Open banking is shaking up the financial industry and is poised to revolutionize the way banks share data with each other as well as with third-party app developers, FinTechs and payment providers. Open banking — a system in which banks allow third parties to freely access their data to develop new...
B2B payments are often complicated by incompatible systems that delay transactions and add additional fees. Embracing open banking can help, but many financial institutions have core systems that weren’t designed to support APIs, says Gareth Gaston, executive vice president at U.S. Bank. In this month’s...
B2B payments account for $25 trillion in the United States each year, but these transactions are often fraught with frustrations and challenges. Studies have found that B2B invoices take an average of 37.4 days to settle, a pace that is largely due to the business...
Call it healthcare’s $8.5 billion problem. That’s how much is lost by U.S. drug manufacturers amid a cumbersome pricing and discounting system that is anything but transparent. As Jeremy Docken, CEO and founder of Kalderos, told Karen Webster, that waste is due in part due...
That “digital transformation” you can’t stop thinking about is made possible by droves of application programming interfaces (APIs) — clever lines of specialized code that foster interconnectedness and new consumer experiences. It’s happening in the B2B space as well, and not a moment too soon,...
Application Programming Interfaces (APIs) are essential for B2B payments as they are able to process these transactions in a fraction of the time it would take to transfer funds via wire or paper check. Eighty percent of U.S. banks were exploring real-time payments as of...
APIs have drastically accelerated B2B payments, but with automation comes more risk, ranging from credential abuse to SQL attacks. Such lapses in security, according to Nordea Bank executives Tino Kam and Ulrika Claesson, often result in payments being intercepted by bad actors and a betrayal...
The role of application programming interfaces (APIs) in banking and B2B payments has grown progressively larger over recent years, especially overseas. The United Kingdom has more than 200 providers developing APIs, for example, and these developers made 200 million requests for bank data via APIs...
More individuals and businesses than anticipated are turning to FinTechs for their financial needs, as the demand is possibly accelerated by the coronavirus pandemic. As financial institutions (FIs) scramble to meet the rising demand for digital, Plaid is releasing a new solution to help banks...
