Being successful in the world of B2B financial transactions is no longer purely about the mechanics of processing a payment. These days, the true value lies in the connections between payments and data. This means connecting existing corporate and banking systems so that transactions can be closely monitored, as well as understanding any triggers that set-off a change.
Being able to adapt the payment to any changes in the data is of utmost importance for success, as well as having the ability to continuously maintain synchronicity with all systems for buyers, suppliers, and third-party operators.
So, how is all this possible…?
The API Economy
It is only through the use of Application Programming Interfaces (APIs) that any of the above-mentioned connections and synchronicity may be maintained. If you’re in the world of finance – especially FinTech – then you have undoubtedly come across APIs at some point. And for good reason. They are the glue, the links, and the backbone that keep B2B digital transactions in intelligible order.
Put simply, APIs are the interfaces that lay out the rules for how applications talk to one another. They are absolutely critical because they communicate data about payments.
LetsTalkPayments.com recently commented on payments APIs that rocked 2014:
“The payments industry is embracing a range of disruptive payment systems that are changing the way we pay, especially as digital payments become mainstream. But the core of the payments systems is something that should not be ignored. A large [number] of developers are coding away to develop the next generation of payment experiences. All of this is supported by powerful APIs that payments companies have specially designed to enable the creation of digital and futuristic platforms for payments innovation.”
With the increasing utilization of mobile technologies and, of course, the cloud, there is an unlimited wealth of opportunities for new business development in what has become the API economy. There are already plenty of established businesses that have been reaping the benefits for years, and the number of public and private APIs continues to grow. According to VentureBeatNews.com, the number of open APIs is expected to reach 30,000 in 2016. These are free for anybody to use. Any business can consume and enrich the data and services APIs offer, which certainly levels the competitive playing field for businesses of all sizes.
The cloud rains down a world of opportunities for smart businesses. It offers low costs, smart technologies, and user-friendly interfaces of all kinds. Cracking the code of the API economy involves utilizing everything that the cloud has to offer – and that means looking there for your payments solutions as well.
APIs allow businesses to leverage on-premise and cloud-based runtime environments, where data extraction can be integrated completely into the supply chain at every point. These ongoing and dynamic connections between payments and data are where the true value lies for businesses who are flexible enough to create unique, non-bank business models and networks – like what Traxpay provides. Only these will enable access to the technologies and APIs that can retrieve the crucial data to make the meaningful and valuable connections to payments right along the supply chain.
For example, Traxpay can provide a whole range of payment APIs that can create or change payments data quickly and efficiently, and these are ready to integrate straight into your ERP system. With Traxpay APIs, you can instantly make HTTP request calls to our B2B Dynamic Payments platform, which will allow you to manage your transactions every step of the way. You can even do this when processing large volumes of payments. Any kind of data is available with the Traxpay open API concept – Approval APIs, Invoice Payment APIs, Master Data APIs, and many, many more.
The more data that a business can get its hands on, the more streamlined its payments processes, and the more value that is released. It’s that simple.