API

Freeing Payments From Friction With B2B API-Based Solutions

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 companies are turning to APIs to help streamline the B2B payment process.

One of those companies is electronic invoicing provider Basware, which recently integrated the B2B payment solution NetworkPay into its operations — a move that could help businesses shift away from using paper checks. With the NetworkPay integration, approved invoices can automatically initiate payments to suppliers via ACH virtual cards or wire payments.

Basware is not alone in its efforts to streamline the electronic invoice payment process, however — merchant services provider Century Business Solutions recently introduced an upgrade of its own. The new version of its payment-processing tool, known as EBizChange for NetSuite, works to enable businesses to have line-item invoice information automatically sent from the NetSuite service to the EBizCharge payment gateway, rather than requiring businesses to manually input data.

Corporate clients are also getting a taste for real-time payments.

Financial services firm PNC Treasury Management, for one, recently announced that its corporate clients are now connected to their Real-Time Payments (RTP) network. The connection is designed to enable users to originate RTP transactions using APIs, file transmissions or the firm’s online or mobile banking portal.

While APIs are being put to use to deliver real-time payments in the business world,  they’re also being put to use in London’s theater scene, to provide patrons with real-time insights into ticket availability. This, according to London Theatre Direct (LTD), allows customers to find tickets from a wide range of venues, without having to visit multiple sites to find the particular tickets they desire.

But APIs are doing more than provide a more streamlined approach for consumers to access theater tickets. As LTD’s director of partnerships Mark Prethero explained, they are also helping to reshape the “old-fashioned” culture of London’s renowned West End theater district. Prethero recently spoke with about how APIs are transforming the theatergoing experience and helping travelers integrate theater into their broader vacation plans.

Download the latest B2B API Tracker to read the interview with Prethero and get the latest B2B API headlines.

 

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Latest Insights: 

Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. The July 2019 AML/KYC Tracker provides an in-depth examination of current efforts to stop money laundering, fight fraud and improve customer identity authentication in the financial services space.

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