API – Innoval Digital Solutions Pvt Ltd https://www.ivldsp.com Value delivered thro innovations Thu, 05 Jun 2025 06:40:58 +0000 en-GB hourly 1 https://wordpress.org/?v=4.4 Integrating ERP Systems with Banks Using Secured API Integration: The Future of Enterprise Financial Transactions https://www.ivldsp.com/blog/integrating-erp-systems-with-banks-using-secured-api-integration-the-future-of-enterprise-financial-transactions/ Mon, 26 Aug 2024 06:57:00 +0000 https://www.ivldsp.com/?p=13342

In today’s fast-paced business environment, the integration of Enterprise Resource Planning (ERP) systems with banking operations is not just an advantage—it’s a necessity. At our company, we have pioneered the development of real-time API integrations that bridge the gap between ERP systems like SAP, Oracle, Microsoft ERP and various banking institutions and banking functions.

Inbound process in OptiE-Invoice enables organizations to automate and stream line the processing of supplier invoices. It automatically extracts information from any incoming invoice, validates data and transfers it to your ERP (SAP) system. The system validates electronically generated E-Invoices from IRP Portal as well as manual invoices (Hard copy and soft copy). It extracts data, validates with already created Goods receipt, Purchase order etc, highlights discrepancies (if any) and post the data automatically to your ERP(SAP) system( If data matches).

Why Integrate Your ERP System with Banking APIs?
1. Real-Time Financial Data Access: Integrating ERP systems with banks via APIs allows businesses to access financial data in real-time. This immediate access is critical for maintaining up-to-date cash flow insights, making informed financial decisions, and enhancing reporting accuracy.
2. Enhanced Operational Efficiency: By automating the exchange of data between ERP systems and banks, companies can significantly reduce manual entry errors, save on operational costs, and streamline financial operations from receivables to payables.
3. Embedded Banking: API integration enables ERPs to directly trigger bank transactions for Fund Transfer, Salary Payment, Invoice Payment and also various banking operations related to foreign trade. This is apart from checking balance, adding benefiaries, receiving collection notifications and so on.
4. Improved Financial Liquidity Management: To manage liquidity across several bank accounts, minimum and maximum balances can be configured for each. This will ensure that any current account that falls short of the preset minimum balance is automatically topped-up with funds from a designated “buffer” bank account. Adequate liquidity is maintained at the buffer bank account by transferring funds from other accounts whenever the balance exceeds the preset maximum. Thus, businesses can better manage their liquidity, ensuring that they have the funds available when needed.
5. Compliance and Security: Our API integrations are designed with the highest standards of security and compliance in mind, ensuring that all financial transactions are secure and adhere to the latest financial regulations. The Interface Adapter that enables embedded banking, including for Liquidity Management across banks, is deployed within the firewalled network of the customer.
Our Experience and Capabilities

Our extensive experience in integrating various corporate companies with multiple banks has equipped us with unique insights and capabilities. We have successfully implemented solutions that cater to the specific needs of each business, whether it involves integrating our OptiEXIM add-on product for export and import management or facilitating complex financial transactions directly from SAP ERP systems in real time.

One of our notable bank integration framework, OptiBank, provides a unified cockpit interface for managing all bank communications in one place. It seamlessly integrates with SAP ERP, SAP Treasury, Risk Management, and financial modules, enhancing the efficiency of financial operations across multiple banking institutions with real time communications

Case Studies and Success Stories
  • Multibank Integration: Our integration framework is a testament to our expertise in multibank connectivity. It supports automated feeds of corporate multibank balances and transactions, API-based direct-to-bank bulk payment processing, and automated cash forecasting, demonstrating significant cost savings and efficiency improvements for large corporate clients.
  • Custom Solutions for Trade Finance: By integrating ERP systems with banking APIs or Host-to-Host communications with right data transformation engine for trade finance operations, we have enabled clients to manage Letters of Credit and Bank Guarantees more effectively, reducing turnaround times and improving transactional accuracy.
  • Forex and Payment Gateways: We have tailored solutions that handle Forex transactions and connect with payment gateways, providing businesses with the flexibility to manage international trade and e-commerce effortlessly.
Conclusion

The integration of ERP systems with banks through secure API connections is revolutionizing the way businesses manage their financial operations. As leaders in this technology, we continue to innovate and provide solutions that not only meet the current financial demands of businesses but also anticipate future needs. If you’re looking to enhance your ERP capabilities and streamline your banking transactions, our team is ready to assist you with state-of-the-art integration solutions.

#GFF2024 #GlobalFintechFest #FintechInnovation #ERPSystems #DigitalTransformation #SAP #Oracle #MicrosoftDynamics #RealTimeTransactions #InnovalDigitalSolutions #FintechSolutions

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About the Author

Sunil Gupta

CEO & Director, Innoval Digital Solutions Pvt Ltd, Sunil Gupta is an entrepreneur with rich experience in handling large Information technology projects, building high technology software projects, product development and services companies from startups to listed company. He has been involved in Startup ecosystem and has made angel investment in several high technology companies. He was also visiting professor to India’s top management institute, IIM where he has taught, groomed and mentored the brightest management students. He has held several leadership positions in professional bodies and associations, including in the CII, Advisory Council and the IT Task Force of Kerala Government.

]]> Application Programming Interface https://www.ivldsp.com/blog/api/application-programming-interface/ Fri, 23 Jul 2021 13:07:39 +0000 https://www.ivldsp.com/?p=10542

The ability to easily share data with other businesses and with customers is among the most critical drivers for modern, mission-critical business initiatives. API, or Application Program Interface is the software intermediary that allows different software applications to talk to each other.

APIs are all around us, even as many of us may not be unaware of this. When we search at Google for something, or log on to a 3rd party website using Facebook, or make a payment through credit card, the underlying technology that makes all this possible is that of API.

The main benefit of using fully tested APIs is that these enable development of custom applications quickly and with ease. Some of the use cases for which we provide APIs are:-

  • Real-time validation of  GSTN/ PAN/ eWay Bill status etc
  • Real-time services like OCR, Extraction of Invoice Fields, B2C QR Codes etc
  • Tracking of movement of goods in transit
  • Getting the distance between two PIN
  • Getting item details for a given HSN Code

Companies like Google and Amazon have published a library of useful APIs that can be called by applications for face-recognition, getting the latitude and longitude of own location, translation from one language to another and many more.

Agencies of the Government of India too have published useful APIs that can be used by 3rd party applications. These include APIs for filing of e-invoices and eway bills, validating of GST Numbers and so on.

IVL’s API Suite

Innoval Digital Solutions Pvt Ltd offers a suite of APIs that meet almost all typical business needs. After signing up for a single annual subscription plan, businesses can consume any of the APIs as currently available in the Suite, and also the APIs that would be published in the future.

The partial list of available APIs is as indicated in the table below.

Category

Functionality

Use Case

Content

Get Locality from PIN Code

This would be useful to put correct PIN Code while desptaching goods etc

Get PIN Code from Post Office Locality

When the address does not have a PIN code, or to validate this

Get distance between two PIN Codes

To calculate freight etc

Get State Code

Required to file eInvoices

Get Item Details and GST Rate from HSN Code

Useful while processing inbound Invoices

Integration

Validate PAN

IT rates apply differentially to those with and without valid PAN. Hence the requirement to validate PAN to compute TDS, TCS etc

Validate if ITR filed

To compute applicable rate for TDS/ TCS

Get Applicable GST Rate from HSN

As described earlier

Platform

Get authenticated line item details for e-invoice using Signed Ack JSON

This is to ensure that inbound e-Invoices are registered at the GSTN database

Extract fields from PDF Invoices (both eInvoices/ normal invoices). PDF files with text embedded as image too are extracted

Addresses the problems of manual data entry for inbound vendor invoice.  Without any training specified fields are extracted with 40-50% accuracy. (The accuracy of fields extraction can be increased to 99.9% by availing of the service offered by IVL to "train" based on sample invoices for each vendor layout. This involves additional payment)

Validate GSTN

When an Invoice is received from a new vendor, the GSTN as indicated needs to be validated to ensure correct processing of Input Tax Credit.

Get eWayBill Details by Buyer GSTN

With this API (that takes GSTN of Buyer as input), users can get details all inbound eWay Bills for a given GSTN. eWay Bill Numbers so received can be the input for the next API (Reject eWay Bill).

Automatic trigger to extend validity period for eWayBills

Automate extension of validity period of eWayBills when delivery is delayed,or when vehicle details are changed

Reject eWay Bill

This API can be used by the supplier/recipient in case of eWay Bills generated by the other party or by the transporter (within 72 hours)

Generate QR Code for B2C Invoices

This is a compliance requirement for many companies. Customers can make payments (through UPI etc) by scanning the QR Code
Data Flow: API

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About the Author

Anandkumar S Nair

Advisory Consultant (Digital Products & Services). Anand S Nair comes with extensive hands-on experience in the software industry. He has proven track record in SAP & Non-SAP platforms. He has gained technology expertise with Oracle & other client-server technologies too. Anand supports & leads IVL, as the Advisory Consultant for Digital Products & Services.

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