Open banking is shaking up the financial industry and is poised to revolutionize the way banks share data with each other as well as with third-party app developers, FinTechs and payment providers. Open banking — a system in which banks allow third parties to freely access their data to develop new...
B2B payments are often complicated by incompatible systems that delay transactions and add additional fees. Embracing open banking can help, but many financial institutions have core systems that weren’t designed to support APIs, says Gareth Gaston, executive vice president at U.S. Bank. In this month’s...
B2B payments account for $25 trillion in the United States each year, but these transactions are often fraught with frustrations and challenges. Studies have found that B2B invoices take an average of 37.4 days to settle, a pace that is largely due to the business...
Application Programming Interfaces (APIs) are essential for B2B payments as they are able to process these transactions in a fraction of the time it would take to transfer funds via wire or paper check. Eighty percent of U.S. banks were exploring real-time payments as of...
January 13, 2020
Banks need strong application programming interface (API) strategies if they want to retain their business clients. Business to business (B2B) APIs enable financial institutions (FIs) to give their business customers a wider array of services, by enabling them to pull banking data into third-party accounting software and other services. Failure to provide such opportunities could […]
May 03, 2019
Keeping global commerce moving requires rapid-fire, cross-border B2B payments. As financial institutions (FIs) and other corporates seek to keep pace, many are turning to application program interfaces (APIs) to help....
March 27, 2019
In the ever-evolving financial ecosystem, financial institutions (FIs) and other payment players must continually revise their application program interface (API) approaches. In the European Union (EU), banks had to prepare...
February 28, 2019
Demand for real-time payments is on the rise around the globe, and financial, tech and retail players are angling for a chance to more easily leverage them. As the Federal...
September 10, 2018
For many businesses both large and small, payments received on a timely basis can give a boost to a business’ efforts to remain financially sound, hire new staff or move forward with expansion plans. Late payments, meanwhile, can damage relationships with business partners, banks and customers. It’s little wonder, then, that a growing group of […]
