F E B R U A R Y 2 0 19

Tradeshift acquires Babelway, and SWIFT tests a pre-validation service Page 10 (News and Trends)

Page 6 (Feature Story)

APIs’ roles in connecting B2B marketplaces’ buyers and sellers Page 16 (Deep Dive)

C ROS S - B O R D ER PAY M ENTS ’

Pre-Validation Push

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ACKNOWLEDGEMENTThe B2B API Tracker™ is powered by Red Hat, and PYMNTS is grateful for the company’s support and insight. PYMNTS.com retains full editorial control over the findings presented as well as the methodology and data analysis.

WHAT’S INSIDE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Tech companies urge the Federal Reserve to provide a real-time payments rail and APIs to help them access it

FEATURE STORY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Manish Kohli, global head of payments and receivables with Citi Bank’s Treasury and Trade Solutions, discusses the bank’s participation in SWIFT’s pre-validation pilot program and how such a solution could remove payments frictions and lower costs for both customers and FIs

NEWS & TRENDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10The latest headlines from around the B2B API space, from Paya’s acquisition of First Billing Service to TrueLayer’s open banking API

DEEP DIVE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16How APIs help B2B marketplaces remove payment friction and improve buyers’ shipping experiences

ABOUT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Information on PYMNTS.com and Red Hat

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Demand for real-time payments seems unlikely to abate as new schemes pop up around the world. Twenty-five such systems were operational worldwide in 2017, and that number is expected to reach 56 by 2020.

In the U.S., recent discussions have centered on whether the Federal Reserve should launch its own faster payments rail alongside The Clearing House’s existing one. Major tech companies and retailers have urged the Fed to create its own system and to make sure that — if and when it does — it provides application program interfaces (APIs) to give them easy access.

Tech giant Google, which supports the Fed’s plan, pointed to India’s model as one to emulate. The country enables mobile apps to provide access to its own faster payments scheme and allow third-party developers to tap into the system. Amazon is also backing a Fed-run faster payments rail, recommending that the agency create APIs to give companies easy access so they can leverage it to develop new products and services.

Faster payments’ growth isn’t limited to the unveiling of new systems, however. Existing schemes are making more of an impact as new members continue to sign on and directly connect with services.

Players across the financial space, ranging from retailers to FinTechs, prize having direct access to faster payment rails instead of relying on others to do so. One such firm is FairFX, a payments group and online banking provider that recently announced it had gained direct access to the U.K.’s Faster Payment Services (FPS) rail. FairFX

had previous access to FPS transactions but could not process them in real time. Directly linking to the scheme will change that, and the company now expects to improve customers’ cash flows and provide certainty that payments have reached their destinations.

Retailers, tech companies, banks and financial services firms aren’t just looking at how APIs can help them move money domestically, either. Players around the globe are also eyeing APIs to help them more quickly shuttle money across borders.

AROUND THE B2B API WORLDHong Kong’s first API exchange is keeping its focus on cross-border payments. The Joint Electronic Teller Services Ltd. (JETCO) bank consortium launched the platform, which both provides more than 200 APIs and facilitates cross-border trade and payments to help users collaborate and develop new products.

UnionPay International is also hoping to encourage easier international trade. The company recently launched a platform that allows developers to access a number of its APIs for cross-border mobile internet payment products and services.

Meanwhile, U.K.-based Railsbank Technology Ltd. aims to help its clients bring their services across borders. The open banking platform recently teamed up with U.S.-based Cross River Bank to help its clients expand into the American market using existing Railsbank integrations. The pair is also offering banking-as-a-service (BaaS) through an API interface.

What’s INSIDE

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CROSS-BORDER PAYMENTS’ PRE-VALIDATION PUSHSimple errors can cause cross-border payments to be returned to their senders. Providing incorrect account numbers, mismatching holders’ names and numbers, and routing payments to closed accounts all threaten to keep payments from reaching their destinations. These failed payments are then routed back through the various financial institutions (FIs) through which they traversed, incurring fees and leaving intended beneficiaries waiting for funds — all while senders are held responsible for their unpaid expenses.

Pre-validating the transactions’ information before payments are initiated could be just the fix, according to Manish Kohli, Citi Bank’s global head of payments and receivables. Citi is among 14 banks that will be piloting SWIFT’s API-based pre-validation program. In this month’s feature story (p. 6), Kohli explains how the solution could reduce costs and frictions, the steps Citi took to prepare for the pilot and what could help the solution become more widely adopted.

HOW APIs HELP B2B MARKETPLACES SERVE SELLERS AND BUYERSB2B marketplaces help corporate buyers quickly peruse offerings from a variety of sellers all in one place, and businesses are increasingly turning to these platforms to handle a range of tasks — from booking travel arrangements to meeting other procurement needs.

While such marketplaces can be lucrative, providers keen on retaining buyers and sellers must ensure their platforms are convenient by offering quick and easy-to-use search tools, enabling shipment tracking and delivering friction-free payments. In this month’s Deep Dive (p. 16), PYMNTS explores how APIs are helping them accomplish these goals.

ExecutiveI N S I G H TATMs are playing an increasingly important role for banks as many turn to the self-serve model, but the costs of owning and maintaining the hardware can quickly add up. How is Red Hat looking to help?

RICH FELDMAN,global director of financial services at Red Hat

“One that I’m working on actively now is an old [use case: ATMs].

It’s always been Windows [operating systems] imbedded in ATMs — 3.5 million of them around the world. The ATM 2020 initiative [is popular now], and a big part is to redefine how applications are built on ATM devices. The infrastructure component ... that is interesting to Red Hat is the move to Linux, because the cycles of the motherboards that Intel provides and the operating systems are shortening for Microsoft from five to three years. [This] means banks have to spend hundreds of millions of dollars — even billions — to support and upgrade their ATMs over a 15-year cycle.

We’ve begun work with a partner called KAL Software to develop a way to put rev on top of your Windows operating system as an extraction layer. You won’t have to redefine all of your APIs — the old APIs will work for your 15-year ATM cycle — and you eliminate three motherboard upgrades, save yourself hundreds of millions of dollars and get pennies on the dollar for a subscription to Red Hat virtualization. [We] can save [banks] millions in their hardware costs for pennies in their software costs.”

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$9TEstimated value of the U.S. B2B eCommerce market in 2018

200Number of APIs offered by Hong Kong’s new API exchange

15%Share of U.S. B2B sales expected via digital channels by 2021

14Number of banks participating in Swift’s pre-validation program

4.6%Portion of the U.S. digital ad market that comes from B2B digital ad spend

Five Fast FACTS

FEATURE STORY

Cross-Border Payments’ PRE‑VALIDATION

PUSH

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Global trade, commerce and the interconnected economy depend on reliable cross-border transactions, and issues with these payments affect everyone from consumers to large corporations. Such delays in business-to-business (B2B) cash flows can cause dramatic concerns for suppliers.

Even simple banking data errors can result in holdups. Providing incorrect recipient account numbers, routing funds to closed beneficiary accounts or mismatching numbers and names are just a few potential pitfalls. Payments that don’t go through are then sent back to payees, who could face fees from banks along the payment chain as well as serious settlement delays.

These kinds of industry problems don’t occur often, but they can be extremely inconvenient when they do, according to Manish Kohli, global head of payments and receivables with Citi’s Treasury and Trade Solutions.

“It isn’t an experience we feel is fit for the 21st century,” Kohli said.

Banking error-related pains are more likely to affect complicated cross-border payments across jurisdictions, time zones and languages, he explained, and all consumers and corporations could benefit from fixes to help prevent them.

There might be an end in sight, however. Citi is among 17 banks piloting an API-based solution to alleviate banking error-related delays. The SWIFT offering is designed to pre-validate SWIFT gpi payments, allowing participating senders to confirm beneficiaries’ account information with receivers via API calls and letting them correct any errors before initiating transactions.

PYMNTS recently caught up with Kohli to discuss SWIFT’s pilot solution and how it could remove friction from the banking industry. He also explained how it can lower customers’ payment costs and spare banks the expense of investigating error-related failed payment issues.

Feature STORY

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PREPPING FOR THE PILOTMost of the FIs participating in the pilot are large banks with either global or regional focuses. Kohli said the solution will roll out to smaller banks at a later date.

The program’s first phase would test use cases such as confirming whether beneficiaries’ accounts are open and validating them, thus creating a smoother payments experience and providing certainty that

disbursements will be credited as intended. It is slated to launch during the first half of 2019, although the exact date depends upon banks’ preparedness to integrate.

“We expect this will eliminate a large percentage of the current rejects and fails and, as a result, will also reduce the associated interbank investigations and

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F E A T U R E S T O R YF E A T U R E S T O R Y

manual processes, taking much of the friction out of the process,” Kohli said.

Citi expects integration with the pre-validation service to be straightforward for the banks already live on SWIFT gpi. These FIs can choose how the service is presented to their clients, and Citi intends to provide the solution within its own Citi Payment Insights real-time platform.

REACHING UBIQUITYThe pre-validation solution must be ubiquitous as well as robust if banks are going to get the most out of it, Kohli said. As such, banks of all sizes would need to adjust their technologies to access it.

While he did not expect the technological preparations to be very onerous for banks, Kohli noted that the challenge lies in encouraging already-busy FIs to prioritize adopting the solution.

As pre-validation solutions emerge and spread, they are expected to help alleviate friction and enable FIs to offer more convenient cross-border payments. These goals are critical in today’s hyper-connected digital world.

Under TheH O O D

What would indicate success in the SWIFT solution pilot?

MANISH KOHLI,global head of payments and receivables with Citi’s Treasury and Trade Solutions

“Normally, you look at a pilot and the success

criteria is, ‘Is it solving a problem for clients?’

Based on our experience, we think it will.

In my opinion, the success of this pilot will

lie in identifying the learnings that help us

deploy, implement and scale the solution in a

faster manner.

The principle objective is to rapidly achieve

ubiquity. To be successful, all banks on the SWIFT

network need to be able to use this capability.

Just like gpi is on the path to scale and ubiquity,

we would like to see this as a capability that

rides off gpi.

Learnings that help us deploy this faster,

understanding the challenges up front and having

strategies for answering those challenges — not

just for us, but for the community — will determine

the success of the pilot.”

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Cross-border solutionsHONG KONG ANNOUNCES API EXCHANGEManaging payments can present many challenges for cross-border commerce. Merchants must not hedge against foreign exchange (FX) volatilities, but they also need to account for cash-flow delays that can cause ripple effects in their supply chains.

JETCO is taking aim at these issues by launching a new API exchange in Hong Kong. The JETCO APIX Exchange platform features more than 200 APIs from 13 banks and supports buyers’ and sellers’ cross-border payments. It connects players like banks and third-party providers (TPPs), helping them foster stronger business relationships by enabling product and service information sharing through easy API integrations in a secure, standardized environment.

“These APIs cover product and service information including deposit, foreign currency exchange, loans, investment, insurance and other general banking services such as safe deposit box, branch and ATM,” the company said in a statement.

UNIONPAY INTERNATIONAL OFFERS MOBILE INTERNET PAYMENT PRODUCT APISMeanwhile, JETCO strategic investor UnionPay has made an announcement of its own. Its UnionPay International subsidiary is launching an open platform, called UPI Developer, providing developers worldwide with access to 18 of its cross-border mobile internet payment products. The solution makes available popular UnionPay International APIs, such as QR code payments and in-app Apple Pay. Developers can use such offerings to more easily and affordably incorporate UnionPay’s technical services into their own solutions, according to the company’s press release. UPI Developer also features API combinations intended to give partners one-stop payment solutions access, while offering support services like technical guidance and product testing.

ASCEND MONEY WINS RED HAT AWARD One-stop platforms are also helping another major player in Asia more efficiently scale and develop solutions. Ascend Money, a Bangkok-based FinTech catering to underbanked Southeast Asian populations,

News andTRENDS

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had long struggled to coordinate the creation and delivery of its more than 400 developers’ applications across offices in Cambodia, Indonesia, Myanmar, the Philippines, Thailand and Vietnam. The company deployed a Red Hat solution in May 2018 to help it more quickly and efficiently deliver application services and better serve its 20 million users. Offices in different countries previously followed their own application deployment styles, preventing them from adopting each other’s offerings and causing inefficiencies.

The new approach appears to be creating tangible differences for Ascend Money. It won a Red Hat Innovation Award in January for its use of the solution, which leveraged Red Hat Enterprise Linux, Red Hat OpenShift Container Platform and Red Hat Satellite.

RAILSBANK AND CROSS RIVER BANK ANNOUNCE BAAS APIEfforts are underway in the U.K. and U.S. to extend banking services across borders. U.S.-based Cross River Bank, which serves FinTechs, and U.K.-based regulation technology services and open banking platform Railsbank Technology Ltd. recently partnered

to provide BaaS via a single API interface. The collaboration enables the companies to use each other’s platforms and integrate their FinTech offerings internationally.

The integration also allows European Railsbank customers to expand their U.S. presences via the firm’s API-powered banking and payment processing services, according to a press release. Cross River CEO, founder and president Gilles Gade stated that Railsbank will provide international customers with services such as cross-border cash payments and disbursements.

Real-time payment schemesTECH COMPANIES ADVOCATE FOR REAL-TIME FED RAIL WITH API ACCESS The Federal Reserve recently sought feedback on whether to provide its own real-time payments system, and some major tech firms, Google among them, have voiced their support. The tech giant’s feedback

News andTRENDS

N E W S A N D T R E N D S

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stated that India should serve as an example of what real-time payments and public-private partnerships can achieve, as the country’s Unified Payments Interface (UPI) enables licensed third-party developers to access its Immediate Payment Service through APIs. India’s Google Pay users can directly transact between bank accounts, thanks to the mobile wallet’s UPI compatibility. Google Pay supports real-time person-to-person (P2P) and person-to-merchant (P2M) payments, and the company has said its app helped popularize UPI adoption.

Amazon also voiced support for a Fed-run real-time payments solution. The eCommerce giant noted it could leverage such a U.S.-based rail — providing secure, inexpensive faster payments access — to create new products and services, and proposed that the Fed develop “technology-flexible” APIs for this

purpose. Financial software services provider Juniper Payments also encouraged the agency to create APIs or interface standards that allow access to the system, should it create one.

FAIRFX BECOMES DIRECT FPS PARTICIPANTIn the U.K., international payments group and online banking provider FairFX Group PLC has gained direct access to the country’s real-time payments scheme. The company announced that its subsidiary, Spectrum Payment Services, was granted Bank of England (BoE) settlement accounts, a move that gives it direct Faster Payments Service (FPS) access via BoE’s New Access Model. This makes FairFax just the fourth non-bank to join the FPS rail. It processed more than 1 million FPS transactions in 2018, and can now handle settlements in real time.

FairFX CEO Ian Stafford-Taylor said in a press release that the move allows the firm to “streamline the payments supply chain, deliver lower payment-processing costs, improve customer experience and facilitate product iteration.”

Open banking BLUESTONE TAPS OPEN BANKING FOR MORTGAGE LENDINGThe U.K. is also seeing developments in open banking as some mortgage lenders look to move beyond credit scores when making decisions about applicants. Bluestone is one such company hoping open banking will help it get a closer look at its customers, currently leveraging a service from credit reporting firm Experian to support a recently launched pilot solution. Bluestone’s customers can use the offering to provide

N E W S A N D T R E N D S

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their banking transaction data, enabling the lender to view their incomes, spending patterns and other details to make more informed decisions. Access to customers’ information would reportedly be enabled within minutes, and Bluestone expects the service to also speed up mortgage processing and more quickly facilitate lending decisions.

Bluestone CEO Peter McGuinness said open banking-supported innovations will “change the landscape for specialist lending, particularly in areas of affordability assessment and expenditure patterns, whilst at the same removing a lot of friction associated with a traditional mortgage application process.”

TRUELAYER OFFERS OPEN BANKING APILondon-based developer TrueLayer is working to provide banks with its own consumer and business payments API, recently announcing a publicly available beta version to enable open baking and Revised Payment Service Directive (PSD2) payments. The solution is designed to facilitate goods and services payments as well as support money transfers, and aims to provide secure, swift alternatives to bank transfers, credit and debit card payments and traditional payment processors. TrueLayer’s API reportedly supports immediate settlements that make funds accessible just minutes after transactions have cleared.

The API began beta testing with digital wealth manager Moneyfarm and 11 other companies. TrueLayer intends to release an updated version later this year, offering new features that would enable standing orders, batch payments and future-dated payments.

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BIOCATCH HIGHLIGHTS NEW CYBERCRIMINAL THREATS WITH OPEN BANKING Not everyone is greeting open banking with open arms, however. Even as three-quarters of U.K. business respondents expect to benefit from the measure by 2020, cybersecurity company BioCatch and others are urging caution. Corporate treasury departments are tempting targets for fraudsters because they frequently make high-value transactions, BioCatch said.

“Wire transfer fraud is of particular concern for corporate treasury,” the company wrote. “With instant payments, fraudsters can not only move funds from legitimate users to themselves quickly, [but] they can divert them just as fast. By the time the fraudulent activity is noticed, the stolen funds are nearly untraceable and may be impossible to recover.”

APIs used to facilitate open banking and give TPPs access to data have given fraudsters new opportunities to target banks, BioCatch added.

“For example, a fraudster that takes over a user’s account on a TPP can then use that account to initiate fraudulent transactions with the connected bank,” the company noted.

Serving SMBs CREDORAX TAPS TEMENOS’ T24 TRANSACT Open banking advancements are also prompting financial services companies like Credorax to delve deeper into the space. The merchant acquiring company recently sought to bolster its offerings via a new partnership with banking software firm Tenemos.

The former holds a commercial bank license from the Malta Financial Services Authority, according to a press release, and is turning to the latter for a solution to help it offer banking services and cross-border payments to small- and mid-sized businesses (SMBs). Credorax recently announced that it had selected Tenemos’ T24 Transact open banking platform, which runs on Microsoft Azure Cloud, and has used the solution to create a “fully API-centric technology ecosystem.”

XTM ANNOUNCES NEW SMB SOLUTIONSGlobal card issuer XTM recently announced a new payment card, called the Today Card, aimed at giving SMBs quicker access to funds. Merchants using this instant merchant settlement (IMS) solution with a mobile bank account can instantly access their sales funds instead of waiting two or three days for debit card transaction payments, according to an XTM press release. These access capabilities apply to funds such as bill payments, transfers and cash obtained at ATMs. The IMS solution also eases cash-flow issues by providing merchants with low-cost fund access. Payment processors, acquirers and independent sales

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organizations can use a B2B API integration to extend the offering to their merchant clients.

“IMS provides merchants with instant access to their sales dollars, just like a cash transaction,” noted XTM CEO Marilyn Schaffer.

Entering acquisition COINBASE ACQUIRES BLOCKSPRINGOne U.S. startup is slated for acquisition. San Francisco-based Blockspring creates software to facilitate API data collection and processing, helping companies create lists and repositories for marketing and sales, reporting and recruitment purposes. The startup was recently acquired by online crypto exchange Coinbase for an undisclosed amount. Blockspring’s software products will continue their normal functioning, and the company will operate independently.

PAYA INKS DEAL FOR FIRST BILLING SERVICEIn another acquisition, First Billing Service (FBS) was purchased by B2B payments company Paya for an undisclosed amount in a deal that will enable the latter to provide its clients with new commerce solutions. Paya said in a press release that it will integrate FBS’ online billing and software offerings into its Connect API suite and portal.

Meanwhile, FBS — which provides electronic bill presentment and payment solutions to municipal governments and utilities — will receive capital and resources to fuel its offerings and support its expanding customer base. CEO and founder Pat Dorsey said the company can now provide

its current clients with a greater spread of customized solutions.

This isn’t Paya’s only recent acquisition, though. The company acquired Stewardship Technology in November 2018 in a move to enhance its participation in the faith-based and nonprofit verticals.

Consumer payments SWIFT ANNOUNCES ‘PAY LATER’ API STANDARD Global financial messaging service SWIFT recently launched a new API standard supporting “Pay Later” services for eCommerce shoppers. The model allows consumer to pay for goods or services in installments instead of all at once. Platforms supporting Pay Later offerings provide consumers with loan and repayment schedule options during eCommerce checkout. Consumers who opt in then receive loans from regulated banks, which immediately pay merchants in full.

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The U.S. B2B eCommerce market is soaring. It was worth an estimated $9 trillion in 2018 alone, and a growing share of companies are now exchanging goods and services through B2B marketplaces.

These platforms aim to provide streamlined shopping experiences for corporate customers, allowing them to find services, compare prices and make purchases or bookings in one spot. Enabling such buying experiences has increased the popularity of B2B marketplaces across industries, from goods procurements to travel, helping businesses book flights, secure hotel rooms and rent cars.

B2B marketplaces bank on drawing customers to their platforms by offering convenient shopping experiences, much as consumer-focused eCommerce sites do. As a result, sellers are attracted by the opportunities to market their goods and services to these platforms’ ready customer bases, and they are willing to pay marketplaces to do so. In fact, 75 percent of marketing executives say selling through online marketplaces allows companies to directly reach customers where they prefer to shop.

B2B marketplaces that can deliver seamless shopping and buying experiences stand to generate significant revenue from their sellers. eCommerce giant Amazon boasted more than $10 billion in annualized sales from its Amazon Business B2B marketplace in February 2019, up from $1 billion when it launched in 2015. Moreover, half of the segment’s $10 billion in sales came from third-party sellers, netting fees for the company. Amazon charges its merchants a monthly $39.99 subscription cost in addition to selling fees that vary by item category.

Marketplaces that hope to remain competitive must continually justify charging sellers fees or risk losing business, and 31 percent of sellers cite service costs as reasons to leave marketplaces. Platforms keen on winning and retaining both buyers and sellers must make it easy for the former to not only find items, but also to pay for and receive them. Twenty-nine percent of merchants said they would leave platforms without enough registered buyers, and 49 percent of consumers claimed they would abandon marketplaces that tacked on shipping costs and sellers’ fees.

DeepDIVEHow APIs Help B2B Marketplaces Serve Sellers And Buyers

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DeepDIVE

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There are solutions that can ease these pains points, however, and APIs can help providers offer smoother payments and delivery experiences. One such platform-focused offering includes a customizable Braintree payment module that enables credit card payments without redirecting customers to other sites. It includes automatic chargeback management, merchant account creation capabilities, anti-fraud tools and more. Another solution, PayPal for Marketplaces, intends to facilitate aspects such as taking seller fees and commissions, while Dwolla supports marketplaces taking in payments and then disbursing automated ACH transfers to sellers.

Meanwhile, shipping-related APIs can help marketplaces offer better product delivery experiences and provide real-time shipment tracking, order

management, access to a selection of carriers and shipping label printing options, among other things.

Once the products have been delivered and transactions are complete, marketplaces often prompt customers to rate their products and write reviews. These interactions can help foster trust in platforms and the items they sell, and rating and review APIs can help platforms manage and quickly respond to critiques, answer questions or address complaints.

B2B marketplaces can offer compelling revenue streams for platform providers that offer smooth and convenient services. As they work to please both buyers and sellers, such platforms would be wise to enhance their offerings through APIs.

D E E P D I V E

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FEEDBACKIf you have general feedback or questions, please contact us at B2BAPITracker@pymnts.com.

PYMNTS.COM PYMNTS.com is where the best minds and the best content meet on the web to learn about “What’s Next” in payments and commerce. Our interactive platform is reinventing the way in which companies in payments share relevant information about the initiatives that shape the future of this dynamic sector and make news. Our data and analytics team includes economists, data scientists and industry analysts who work with companies to measure and quantify the innovation that is at the cutting edge of this new world.

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