Banks need strong application programming interface (API) strategies if they want to retain their business clients. Business to business (B2B) APIs enable financial institutions (FIs) to give their business customers a wider array of services, by enabling them to pull banking data into third-party accounting software and other services. Failure to provide such opportunities could lead to customers leaving for FIs that will cater to these needs.
The January “B2B API Tracker®” covers the latest developments in the space and explores how banks are tapping APIs to streamline business banking and provide better B2B payment services.
Around The B2B API World
FinTech Revolut is seeking to cater to small- and mid-sized businesses (SMBs) that may not have accounting specialists on staff. Revolut aims to support these businesses’ needs by using an open banking API for directly connecting clients to the Intuit QuickBooks Online accounting platform.
Rho Technologies is also focusing on providing SMBs with API-integrated banking services that connect to back-office software. The company announced a new platform that links into accounting software Xero and messaging service Slack.
APIs are also helping startups get off the ground. These fledgling businesses need to get banked quickly after incorporating, but often face delays when seeking to do so. Singaporean bank OCBC is taking aim at that wait time, however: The FI is using API integration to quickly validate startups so that they can then open accounts right away.
For more on these and all the latest headlines in the space, download the Tracker.
How APIs Help Banks Flexibly Serve Businesses
Businesses use a variety of platforms and tools to handle their daily spending, including accounting software, banking platforms, B2B eCommerce sites and more. Having to switch back and forth and log in and out of these separate systems can be a friction-filled process, however. Banks can ease these pains by embedding banking services into the other platforms to make using different systems more seamless.
In this month’s Feature Story, Imran Haider, executive vice president of open APIs at Wells Fargo, explains how FIs can use API integrations to provide business clients with smoother cash flow management, faster payments and, above all, more convenient experiences.
Read the full story in the Tracker.
Deep Dive: Why Banks Must Upgrade Their API Strategies For SMBs
APIs and open banking initiatives can open up new opportunities for SMBs. Small businesses in the U.K. are taking notice, yet there has not been that same level of uptake on the global stage. Too many SMBs still report that they do not fully understand APIs or the technology’s potential, but FIs can help show them the value. This month’s Deep Dive investigates SMBs’ current relationships with open banking and how FIs can use APIs to recruit more SMB clients.
Download the Tracker to read the full story.
About the Tracker
The “B2B API Tracker®,” powered by Red Hat, serves as a monthly framework for the space, providing coverage of the most recent news and trends across the B2B API ecosystem.