Demand for Increased Productivity from Legacy Systems
The current economic environment is leading some companies to pull back on capital investments and refocus due to the impact of the COVID-19 pandemic
80% U.S. CFOs who see their financial risk from COVID-19 to be medium or large[1]
54% Organizations that claim APIs drive increased productivity[2]
52% Companies considering pushing back or cancelling planned investments[3]
Growing Interest In and Usage of APIs
Increased corporate awareness of and comfort with APIs eases the path for API deployments in treasury departments
83%Companies considering APIs to be a critical part of their business strategy[4]
67%Companies expecting to use APIs more in 2020 than in 2019[5]
Ongoing Electronification of Commercial Payments
Payments-based APIs are enabling companies to further leverage the efficiencies and intelligence from electronic transactions
65%Organizations shifting from paper to electronic payments as a result of the COVID-19 pandemic[6]
42%Share of B2B purchases being made online due to COVID-19[7]
42%Share of B2B payments still made by checks in 2019 (vs. 81% in 2004)[8]
Transition to Open Banking
APIs are playing a critical role in the integration with and collaboration between financial institutions and technology
86% Global banks looking to use APIs to enable open banking capabilities in the next 12 months[9]
65% Banks who say that FinTech partnerships are an important part of business strategies in 2020[10]
