NEW REPORT: Will The Next Big API Solution Come From A Hackathon?

When it comes to finding the latest, greatest API solution does it help to invite outsiders into the sandbox?

As more companies seek to engage in international trade, API-based solutions are being seen as a way to address some of the frictions that arise with cross-border transactions. The May B2B API Tracker, a collaboration with FI.SPAN, looks at the challenges companies must address when delving into overseas business and how API-based solutions are helping address these issues.

Here’s a snapshot of some recent notable B2B API news:

As several financial services companies take their business operations internationally, tools like escrow and blockchain-powered solutions are finding openings to make cross-border commerce proceed at a smoother pace.

Escrow payment solutions in particular are being seen as a way to help companies manage the risk involved with international B2B payments. For example, Payoneer is offering its clients an integrated escrow API solution to deliver its clients a secure eCommerce platform using a transparent payment environment. The Payoneer solution allows funds to be held in escrow until both parties are ready to agree to the terms of a transaction.

However, some recent reports are calling attention to the issues that companies engaged in international trade face and how B2B APIs could address those issues. First, a report from accounting software provider Tipalti found 63 percent of businesses said the lack of a “defined process” for making international B2B transactions is leading to a heightened risk of fraud and payment errors. But the issues highlighted in the report also indicate an opportunity for B2B API providers to shine by offering solutions to help companies confront the risk associated with cross-border payments.

More hackathon participants, more API solutions?

Speaking of solutions, some companies are opening up their API libraries to allow encourage developers from within and outside the organization to find new business solutions. For the May Tracker feature story, PYMNTS spoke with Dominic Venturo, executive vice president and chief innovation officer at US Bank, who discussed the company’s work with hackathons and how the events are prompting developers to produce new solutions that can have wide-ranging applications.

Take a look inside the May B2B API Tracker for the feature story, along with all the latest news and headlines from around the space.

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To download the May edition of the PYMNTS.com B2B API Tracker, fill out the form below…

About the Tracker

The PYMNTS.com B2B API Tracker, a FI.SPAN collaboration, serves as a monthly framework for the space, providing coverage of the most recent news and trends, along with a provider directory highlighting the key players contributing across the segments that comprise the B2B API ecosystem.