It’s going to be a busy holiday season, with major delivery services like UPS and the U.S. Postal Service expected to ship an overwhelming 1.6 billion packages this year — more than were delivered last year.
That potentially means slower deliveries and missed Christmas presents. While these companies will be doing the work of Santa Claus this holiday season, there is, unfortunately, no fleet of flying reindeer to lend a hand (or hoof) with the workload.
Then again, who needs magic reindeer when supply chain APIs are available year-round to help merchants meet their delivery needs?
The newest PYMNTS.com X-Border Receivables Report, a Flywire collaboration, examines the latest trends shaping global commerce — including how companies are working to make it easier for cross-border merchants to seamlessly exchange goods and receive payments.
News from the cross-border space
Several global companies recently moved forward with efforts to introduce blockchain technology as a tool to enable smoother cross-border transactions.
In India, Axis Bank launched a blockchain-powered global payment service, developed using Ripple’s real-time gross settlement (RTGS) solution, to facilitate payments between businesses in Southeast Asia and the Middle East. Retail customers can now use the service to receive payments from the UAE’s RAKBANK. Meanwhile, business customers can receive payments from Singapore’s Standard Chartered Bank.
And Axis is not the only financial institution testing the potential application of Ripple’s blockchain-based solutions. American Express recently joined RippleNet, Ripple’s blockchain-powered network offering real-time B2B global payments. Under the agreement, Ripple will integrate into the AmEx FXIP platform which enables non-card payments to be routed through RippleNet.
Meanwhile, Visa launched its own effort to improve cross-border payments. The company debuted the Visa B2B Connect service at the FinTech Festival in Singapore last month, an offering designed to address inefficiencies surrounding speed of transfer and settlement of international payments.
Check out the Report’s News and Trends section for more headlines across the international payment space.
Data Dive: Global manufacturing
For cross-border merchants, expanding operations globally comes with a strain on their accounts payable divisions. This is especially true for companies in the manufacturing space.
Given the complexity of the business, it often takes longer for cross-border manufacturers to make payments to their suppliers. Taxes, customs, language barriers and global payments are just some of the many factors that cripple their supply chain.
The new X-Border Receivables Report includes a data dive exploring common pain points involved in the global manufacturing industry and the potential solutions that are being considered to improve the way manufacturers pay their suppliers.
Can an API improve global payments and logistics?
Billions of packages are expected to be delivered this holiday season — and not by a certain holiday fixture known for his jolliness and red suit. Instead, logistics professionals worldwide will be working to ensure these packages are delivered efficiently and without the help of a fleet of reindeer.
That’s where supply chain management solutions like Ingram Micro’s Shipwire API come in handy. As packages are transported globally, these solutions work tirelessly (just like magic elves) to update merchants on the status of payments, relevant compliance issues and deliver reports, in real-time, to ensure a smooth delivery process.
For the December feature story, PYMNTS spoke with Evan Robinson, Ingram Micro’s vice president of engineering and Phil Guindi, vice president of product management, about how the Shipwire API is helping eCommerce merchants improve their delivery and payment experience.
To read the feature story, the data dive and the latest notable headlines on cross-border receivables, download the report.
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TO DOWNLOAD THE DECEMBER EDITION OF THE PYMNTS.COM X-BORDER RECEIVABLES REPORT, CLICK THE BUTTON BELOW.
About The Report
The PYMNTS X-Border Receivables Report, a Flywire collaboration, is your go-to resource for staying up to date on a bimonthly basis about the notable changes and shifts in the cross-border receivables market.