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Industry roundup: 10 June

BNP Paribas expands virtual card reach with Coupa Pay

BNP Paribas and Coupa have announced the availability of the BNP Paribas Virtual Card as a payment option within Coupa’s business spend management (BSM) platform. The BNP Paribas payment integration with Coupa Pay, a set of payment and financial solutions within the Coupa BSM platform, is now available. The partnership is designed to give businesses the ability to better manage supplier payments.

Businesses will be able to use BNP Paribas Virtual Cards to pay suppliers for spending that goes through the Coupa platform. Once the business' eligible BNP Paribas account is tied to Coupa Pay, virtual cards can automatically be sent to authorised suppliers.

The two parties say that additional benefits from the integration include:

  • Businesses can benefit from increased security by making virtual card payments, as well as gaining visibility into the full payment process, automated invoice matching and reconciliation, and tracking to help manage cash flows.
  • BNP Paribas customers will also receive servicing and supplier onboarding support from both Coupa and the bank.
  • When paid with BNP Paribas Virtual Cards, suppliers will get paid quickly and gain enhanced visibility into their payment details.

 

ING open banking platform for corporates secures additional funding

ING spinout Cobase, which helps international clients manage multiple bank accounts, has raised €10m in its first external funding round. Alongside ING Ventures as main shareholder, Cobase has welcomed Nordea and Crédit Agricole CIB as new investors and strategic partners. The funding will support Cobase in developing its platform and expanding its network of banks.

The fintech’s multi-banking platform allows users to view all their balances and transactions in one place, initiate payments, and perform actions related to cash management and corporate treasury. 

"Currently, our clients are large corporates, mainly from Western Europe," said Jorge Schafraad, founder and CEO of Cobase. "Our strategy is to make Cobase a leading pan-European player in the coming years and then continue to roll out globally. We are already connected with more than one hundred banks from all over the world. Our platform helps them to manage their bank accounts efficiently, and we will continue to enhance its capabilities. Besides that, banks can choose to embed our technology into their systems and offer our solution to clients under their brand.”

ING Ventures invested €7.5m in Cobase after the fintech completed the bank’s accelerator programme, in which the concept was tested through prototyping, customer interviews and market research.

 

Tink launches business account aggregation service

Tink has announced that business account data can now be aggregated on its platform, offering organisations the chance to instantly and accurately verify business accounts and their owners, check cash flow and more. 

By fetching real-time business data that was not easily accessible before, aggregation improves company efficiency and productivity, and can remove friction from corporate bank onboarding and KYC processes. The firm says that companies can make faster, better informed decisions because they are data-driven, and protect against fraud by being able to verify account holder ownership. Because the data is coming directly from the users’ banks, it can be trusted.

The Tink platform also puts business data through a ‘cleaning process’. For example, when it fetches the business transaction data, Tink removes duplications and details that add no value, and cleans up the data in a way that it says is simple to understand. The data is continuously updated in the background up to four times a day, with rolling consent from the account holder, so decisions and services are always based on fresh information, from multiple accounts and sources.

Business account aggregation is currently available in Sweden and can be tried out by new and existing Tink customers wanting early access. It will then be included in the firm's enterprise plan. Tink Link, the front-end software development kit, provides ready-made authentication flows for business account aggregation. With one line of code, corporates can connect to the major banks across Sweden. Tink says it plans to extend business aggregation across Europe in the coming weeks and months.

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