Application programming interfaces (APIs) may be underutilized in business and financial sectors. Recent surveys have found that many bankers and small business (SMB) owners are unaware of how to use business-to-business (B2B) APIs securely and optimally. A survey of Hong Kong and Singaporean bankers, for instance, found that 23 percent are wary of adopting APIs because of unclear regulations. One-third of U.K.-based SMBs said they do not understand the value of sharing data with financial service providers.
FinTech firms show less reluctance, however, and many of these companies are seizing APIs to launch new offerings for SMBs. The February B2B API Tracker explores the hesitancy toward APIs, as well as how third-party providers are using them to provide new business services.
Around The B2B API World
Cloud financial management provider Sage Intacct is one company seeking to leverage APIs to better serve SMBs. The company expanded its API-based accounting platform into the U.K. recently, with the technology connecting business clients to third-party cost management services and more.
Indian payments app provider PayNearby is also relying on APIs to cater to SMBs. The company recently integrated with lender SBM Bank to provide small enterprises with mobile banking solutions via the PayNearby platforms.
Australian SMBs may also be getting better banking experiences. Financial institution (FI) Judo Bank recently integrated a platform from credit management solutions provider InfraRisk to help it better assess potential risks when providing SMBs with various credit products. Judo Bank now expects to be able to provide these financial offerings more efficiently.
Find more on these and the rest of the latest headlines in the Tracker.
BNP Paribas On APIs For Faster, Streamlined B2B Payments
FIs are using APIs to provide their business clients with services that can help them stay competitive, including access to real-time payment rails and rich transactional data. Banks are also opening their APIs to FinTech firms, enabling the latter to create a flurry of new solutions for business customers.
In this month’s feature story, Charlotte Hausemer, vice president of innovation and product development for trade and treasury solutions Americas at BNP Paribas, explained how banks can use APIs to provide their corporate clients with capabilities that enable rapid payments and more precise cash-position management. To get the full scoop, download the Tracker.
B2B merchants need to have robust eCommerce operations to reach their clients, but keeping these platforms fresh is no simple task. Sellers must frequently make updates to improve user interfaces and back-end operations — an undertaking that could be more difficult with some eCommerce platform setups.
Some eTailers rely on centralized platforms programmed with complete sets of eCommerce features, which forces the merchants to redeploy the entire system if they wish to upgrade any of it. Other merchants rely on decentralized systems comprised of micro-services connected via API gateways, enabling capabilities to be added or removed more flexibly.
This month’s Deep Dive explores the two eCommerce models, and how B2B eTailers can keep their online systems up to date. Read the full story in the Tracker.
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