API Case Study: Accelerating Eco-Conscious Banking Innovation

Our client, a visionary startup in the world of neo-banks, have recently emerged from the vibrant fintech landscape with a mission to revolutionise the banking industry. Fuelled by a commitment to environmental, social, and governance (ESG) principles, the company seeks to create an eco-conscious neo-bank that not only prioritised financial services but also championed sustainable practices.

In this case study, we delve into how our client will harness the CXTN API to build on their innovative financial ecosystem, delivering multicurrency capability to clients and at the same time, cutting their own development time.

Navigating the Complexities of Currency Exchange in a Green-First Neobank

As the neo-bank embarked on its journey to attract the eco-conscious, it’s also competing with other alternative banks out there – and while green credentials are the basis of their offer, they must also be able to provide the basic services expected of a bank, which these days includes multi-currency. The task was to find a suitable partner who could offer capability for their own software to plug in and give their customers the ability to buy and sell Euros and USD.

Empowering Eco-Friendly Banking with Agile API Integration

To address the complexities of currency exchange and meet the unique requirements, a partnership with Caxton emerged as the ideal solution. Starting from their ‘Master Account’ they will plug into the ‘Rates API’, which the neobank will use to offer a rate to buy or sell currency, and when the user accepts the quote, the ‘Quotes API’ will purchase and clear the currency.

Finally, using the ‘Accounts Ledger API’ for funds-in capabilities and Payments API for funds-out, will ensure seamless movement of money into their Master Account to fund customer purchases and likewise move exchanged funds back into place. All the while recording their transactions and margin.

Our API will seamlessly integrate with the client's innovative neo banking platform, providing a streamlined solution for currency conversion for its clients. Getting access to the CXTN API Suite was straightforward and simple. The client development team are plugged into a messaging channel with the Caxton Integrations team, to swiftly troubleshoot or answer any questions as the connect to our software.

Short Cut To Launch With Plug and Pay Capability

Our client could have spent significant time developing their own capability to get currency quotes and execute currency exchange, however, working with the CXTN API Suite gives them back several weeks development time (and removes that expense). With the support of the Caxton Integrations team behind them if they need it.

Choosing the CXTN API Suite was a strategic move for this client. It streamlines their currency exchange process, saving valuable development time and costs. With that done they can turn our focus to other areas of our product.

Partnerships Offer 'Create your own Tech-Stack' Ability

In the dynamic landscape of fintech, a green-first neobank partnership with Caxton stands as a testament to the power of pursuing values, creating your own tech-stack, and the importance of collaboration within the industry. Through seamless API integration, this client places another piece of the puzzle in its vision of turning an eco-conscious neobank into reality.

As the business prepares to unveil its full suite of services and embrace cross-border payment capability for clients, the journey continues, fuelled by the shared dedication to excellence and a greener future, we are excited to be plugged into their bright future.

Caxton Payments

Caxton Payments is an alternative to traditional banks, established over 20 years, we help businesses make faster payments more reliably. We offer streamlined processes, automation through API and a collaborative solution to complex payment issues all from a single platform. Our payment capability extends from business expense management, to payroll payments, supplier payments, and currency risk management. We also offer personal prepaid travel cards and international money transfer