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Industry roundup: 10 March

BNP Paribas partners with Token on European instant payment initiative 

Open banking payments platform Token, and BNP Paribas, have announced the launch of the first online payments service to combine SEPA Instant and PSD2 APIs, two initiatives from the European Payments Council. Developed with Token, BNP Paribas Instanea is a turnkey instant payments initiation solution. It delivers account-to-account (A2A) payment capabilities to enhance the speed and increase the security of transactions for merchants across Europe.

Token says its Open Payments platform is driving the shift from traditional payment methods to A2A payments. It provides pan-European connectivity to banks, and rich functionality to enable existing payment service providers to benefit from open banking capabilities.

BNP Paribas Instanea will integrate with popular shopping carts and payment gateways to deliver immediate payment settlement and enhance security. Risks like chargeback, are also eliminated as payments are authenticated by the customer in their banking portal.

“SEPA Instant has provided a foundation for additional fast and secure payment solutions for our e-commerce clients,” commented Carlo Bovero, global head of Cards and Innovative Payments at BNP Paribas. “The advent of open banking APIs presents a unique opportunity to innovate and deliver instant payments at scale. Token’s technology has equipped us with an unrivalled breadth of API connectivity. BNP Paribas Instanea empowers merchants to leverage open banking APIs to manage cash-flow in real time and deliver better checkout experiences.”

“BNP Paribas Instanea is a great example of how Token’s technology can be used to develop compelling payment propositions which become enablers for merchants," said Todd Clyde, CEO of Token. "Not only do open payments dramatically reduce the risk of e-commerce chargeback, they also enhance the customer experience and boost conversion.”


Revolut Business adds expense solution

Revolut Business is launching its Expenses product with new features that offer an additional layer of control over business spending, help businesses save time and stay organised. With Expenses, the firm says business owners have full visibility over their business finances and outgoings. Owners can receive spending notifications in real-time, they can also set up spending limits, block and freeze company cards. Expenses can be reviewed in-app. 

Employees won’t forget to submit expenses, as they will receive automatic notifications with reminders to submit receipts after each transaction. Revolut’s smart tech reduces the amount of manual work for them, it reads a receipt then automatically attaches it to the matching expense. Staff can now also add any out of pocket expenses. As a lot of transactions take place online, owners can forward digital receipts to the company Revolut Business account via email or upload them as a file. The new categorisation feature allows repeat expenses to be easily organised. Repeat expenses are automatically categorised into segments such as transport or subscriptions. Business owners or the assigned finance manager can then review expenses in-app. 

Revolut’s automated bookkeeping tools aim to simplify a usually time consuming process. Customers can use the fintech’s default categories and tax rates, or customise them should this be the accountant’s preference. This tool can reduce the hours accountants and finance managers spend on company books, and files can be exported as a CSV file to use on any external accounting platform or software. Xero users can easily connect their Xero profile to a Revolut Business account allowing them to better manage their accounting and finances. 


Santander selects Planixs’ real-time treasury software

Planixs, a provider of real-time, intraday cash, collateral and liquidity management solutions, has announced that its Realiti software has been selected by Santander to improve its liquidity management processes, including cash management, liquidity forecasting and risk mitigation.

Santander was looking for a strategic partner and a solution that would allow the bank to obtain real-time visibility at scale over its balances, cash positions and liquidity usage. This would allow the bank to proactively manage payment flows and optimise liquidity buffers, while also automating processes to mitigate the risk and overheads associated with time-consuming manual tasks.

Santander opted for Planixs’ Intraday Liquidity Management, Funding & Forecasting and Intraday Reconciliation modules to improve its processes and digitally transform its treasury operations. The modules selected will allow Santander to achieve its goals of obtaining real-time insight into liquidity positions and detailed analytics and forecasts of end of day projections for all accounts.

Due to the COVID-19 pandemic, one of the key drivers in selecting Planixs’ Realiti software solution was to mitigate risk and provide the option for staff members to safely and securely share data and information while working remotely. With operating models changing overnight and working from home becoming the norm, the inherent operational risks in legacy processes have only been highlighted, along with the fact that manual processes that are normally conducted in person, in the office, would no longer be fit for purpose. As Realiti can be hosted and delivered as a SaaS-based solution, staff members will now be able to log on and access and share data from home, whilst also ensuring the utmost security.

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