B2B API Tracker™
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B2B API Tracker™ In London, APIs Raise The Curtain On Theater Ticket Inventory SEPTEMBER 2018 “ Now, when a new startup wants to launch a ticketing company, they London Theatre Direct uses APIs to help the show go on can bypass all of the work we have — Page 6 (Feature Story) had to do over the years and gain instant access to inventory across Forty-two percent of surveyed corporate leaders believe real-time payments will the whole West End. significantly disrupt commercial payments — Page 10 (News and Trends) MARK PRETHERO” director of partnerships, London Theatre Direct Profiles of more than 50 providers in the space — Page 16 (Provider Directory) B2B API TrackerTM Table of Contents What’s Inside 03 How APIs are helping companies around the globe embrace efficient payments and improve how they are delivered to business partners and suppliers Feature Story Mark Prethero, director of partnerships for London Theatre Direct, discusses how APIs are 06 transforming the theater-going experience in London’s West End News and Trends 10 The latest headlines from around the B2B API world Methodology 15 How PYMNTS evaluates movers and shakers in the B2B API ecosystem Provider Directory 16 A comprehensive directory featuring the profiles of more than 50 industry providers About 34 Information on PYMNTS.com B2B API Tracker™ © 2018 PYMNTS.com All Rights Reserved September 2018 | p. 2 What’s Inside peed is an essential part of the payment process — businesses need to receive payments in a timely manner to stay solvent and expand operations. As such, API-based tools that can Sautomatically pay bills and reconcile expenses are becoming more prevalent, while legacy, paper- based payments like cash and checks continue to fall out of favor. Several companies have recently invested in B2B API payment solutions, hoping to deliver more efficient payments, improve cash flows and retain customers and suppliers. Basware, an electronic invoicing provider, API-based initiatives have gained ground in recently integrated NetworkPay, a B2B solution several global markets — players from around that enables businesses to automatically pay the space are rolling out new solutions and suppliers via ACH virtual cards or wire payments partnerships that go far beyond the growing role as soon as invoices are approved. NetworkPay of eInvoices. eliminates paper checks and streamlines and Here’s a snapshot of notable developments automates the accounts payable process. in the B2B API landscape Basware is not alone in its efforts. Merchant A financial services partnership in Europe services provider Century Business Solutions could soon put APIs to use in the cross- recently upgraded its payment-processing border payments space. ING Group recently tool, EBizCharge, for use with the NetSuite ERP partnered with global payment solutions platform. This solution, EBizCharge for NetSuite, provider TransferMate after investing €21 million provides enhanced payment data integration, (US$24.3 million) in the company. ING will gain enabling companies to have line-item invoice access to TransferMate’s cross-border API and information sent automatically from NetSuite global payments license under the agreement, to the EBizCharge payment gateway. Century which could significantly lower the costs Business Solutions said the upgrade will help associated with international payments. businesses process payments securely without Walmart India recently announced that its B2B having to manually enter data. eCommerce platform, Best Price, now accepts B2B API Tracker™ © 2018 PYMNTS.com All Rights Reserved September 2018 | p. 3 What’s Inside payment via the country’s unified payments interface (UPI). UPI integration will allow Best Price customers to pay from bank account to bank account without sharing sensitive information. The shift toward APIs is not limited to overseas markets. U.S.-based financial services firm PNC Treasury Management recently announced that corporate clients are now connected to its Real- Time Payments (RTP) network, enabling them to originate RTP transactions using APIs, file transmission or the firm’s PINACLE online and mobile banking portal. partnerships, discusses how APIs are changing London’s theater businesses and how travel On the London theater scene, APIs take and entertainment venues are integrating the center stage solutions into their offerings. In the West End of London — the theater district — ticket seller London Theatre Direct (LTD) uses September B2B API Tracker updates APIs to offer theater patrons access to real- We’ve profiled more than 50 top B2B API time ticket inventory. In this month’s feature ecosystem providers in this issue of the Tracker, story (p. 6), Mark Prethero, LTD’s director of including a new addition: PayStand. B2B API Tracker™ © 2018 PYMNTS.com All Rights Reserved September 2018 | p. 4 What’s Inside Five Fast Facts 42% 35% 87% $20 $100 trillion Billion Share of finance Share of U.S. banks Share of surveyed officials who uncertain of how executives that believe real-time much to charge expect real-time capabilities will Estimated value for real-time B2B Estimated value payments to significantly of the B2B payments of payments sent positively impact impact commercial payments market daily through the liquidity planning payments SWIFT gpi and investment efforts B2B API Tracker™ © 2018 PYMNTS.com All Rights Reserved September 2018 | p. 5 Shift + Cmd/Ctrl Click to Change Title In London, APIs Raise The Curtain On Theater Ticket Inventory Feature Story B2B API Tracker™ © 2018 PYMNTS.com All Rights Reserved September 2018 | p. 6 Feature Story They were a bit nervous, at first, to open up their inventory, because they thought they “ would lose control over [their] tickets. Mark Prethero, director of partnerships, London Theatre Direct ” hen it comes to London, there searching for tickets, it could mean curtains for are plenty of sights to see. Some the entire transaction. might make their way to Big Ben, W Ticket sales and distribution company London Westminster Abbey or the London Eye, while Theatre Direct (LTD) is turning to APIs in an others might decide to ride a double-decker bus, effort to more effectively manage available ticket or visit Buckingham Palace in hopes of spotting inventory. LTD consolidates multiple box office members of the royal family. system APIs, which allows it to sell tickets from For those looking to enjoy an arts and culture a wide range of venues in London. LTD’s director excursion, the West End of London is a renowned of partnerships, Mark Prethero, told PYMNTS theater scene and among the city’s top about the company’s decision to apply APIs attractions. According to recent data, London to online ticketing, and how the technology is theaters took in approximately £705 million changing the theatergoing experience and the (US$910.1 million) at the box office last year. culture of London’s theater market. Finding tickets for a show can be a pain point The API show must go on for theatergoers. A venue might only have Even with nearly 20 years of eCommerce undesirable seating left, tickets could be too experience under LTD’s belt, having opened its expensive, available times and dates could be first online store in 1999, Prethero said that inconvenient, or a show could just be completely buying theater tickets online can be filled with sold out. This poses a problem for the theater frictions for consumers. as well. If a customer becomes frustrated while B2B API Tracker™ © 2018 PYMNTS.com All Rights Reserved September 2018 | p. 7 Feature Story “We used to work on allocation,” he explained. “Each venue would give us a set of tickets for each performance.” These allocations were often limited to a certain number of tickets, and were typically the same seats performance to performance. Without a wide range of seating options, customers would be driven to find better tickets on another website. “It wasn’t a good choice for consumers,” he said. “They would have to browse multiple websites to “In the West End,” he said, “[there] can be, at find the seats they wanted.” times, an old-fashioned way of doing things.” This kind of friction doesn’t just drive customers With the allocation model, theaters felt they away — it put LTD in a situation where it had had greater influence over what companies or more demand than available supply. partners had ticket access. These venues were “It’s bad for us. … We could lose the sale because hesitant to use APIs to make tickets publicly of a lack of choice,” he said. available, because, once the inventory became accessible, they had little oversight of the sales That risk can be minimized with APIs, which process. LTD uses to connect with a wide range of London-based theaters, revealing each theater’s “They were a bit nervous, at first, to open up their inventory in real-time and thereby offering inventory, because they thought they would lose customers a wider range of options. control over [their] tickets,” he noted. “Anything that is available from the venue is These venues eventually moved past their available through our website,” Prethero said. “If hesitations after they realized APIs could [consumers] want to choose a cheaper price or significantly boost ticket sales. For example, a a different seat or have a different view they [no recent production of “Jersey Boys” saw a 600 longer] have to visit a different website.” percent increase in ticket sales due to LTD’s API. APIs provide an opportunity for venues to reach An API-driven culture change a broader share of customers, and LTD offers APIs are not only changing the way consumers an API developer portal on its website, which access tickets — they’re also working to change theaters can use to customize solutions for their the culture of the theater industry as well. specific facility. B2B API Tracker™ © 2018 PYMNTS.com All Rights Reserved September 2018 | p.