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Industry roundup: 10 June

TIS announces payments data platform to support cash management

Treasury Intelligence Solutions (TIS), a cloud platform for managing corporate payments and cash flows, has announced the launch of Enterprise Payment Optimization (EPO), a smart platform ecosystem that is designed to increase capabilities and lower risk for multinational corporations. Focusing on outbound payments and the data resulting from these transactions, EPO enables organisations to capture and manage real-time cash flows and information. The firm says EPO is the orchestration layer to support financial strategies, business transformation, and successful collaboration across an entire organisation.

In the world of payments, a lack of visibility and automation impacts liquidity, profitability, and increases risk exposure - including cybercrime and fraud - across all associated business units, departments, and systems. A systematically controlled payments workflow is managed by TIS for both inbound information and outbound payments. No matter where a corporation operates, TIS provides global payments connectivity by creating and maintaining compatibility with all required formats and banks, allowing organisations to connect with any bank partner or entity in the world. TIS’s EPO platform is a global, multi-channel, and multi-bank connectivity ecosystem for payments while providing bank account management, cash management, compliance, and security features.

The collected data managed and stored on the EPO platform provides the basis for monitoring liquidity, engaging in cash forecasting, as well as supporting the information needs of finance, risk, compliance, and management. The ability to actively use data produced via the payments process is key for better decision-making.

Payments data can be exchanged with the EPO platform from anywhere using a plug-in for ERPs, TMS, payroll systems, among other business platforms. By activating these connectors, the TIS platform extracts and enriches the information. Given an often-fragmented systems landscape, a holistic view of payments via an integrated platform may be the only way to get a consolidated view across all corporate departments, subsidiaries, and geographies.

The EPO platform offers full compatibility with all relevant financial messaging protocols and provides a library of continuously updated payment formats which the company says eliminates reliance on e-banking tools and provides centralised connectivity to virtually any bank.


OriginBX Alliance formed to define digital standards for global tax and trade compliance

OASIS Open has announced the formation of OriginBX OASIS, an international movement to advance open source product and trade data standards for facilitating digital tax and trade attestations. The OriginBX OASIS message sets will be interoperable among legacy systems and blockchain platforms.

OriginBX OASIS is led by a global alliance of organisations representing leaders from the International Chamber of Commerce (ICC) as well as technology, ecommerce, and customs brokerage sectors, including Accenture, Amazon, CompTIA, GTPA, Inveniam, KYG.Trade, Origin Experts, Skuchain and Thomson Reuters. Representation from the apparel and footwear, retail, automotive, life sciences, energy, and chemical industries is also planned.

OriginBX OASIS is governed and supported by the OASIS Open nonprofit consortium, home of Ethereum OASIS, the Baseline Protocol, SAML, UBL, ebXML, and many other globally recognized standards. Everyone is invited to participate technically in the open source community that will be defining OriginBX OASIS standards.

"With the recent G7 announcement on digital trade standards and more stringent country of origin legislation looming, the timing for OriginBX OASIS couldn’t be better," explained Todd R. Smith of KYG.Trade, chair of the OriginBX OASIS Governing Board. "Digital standards for product attributes will radically simplify the determination, record keeping and verification of trade attestations made to customs authorities. Providing and obtaining information about a good via email and attachments to determine and support HTS code, country of origin, free trade agreement, forced labour, traceability, sustainability and ESG attestations takes weeks, is archaic, redundant and costly. All parties in the trade compliance, SESG, and enforcement ecosystem will use OriginBX OASIS digital standards to quickly and efficiently obtain information on the raw materials and components of manufactured goods involving complex multi-tier supply chains."

"Streamlining global trade compliance has emerged as a compelling use case for blockchain-enabled transformation," added Melanie Cutlan, Blockchain and Multi-Party Systems co-lead at Accenture. "Businesses in different industries, however, can only tap into this value by first establishing standards by which we all classify and certify goods and services. We are excited to join OriginBX and the other leading companies in this consortium to do just that, to create a foundation on which tomorrow’s multiparty systems can simplify and restructure the way our clients think about this key process."


Autobooks added to Finxact marketplace

Finxact, a provider of systems to the US regional and super-regional banking sector, has announced that Autobooks has joined its Marketplace and that the companies will accelerate the path for banks running the Finxact core to deploy the Autobooks all-in-one small business account receivables product suite.

Autobooks embeds essential back-office services that help customers manage and run their business - all within internet and mobile banking.  

Speaking about the partnership, Chris Spiek, Autobooks' chief product officer, commented" "Our companies are both cloud-native, API-first platforms that help financial institutions spend more time realising their future potential vs. supporting the past. Together, we can leverage our technology and go-to-market expertise to deliver solutions that help small business owners overcome their daily cash flow struggles."


CME Group to launch micro treasury yield futures

CME Group has announced it will expand its suite of US treasury futures and options with the introduction of four new micro treasury yield futures contracts on 16 August, pending regulatory review.

These micro-sized contracts will provide market participants exposure to the yield of on-the-run treasury securities. Micro 2-year, micro 5-year, micro 10-year, and micro 30-year yield futures will be sized at US$10 per basis point of yield, and will be cash settled to newly created BrokerTec cash US treasury benchmarks.

The launch of Micro Yield futures comes at a time when US treasury risk management is more important than ever. Over the past year, US debt issuance has surpassed levels not seen since WWII, and the US budget deficit recently reached a record US$1.9 trillion from October 2020 to April 2021. At the same time, average daily volume in CME Group’s US treasury futures and options grew more than 30% year-over-year during both April and May, in response to increased hedging and trading activity.

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