Are the stars aligning for companies to make API investment a top priority? The April PYMNTS.com B2B API Tracker™, powered by FI.SPAN, looks at how companies engaged in cross-border trade are turning to API solutions to reduce the friction that some players encounter when engaged in cross-border trade.
A Passport to Simpler X-Border B2B Payments
Over the past few weeks, several companies made investments in APIs with a focus on improving the flow of cross-border trade. Some of the strongest developments have been made by FinTechs and venture capitalists, who have invested in the development of solutions that include APIs and real-time data tools that are focused on removing friction from financial transactions.
Among the bigger investors in improving B2B commerce include Google’s investment division GV, which recently participated in the financing rounds of two different startups, Currencycloud and Veem (which recently changed its name from Align Commerce). The companies raised a combined $49 million to expand the global reach of their operations.
Speaking of expansion, Tradeshift announced it will acquire IBX Business Network from Capgemini. The move could lead to the development of the largest global B2B commerce platform and facilitate connections between 1.5 million businesses and 500 global enterprise customers. The development of the B2B marketplace could be the start of bigger developments in international trade. According to recent research from Saxo Payments, various FinTech companies are struggling to meet their clients demands for international payments, which suggests now is an ideal time to invest in solutions that reduce the friction involved in cross-border payments.
Additional research supports the call to improve the pace of cross-border payments through standardization. A new survey by Nordea finds a majority of surveyed companies identify the lack of standardization as their biggest obstacle, with some companies working with at least five banks to address their payment and collection needs.
Is the Strength of APIs Unnoticeable Disruption?
One of the latest companies to invest in treasury management APIs is financial management firm Citi. For April’s B2B API Tracker™ feature story, PYMNTS sat down with Mayank Mishra, managing director and global head of Channel Services for Citi’s Treasury and Trade Solutions, about the factors driving companies to invest in APIs and why the solutions are “taking a leap over applications.” Mishra discussed how changing company needs are spurring investments in API solutions.
Check out the April Tracker for the full feature story, as well as more news and headlines on how companies are investing in APIs and B2B solutions. Plus, a collection of notable headlines from the API ecosystem and eight new providers in our directory: CrowdPay, Flywire, OpusCapita, Saxo Payments, Stripe, Traxpay, VantageB2B and Viewpost.
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About the Tracker
The PYMNTS.com B2B API Tracker™, powered by FI.SPAN, 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.
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