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LATAM Banks’ Digital Journey Starts With The Value Chain

As originally published in PYMNTS. Moving from cash to digital in Latin America is a process that requires not only the right technology, but the right types of partnerships and use cases between banks and FinTech firms, built on trust. That process, and making sure it works profitably, were among the main themes of the latest PYMNTS “Monday Conversation” series. Anabel Perez, CEO at NovoPayment, talked with Karen Webster about the digital payment progress in a region with more than 630 million consumers and at least two globally significant economies: Brazil and Mexico. NovoPayment offers financial and transactional services through a cloud-based platform, the company said. Its clients include banks, financial institutions (FIs) and others throughout the Americas. So what are FIs in Latin America hunting for as pressure builds to go ever more digital in both B2C and B2B? First, capturing more deposits, Perez told Webster. What bank doesn’t want more consumers and businesses to put more money into their accounts? Second, building new relationships, which can then add revenue boosts to balance sheets. The strategy for pushing banks further into digital first involves getting those FIs to focus on the value chain — that is, working from the customer back. “We show [banks] that they can deliver better financial services within their customers’ own value chains,” Perez said. “That seems like a new concept to many of the bankers you talk to, but it’s actually at the heart of open banking and digital transformation.” That’s only the start. Trust matters in any business relationship. FIs in Latin America need confidence that FinTech firms — operating along the frontiers of Latin American payments and commerce — are not there to poach customers, but to sell technology, software and services designed to help banks make the move from cash to digital, as well as better serve customers and advance their own relationship banking strategies. Done correctly, FinTech companies and FIs help each other find deeper wells of profit. Perez said it also helps to be able to prove the tech that FinTech firms bring is secure and compliant, as well as to understand how FIs think. That in particular, Perez said, is something that NovoPayment considers one of its competitive advantages. “We have a banker’s mindset,” Perez said. “We have origins in banking. In some cases, we may surpass their own standards.” That said, Perez emphasized that getting FIs to buy in doesn’t happen overnight, given the complexities of working with and across the different stakeholders in a bank. She said it takes time for bankers to understand there are newer models of doing business that, in certain cases, involve a hybrid of traditional practices, such as mobile and API delivery methods — which involve working in partnership with FinTech businesses to make progress happen faster, and scale faster. Perez said she and her team have found that helping these banks identify a few “quick wins” that will result in near-immediate revenue gains can help establish that trust and get a project started. “First and foremost,” Perez said, one must bring more collaborative and API-enabled models to banks, and new payment propositions that have a solid, documented track record that shows the banks how that solution can scale, or be applied to new use cases. Banks always want better margins, after all — a prime goal of an FI’s board of directors – along with evidence of digital transformation. From a NovoPayment perspective, Perez said that since they understand cash management and how the money and data can flow to and from the bank, they can help them find a “quick win” project that delivers a benefit consistent with the reality of their clients’ businesses. On that score, she said, there are many proof points. “We are seeing positive growth in some markets,” Perez said. She offered an example of an unnamed client enjoying a 2,000 percent compound annual growth rate (CAGR) in new deposits via projects that completely replace cash. “It’s a double win for the bank,” she said. Citing mass payments for gig workers as a proof point, Perez said banks gain revenue streams by giving their enterprise customers new ways to digitize the payments services they offer to their consumers. That keeps the customer sticky to the business which, in turn, keeps the business loyal to the bank that provided the capability. It is a circle that Perez said is proving virtuous for NovoPayment. “Banks are calling us to see how they can capture those types of relationships,” she said. ...
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Latin America’s Potential for Fintechs

Latin Trade interviews Anabel Perez, CEO & Co-Founder of NovoPayment. Established more than a decade ago, NovoPayment provides financial and transactional services solutions to banks and corporations. The company, which operates throughout most of Latin America and serves more than 2.5 million end users, has built landmark alliances with multinationals such as Visa, while providing innovative cash management and payments alternatives for big clients like airline Avianca and Banco Pichincha in Colombia, and rising stars such as Rappi, a fast-growing delivery company. Venezuela-born Anabel Pérez, NovoPayment CEO & Co-Founder, has more than 25 years of experience in banking. She is a recognized professional for her achievements in the industry, most recently for her endeavors in financial inclusion in Latin America.Anabel Pérez, CEO & Co-Founder, NovoPaymentWhat is the main impact that fintechs are having on banks and consumers? Fintechs are helping to drive much-needed innovation across a range of different financial services. I say “much-needed” because companies’ and consumers’ realities—the way entire industries and people operate their business and their lives—have changed considerably over the past few years, while the financial services industry has changed little by comparison. In our case, we’re changing that by enabling banks and financial institutions with the open banking and (Application Programming Interface) API-based technologies that … Read the full interview at Latin Trade. ...
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Interview with Anabel Perez, CEO of NovoPayment

As originally published in Edgar, Dunn and Company. EDC’s Shanta Paratian met with Anabel Perez, CEO of NovoPayment. Miami-based NovoPayment enables financial services and payments innovation throughout the Americas through a cloud-based, bank-grade platform that supports disbursement, collection and other digital financial services. Working with a variety of regional businesses and financial entities, including MasterCard, NovoPayment uses its own technology and applications to provide a range of services to banked and unbanked individuals and small businesses in Colombia, Mexico, Peru and Venezuela. NovoPayment was founded in Caracas, Venezuela, in 2004 and moved its headquarters to Miami in 2007. What are the top opportunities in Fintech in Latin America? The top opportunities in Latin America that we’re pursuing are enabling banks and FIs around real-time payments, digital mass payouts and cash-in services that touch a variety of end-user verticals, and are ultimately born out of collaborations between Fintechs, banks or FIs, acquirers and others. Being such a cash-intensive region, these are the kinds of B2B and B2B2C financial services that liberate local and regional CFOs, treasury executives and their workforces of notoriously slow, costly (insurance, logistics, transpiration), labor intensive and opaque transactions. They allow our clients to extend value by maximizing visibility and the business customer’s ability to redeploy their cash on hand in markets with relatively high interest rates. In short, a differentiated product and superior customer experience. Each day, these solutions, fundamentally aimed at capturing new deposit and transaction flows for their ecosystem participants, are more and more API-driven. How will payments evolve in the region for the next 5 years? I think we’re approaching a tipping point in terms of digital payments technologies in the region, due largely to the adoption of the kinds of APIs I mentioned. Private APIs, Partner APIs and Open/Public APIs are becoming the links that connect new value chains and ecosystems in financial services. Over the next five years, we see banks, financial institutions and others collaborating more closely with Fintech’s – largely behind the scenes and unnoticed by end customers. I think the notion that Fintech’s are some kind of existential threat is already waning. It’s also interesting to see is how the business dynamic is changing. While you do have banks proactively working with Fintechs, you also have technologically savvy corporate clients asking their banks for these services, which often prompts the approach to the Fintech. And, you’re starting to see it the other way around, where for example, the company’s developers try actual services via our API portal, and then go looking for a bank that will work with us to deploy and become part of our ecosystem. How is NovoPayment different to other players in Latin America’s Fintech space? I think we’re different in a few key ways. First, we started in a bank and were spun off as a technology company so; we intimately understand the realities faced by licensed, regulated institutions. It’s in our DNA. We’re also a more mature company — a scale-up rather than a start-up. Also, I think our 10-plus years of experience and more than 70 deployments, working in-market with issuers, program managers and banking agents allow us to see the whole picture — from the ground up and from end to end. In such a complex business, this makes us better partners in that we’re able to catch things that others might easily (or disastrously) miss. It’s also fair to say that our regional footprint, number of direct integrations and Developer Hub (API portal) set us apart. This combination, I think is unusual among Fintech’s in that many are technologists and developers first, often with little or limited inside FI experience, have a shorter term, exit-oriented company and business view, and perhaps a very narrow role or area of expertise. What do you do in your spare time? What are your hobbies? I love to read. Periodicals, fiction, non-fiction, 10Ks – everything! Covering such a broad region, I tend to spend a lot of time in airplanes and such, so it’s a way to enjoy time that is otherwise not so enjoyable.  I guess you could say my hobby is satisfying my own curiosity! ...
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How APIs are Driving Valuable Opportunities in FinServ

As originally published in NearShore Americas. Kevin Fox, EVP at Novopayment, breaks down why the payments and financial services sectors offer notable opportunities for more advanced API practices, especially in the Americas. It seems that APIs (Application Programming Interfaces) are becoming all the rage in certain circles these days. What used to be a relatively obscure programming term is regularly discussed today in the context of business models, strategy, and revenues. While it’s true that there is nothing new about APIs or monetizing them, what is becoming increasingly apparent is that their presence and relevance in an ever-expanding field of industries compels us to understand them better – along with the evolving opportunities they present. Two markets of particular interest, and relative newcomers to more advanced API practices, are payments and corporate financial services. These historically closed sectors (from an information technology point of view) offer notable opportunities, especially in the Americas where disparate infrastructures and cash-heavy business processes present ripe opportunities for the kinds of ecosystems and customer experiences that APIs enable so well. For example, think of all the CFOs and treasury executives across our markets (and their regional HQs) relishing the thought of unsaddling themselves and their workforces of slow, opaque and labor-intensive transactions and embracing real-time payments, digital mass payouts and cash-in services. Learning from the Giants But, where did all this come from and where is it going? Digital natives and online businesses like Amazon, who launched their standard-setting web services platform for developers in 2002, and Apple with its App Store (2008), helped establish best practices for the kind of ecosystems that, in the latter’s case, has generated a jaw-dropping US$70 billion-plus in revenues for developers worldwide, since its launch. Yes, it took a lot to get there, but the point is that commercializing and monetizing APIs is, and will always be, about companies working together to create more value than they could otherwise achieve independently. The trick for traditionally analog-native businesses like financial services, and for the would-be ecosystem players that will propel the industry forward, is figuring out where new value can be created by delivering improved productivity and experiences. By joining forces with others that can help integrate and orchestrate existing data and services to implement new processes, these businesses can create this new value in a streamlined manner. APIs as a Primary Revenue Source Some people are surprised to learn that OTA Expedia generates about 90% of its US$2 billion in revenue from APIs. Skeptics will point out that it’s a consumer brand and that B2B companies have very different obstacles in doing business with one another. But, what about a company like Salesforce? Nearly 50% of the SaaS pioneer’s US$3 billion in revenues come through APIs, and most of its traffic as well. The payments space is looking to exploit these new models, and particularly in the B2B cross border space, companies around the world, from China to Colombia, are making investments to remove the notorious friction and lag times that have come to characterize these and other business transactions – especially in emerging markets. You’re too late in the game, you say? If recent studies and trends in the broader market are any indication, there is still a very, very big Greenfield to address — McKinsey & Company estimates that the number of public APIs (not to mention private ones) will triple over the next 12 months. Adopt an API-first Mindset Of course, for IT services companies and BPOs in particular, creating new value by leveraging the assets they have today is a multi-faceted process. It requires a multi-disciplinary approach involving people with knowledge and command of the data and services deep within your systems, as well as those with an integral understanding of the inconveniences and pains that they remedy for others, and at what a price. It also involves creating developer-friendly tools like API portals where others can consume, satisfy or add value and further monetize their own assets. In these endeavors, developers are key, and creating and launching a developer portal, while not a small feat, is easier today than ever. Experience teaches us that the keys to success involve picking the right APIs, delivering a great experience, creating and energizing a developer ecosystem, and simplifying how they make money. Successful, experienced companies will tell you that monetizing APIs is about much more than charging for calls (per event). You need to set a clear strategy and a business model (e.g. unit-based, tiered, pay as you go, transaction fees, revenue sharing, etc.). Focus on the quality of your APIs, measure their performance often and promote an API-first mindset inside and outside of your organization, and get relevant executives actively engaged and supporting their use as something important to the business. Note, there is little benefit to waiting. In fact, money flows have already started to shift in ways that may not yet be perceptible in particular industries and geographies. McKinsey’s own analysis states that as much as a US$1 trillion in economic profit could be ‘up for grabs’ through the redistribution of revenues across sectors due to APIs. Love Thy Developer In our own company, we’re placing bets on B2B payments across the Americas and in sectors such as travel, eCommerce, and gig / shared economy companies. We’ve also fostered a new appreciation for developers, seeing them as key business partners and important influencers to be actively welcomed and recruited, and we encourage others to start thinking the same way. ...
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From Heavyweights To Newcomers, Finserv Goes All-In On APIs

As originally published on PYMNTS. The conversation around B2B payments innovation and progress cannot be held without the banks. Sure, FinTechs are flocking to the industry to play their part in disruption, but traditional FIs have to be involved in addressing and solving the many, many points of friction that plague corporate payments today, from late invoice payments to clunky cross-border transactions. Unfortunately, said Kevin Fox, executive vice president of NovoPayment, he’s found “a disconnect between the reality that these banks are living in and [the needs of] their customers, particularly their corporate customers.” Fox spoke with PYMNTS for its latest B2B API Tracker, powered by FI.SPAN. While the challenge for traditional FIs to meet the nuanced needs of corporate payers is practically universal, this trend is particularly acute in Latin America, where, the executive explained, “many financial institutions … have trouble innovating and advancing their digital agendas.” “Many of them have [a] siloed infrastructure, legacy systems [or] their products are disparate,” he said. “Combine all that and, as a result, they have a lot of inflexibility in offering digital solutions to the market.” That makes Latin America a prime target for payments innovation, particularly when it comes to APIs. The data-sharing technology has made inroads across Europe thanks to PSD2, and in the U.S. thanks to competitive market pressures. In Latin America, Fox said, APIs have the potential to make their mark in more ways than one. NovoPayment, for instance, recently announced a partnership with Visa to facilitate real-time payments for the logistics industry in Colombia. The company is also working in Latin America to deploy APIs for airlines’ B2B payments needs, enabling pilots to obtain a temporary bank account to make payments while on the job. Different Markets, Different Challenges The use of APIs to enhance B2B payments can be seen across jurisdictions: While Visa is working with NovoPayment in Latin America, the payments giant is also testing its B2B Connect solution with Union Bank in the Philippines to enhance cross-border corporate transactions. In Asia, South Korea’s Shinhan Financial Group, another Visa B2B Connect partner, is also looking at a blockchain-based tool to enable integrated authentication for financial services clients via API. According to Modulr Finance CEO Myles Stephenson, APIs can also be instrumental in addressing global challenges of client on-boarding for financial services companies, FinTech and traditional. For instance, the U.K.’s API-driven Faster Payments scheme, he noted, enables faster on-boarding, while PSD2 in Europe is likely to follow suit as more banks and FinTechs collaborate thanks to data sharing enabled by APIs. Bank of America is another financial institution to have announced its recent work with API technology, revealing a suite of APIs in adherence to PSD2 rules. According to the head of global transaction services for Bank of America Merrill Lynch, Faiz Ahmad, “Clearing systems, regulatory mandates and banking channels are evolving to support real-time interactions with unbundled banking services. Our clients will expect to integrate these directly into their business processes and applications.” NACHA’s API Standardization Industry Group also recently announced a partnership with Accenture to enhance the financial services industry’s access to API resources as the data sharing trend continues to proliferate. “To foster adoption, drive innovation and simplify integration of the APIs we’ve identified, we felt it was critical to offer the payments ecosystem tools to educate, develop, test and provide feedback,” said NACHA managing director George Throckmorton in a statement. Industry heavyweights like Visa, NACHA and Bank of America are now operating in the same playing field as newer FinTechs, like NovoPayment and Modulr Finance, as the industry jumps onto the potential of APIs. In B2B payments, from Latin America to Asia and beyond, that means addressing an array of challenges, like traditional banks’ struggle to innovate or corporates’ lack of visibility in cross-border payments. Check out a full breakdown of the latest news in B2B API trackers in PYMNTS’ latest report. ...
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2018 Forecast: What’s Next in Payments and Commerce

As originally published in PYMNTS. A good forecast is a notoriously difficult thing to write – particularly if one is trying to write it about the payments and commerce ecosystem. Had we told the world a year ago today that Amazon was going to buy Whole Foods, that Walmart Pay would surpass Apple Pay as a consistently favored mobile payment method, that CES would essentially become a showdown between Alexa and Google Assistant, that Uber would take a major valuation haircut in its next funding round, that bitcoin was going to be worth around $20,000 by mid-December and that Elon Musk was less than 365 days from launching his car into outer space – it is unlikely we would have been hailed as visionaries. At best, we would have been called fabulists of the highest order, and at worst we would have been written off as madmen. Without especially magical tea leaves – or a very well-tuned crystal ball – the specific events in any given year in the life of payments and commerce are prone to beggaring the predictive powers of even the most sagacious. Such is the nature of a segment that has more or less become the nesting place for black swans over the last few years. But while we can’t tell you exactly what’s next in terms of specific events, what we can offer is very nearly as good and useful: a preview of the shape of things to come from the best, brightest and most informed people working in payments and commerce today. We turned to 40 executives in the space with a simple question: What’s next for 2018? Specifically, how do they see the next 365 days playing out in payments and commerce? If 2017 was the year of disruption, what will 2018 be? Simply stated, 2018 will be the year of the satisfied customer – because the players that fail to satisfy will also fail to have customers. Because – as the executives we spoke to nearly universally pointed out – there is no longer any fooling the average consumer about what is possible and what they can reasonably expect from providers. They know payments can be smooth, fast and invisible – because, as Cambridge Global Payments COO Mark Frey pointed out, they have been riding in Ubers and booking through Airbnb for over a decade. They know they shouldn’t have to choose between ordering from their favorite retailers online or going directly to the store – because, as DataTorrent CEO Guy Churchward noted, their real favorite retailers at this point are the ones that don’t offer them a choice, but instead offer one seamless experience that moves easily between digital and physical access points. And they know that securing their most vital data should not be dependent on remembering dozens of passwords to access dozens of sites, and then having to change those passwords every few months. As Diebold Nixdorf’s senior director of global software innovation, Douglas Hartung, pointed out, they should be able to expect that they can be the password. “The literal personalization of payments – that is, consumers conducting transactions via their own unique fingerprints, palms, retinas or faces – seems to have nearly reached a tipping point,” he said. “In 2018, they’re becoming an ubiquity that no organization can ignore.” In 2018, the customer knows what she wants, knows that the technology exists to give it her and is no longer willing to wait around – whether she is shopping for herself, completing supplier payments at work or trying to send money from Point A to Point B around the world. And that customer, according to the experts, is increasingly becoming every customer – because the advances are just that ubiquitous at this point. They want it fast, they want it secure, they want it invisible – and, most importantly they want it now. The winners in 2018? Well, our experts can give you a good idea of what they have to offer – and how they have to offer it to live up to an increasingly tall order. Happy reading. ...
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Channeling APIs For eCommerce Payments In LatAm

As first published on PYMNTS. eCommerce is booming in Latin America. According to recent research, the online shopping market in the region, worth roughly $33 billion in 2014, is now worth nearly $70 billion — and could be worth nearly $80 billion by 2019. But while that booming business sector is helping to bring new revenue to the area, it’s also bringing its fair share of new challenges. eCommerce merchants often need to pay a host of parties once they receive payment from a customer, including suppliers, shippers and distributors. Making these payments to partner companies can be a particularly difficult challenge for the growing group of eCommerce merchants based in the region. According to Kevin Fox, executive vice president at FinTech solution provider NovoPayment, several financial institutions (FIs) and other players in Latin American markets struggle to offer modern payment solutions, despite recent advancements in financial technology. “Many financial institutions in Latin America have trouble innovating and advancing their digital agendas,” Fox said. “Many of them have [a] siloed infrastructure, legacy systems [or] their products are disparate. Combine all that and, as a result, they have a lot of inflexibility in offering digital solutions to the market.” In a recent interview with PYMNTS, Fox discussed how FIs in the space are working to develop and utilize APIs to enable improved payment acceptance — even with an outdated technological infrastructure. Helping corporate partners connect For players in the eCommerce space, staying competitive requires speed and a high degree of automation — not just in processing and shipping products, but also in accepting and making payments. That makes it more crucial for banks to offer their corporate clients products that address their payments pain points, Fox said, including B2B payment solutions such as accounts payable (AP) and accounts receivable (AR). “We’ve found that there’s a real disconnect between the reality that these banks are living in and [the needs of] their customers, particularly their corporate customers,” he explained. “Those customers are very dynamic, and they expect the companies they do business with to be able to adapt to their needs.” To that end, the Miami, Florida-based company recently announced a partnership with Visa that aims to provide improved B2B payments services across Latin America and the Caribbean, with particular focus on business travel payments. In addition, it’s launched its own Developer Hub, an API portal designed to help FIs, issuers and companies to test and experiment with various payment-related functions prior to deploying in a production environment. Making delivery payments easier In partnership with a local bank, NovoPayment has been working in Columbia to facilitate real-time payments in the delivery and logistics market. The pair are also working on a set of APIs that link fleets to eProcurement solutions using Visa accounts. According to Fox, these efforts aim to simplify urban deliveries and the payments that power them, both of which are currently a roadblock for delivery companies and merchants in the region. For example, NovoPayment recently worked with Rappi, a Mexico-based eCommerce company offering a broad range of products and services delivered straight to customers’ homes. The services include everything from couriers who can be tasked with making withdrawals and deposits at ATMs to more standard eCommerce purchases like groceries or other consumer goods. While that business model quickly made the company a hit with many consumers, it also posed a problem, Fox said. “If I’m a delivery driver, [and] I have to go to the store, pick up the goods and bring [them] to you, how do I pay for that at the store?” he asked. Rappi drivers were initially forced to pay for customers’ purchases in cash, out of their own pockets, then be reimbursed by the company later. But Rappi quickly realized this wasn’t a sustainable business model. The company worked with NovoPayment to create an API that would allow for a more sustainable solution — namely, company spending accounts that can be immediately matched with new employees. “They can instantly issue one of these accounts to a new driver, hand them a companion card and now they’re on the road ,” Fox explained. “The delivery driver can accept the request, pay for the purchase via his companion card and Rappi can use the information of the time and location of that purchase to help give customers an estimate of when to expect their delivery.” To the air and beyond But the potential impacts of API-based payments for Latin American businesses is far from limited to the urban delivery and logistics market, Fox said. Airlines in the space often struggle with payment and cash management issues, too. For instance, Avianca and LATAM, the two largest Latin American airlines, required crew members to go to a physical window in an airport to be handed per diem cash for meals or travel time. While this process managed to get the job done, it was also ineffective, slow and often fraught with security concerns. The two airlines worked with NovoPayment to build a system that allows the airlines’ platform client, Servitecba Peru, to create temporary dollar-denominated accounts for their employees. Per diem funds can be transferred from a master account to individual employee accounts, and employees can then access their money via companion cards, called Voygo, and available in white label form. The solution offers more speed and better security for the airlines, Fox noted, and provides them with more confidence that funds are being used properly. “We can also create rules that comply with a company’s policies or guidelines,” he said. “If they only want the funds to be used at certain merchant categories — for example, hotels, restaurants and car rentals — or set a limit on how much can be withdrawn via an ATM, that can all be done.” Airline providers aren’t the only vertical getting in on the API movement, though. Because the solutions can be tailored to the individual polices or needs of a company, Fox sees a wide range of use cases for solutions like NovoPayment’s developing in the near future. Whether it’s delivery drivers on the ground, pilots and flight attendants in the skies or any company in between, Fox expects API-based B2B payment solutions to become more commonplace in the years to come. And, with API solutions in place, all parties involved in the delivery process could soon more efficiently receive their packages and payments. ...
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B2B API Tracker: Channeling APIs For eCommerce Payments In LatAm

As originally published on PYMNTS. From China to Italy and from India to Colombia, companies around the world are investing in new B2B payments solutions. And they are doing so through open source APIs that drive efficiency, help cut down payments friction and reduce transaction times. In the February B2B API TrackerTM, PYMNTS takes a look at the latest news from around the B2B API world, including newly debuted solutions designed to make payments processing easier and faster in Asia, Europe and Latin America.  Around the B2B API World B2B APIs are becoming a global phenomenon, with companies worldwide working to eliminate common pain points that plague cross-border transactions. In China, UnionPay debuted a new API that will connect the Yiwu Market website to UnionPay International’s online B2B payments platform. With the new integration in place, companies around the globe can use UnionPay cards issued overseas to make purchases. Meanwhile, in India, Visa partnered with B2B payments provider PayMate as part of an effort to improve digital offerings for corporate clients in the country. Under the terms of the new partnership, the pair will work to provide small and medium-sized businesses (SMBs) and other customers with a B2B payment platform to assist them in automating otherwise manual payment processes. And further west, in Italy, UniCredit Banca debuted a new real-time, cross-border payments solution aligned with the European Union’s SEPA Instant Credit Transfer scheme (SCT Inst). The financial institution (FI) deployed the offering to facilitate real-time payments between Italy and Germany, with the first transaction completed in just 2.5 seconds. To catch up on the rest of the latest headlines from around the B2B API world, check out the Tracker’s News and Trends section. Channeling APIs for eCommerce in LatAm Meanwhile, in Latin America, a booming eCommerce sector is inviting its fair share of new challenges. Often, eCommerce merchants need to pay a host of parties once they receive payment from a customer, including suppliers, shippers and distributors. In an interview with PYMNTS, Kevin Fox, executive vice president at FinTech solution provider NovoPayment, said open-sourced APIs are a promising solution for players in the Latin American market that are struggling to cope with their payment workflows despite recent financial tech advancements. “Many financial institutions in Latin America have trouble innovating and advancing their digital agendas,” Fox said. “Many of them have [a] siloed infrastructure, legacy systems [or] their products are disparate. Combine all that and, as a result, they have a lot of inflexibility in offering digital solutions to the market.” To read the story, along with the latest B2B API headlines and trends, and for rankings of more than 40 top providers, download the Tracker. ...
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TRENDING: The Role Of APIs In Igniting LATAM B2B X-Border Payments

As originally published in PYMNTS. From China to Italy and from India to Colombia, companies around the world are investing in new B2B payments solutions. And they are doing so through open source APIs that drive efficiency, help cut down payments friction and reduce transaction times. In the February B2B API TrackerTM, PYMNTS takes a look at the latest news from around the B2B API world, including newly debuted solutions designed to make payments processing easier and faster in Asia, Europe and Latin America.  Around the B2B API World B2B APIs are becoming a global phenomenon, with companies worldwide working to eliminate common pain points that plague cross-border transactions. In China, UnionPay debuted a new API that will connect the Yiwu Market website to UnionPay International’s online B2B payments platform. With the new integration in place, companies around the globe can use UnionPay cards issued overseas to make purchases. Meanwhile, in India, Visa partnered with B2B payments provider PayMate as part of an effort to improve digital offerings for corporate clients in the country. Under the terms of the new partnership, the pair will work to provide small and medium-sized businesses (SMBs) and other customers with a B2B payment platform to assist them in automating otherwise manual payment processes. And further west, in Italy, UniCredit Banca debuted a new real-time, cross-border payments solution aligned with the European Union’s SEPA Instant Credit Transfer scheme (SCT Inst). The financial institution (FI) deployed the offering to facilitate real-time payments between Italy and Germany, with the first transaction completed in just 2.5 seconds. To catch up on the rest of the latest headlines from around the B2B API world, check out the Tracker’s News and Trends section. Channeling APIs for eCommerce in LatAm Meanwhile, in Latin America, a booming eCommerce sector is inviting its fair share of new challenges. Often, eCommerce merchants need to pay a host of parties once they receive payment from a customer, including suppliers, shippers and distributors. In an interview with PYMNTS, Kevin Fox, executive vice president at FinTech solution provider NovoPayment, said open-sourced APIs are a promising solution for players in the Latin American market that are struggling to cope with their payment workflows despite recent financial tech advancements. “Many financial institutions in Latin America have trouble innovating and advancing their digital agendas,” Fox said. “Many of them have [a] siloed infrastructure, legacy systems [or] their products are disparate. Combine all that and, as a result, they have a lot of inflexibility in offering digital solutions to the market.” To read the story, along with the latest B2B API headlines and trends, and for rankings of more than 40 top providers, download the Tracker. ...
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