, though, host-to-host bank connectivity is more expensive than API bank connectivity. This is mostly because banks have not fully monetized the value of their API offerings. We do expect that the banks will eventually close this gap. But in the meantime, our customers can take advantage of this and, depending on their bank pricing, realize some significant cost savings.
5. Looking ahead, what new features or capabilities does GTreasury plan to add to ClearConnect Gateway as the solution evolves?
GTreasury’s vision for ClearConnect Gateway is to connect to any bank, ERP, or third-party system anywhere in the world, in a matter of hours.
Thank you for reading!
