Software giant Citrix is looking to “leapfrog” typical text-file-based legacy connections by transitioning to an API-driven treasury management system, and announced today it will use a solution from API-maker FinLync to do so.

Treasury management can be cumbersome given how diversified cash holding is for corporate clients, but APIs, or software gateways, allow distinct databases to talk to one another and potentially streamline the process. FinLync’s APIs will allow Citrix to access functions such as balance and transaction inquiry, payments, approvals, status tracking and machine learning (ML) assisted reconciliation.

Citrix, a software provider with products available in 100 countries and used by more than 100 million customers, has begun to move functions from its existing treasury systems and hopes to finish the shift by the year’s final quarter, Bruce Edlund, senior director and assistant treasurer at Citrix, told Bank Automation News.

The $3.6 trillion JPMorgan Chase and $720 billion Standard Chartered are among FinLync’s banking partners, and Edlund told BAN that Citrix had considered five other offerings before settling on the solution, with JPMorgan’s reselling of FinLync’s technology being a major factor in Citrix’s final decision. In fact, the software maker pivoted to FinLync despite being “already well into the process of selecting another solution.”

FinLync’s ML-assisted reconciliation offering also helps lower the burden on information technology (IT) teams by removing the need to continually update internal rules. Since the reconciliation system sits on top of a company’s enterprise resource planning (ERP) database, it’s continuously learning and adapting, making “its match rate significantly higher,” Phillip Klein, co-founder and CEO of FinLync, told BAN. Reconciliation involves comparing and matching transactions in different sets of records, therefore a system’s “match rate,” reflects its accuracy.

“We are excited to have Citrix as a client and look forward to helping them quickly realize the benefit of real-time working capital enabled by FinLync,” Klein said in a statement.

While transitioning to an API-powered solution can be “a bit of a process,” Edlund said that liquidity and cash management can be time-critical processes for corporate treasurers. Therefore, having access to real-time data on one platform can make the process significantly faster than individually accessing bank portal information. The shift towards real-time, data-driven treasury management also “depends a lot on where the banks are in the process” of integrating APIs, Edlund added, noting that Citrix is moving its business away from some banks that do not have well-developed API solutions.

Founded in 2015, FinLync raised $16 million in May during the firm’s second funding round. Shares of Citrix [NASDAQ: CTXS] were trading at $117.85 at 12:45 p.m. today, down 0.50% since markets opened. The firm has a market capitalization of $14.64 billion.

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