Embat’s 'fintech', specialized in cash management through artificial intelligence (AI), has added to its platform the new Banking Authorization Service (BAS, for its English-language acronym) API from JP Morgan Payments, with the goal of simplifying and optimizing banking connectivity in its cash management and payments services.
Thanks to this integration, Embat’s customers will be able to authenticate and directly link their JP Morgan bank accounts with the company’s cash management solution, as both firms detailed in a joint statement.
With this development, JP Morgan Payments enables treasury management platforms to access, in real time, financial information from the bank accounts, so that balances, transactions, and payments data in real time are transferred directly to Embat’s platform.
The alliance integrates 'multi-tenant' management capabilities, account activation in self-service mode, and high-fidelity data synchronization, which makes it possible to shorten banking connection timelines, which go from lasting months to being resolved in a matter of days.
Among the first joint customers already taking advantage of this new connectivity are Factorial and Cazoo.
The co-CEO and cofounder of Embat, Antonio Berga, said that clients "only have to sign the legal documentation that authorizes Embat to access their accounts". "Once operational," he added, "they can make data-based decisions in real time, supported by Embat’s artificial intelligence technology and by the robustness and security of a top-tier bank".
For his part, JP Morgan Payments’ director of strategic partnerships and integrations, Santiago Alcaraz Sánchez, emphasized that "this integration with Embat is a clear example of how we simplify banking, treasury, and payments authentication in order to accelerate the value we generate for our common customers".