Take Remittance Payments to the Next Level with APIs

Using digital wallets is the first step; fully benefit from a global payments platform by using APIs to embed payment capabilities in your tech stack.

The use of APIs for remittance payments continues to accelerate. A recent study by PYMNTS found that half of all business-to-business (B2B) payments will be sent via APIs by the end of 2023.

While this sounds like great progress, anyone using a digital payments platform might more reasonably ask, what’s taking so long?

The growing focus on APIs’ potential benefits and the need for interconnected payments processes comes as a growing number of companies are transitioning from slower payment methods such as SWIFT, international wire transfer and even paper checks. Today’s businesses seek solutions to adjust their manual payments processes to digital ones or risk losing customers and vendors to speedier competitors.

With the advent of application programming interfaces (API)s, onboarding and the movement of funds to and from the platform becomes easier and faster. The payments platform provides privacy, security, compliance and automated tax reporting so you or your clients don’t have to worry.

Thus, even without APIs, the case for using such a platform for B2B payments is clear – lower costs and faster processing along with greater transparency and payee choice. The fact that the platform is available for manual and mass payments without integration makes it easy to onboard clients and begin to take advantage of multi-currency digital wallets.

This makes both cross-border and domestic payments instant using wallet-to-wallet transactions between multi-currency digital wallets. Handling any needed currency conversions on the payments platform provides lower costs than traditional currency exchanges.

Using the platform also provides payees with their choice of payment methods, e.g., direct deposit to their personal or business bank account via ACH/IACH, rapid bank transfer via linked debit card, prepaid debit, digital gift cards, or physical prepaid debit cards and/or paper checks.

APIs for payments allow firms to more easily add new capabilities to their tech stacks

However, it’s only by embedding payments functionality with APIs that all the benefits of automation can be fully realized. So, if you’re taking advantage of our payments platform to make remittance payments for your company or your clients but you’re not yet implementing an embedded solution with XTRM APIs, let us know how we can help.

And if you’re just now starting down the digital payments pathway by using the platform, you may be considering moving forward with a crawl-walk-run approach. Just be sure to include embedding its features in your technology stack using APIs is on your implementation roadmap. Otherwise, you’ll never experience the run phase and achieve optimal benefits. .

Let us know how we can help you get started.

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