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Industry roundup: 11 December

BofA launches cross-border payment tracker, expands SWIFT gpi support

Bank of America, a charter member of SWIFT Global Payments Innovation (gpi), has announced the launch of a CashPro self-service tool that allows clients to have real-time visibility into their international payments.

Accessible through the bank’s integrated platform, CashPro, the SWIFT gpi module brings to life a wealth of cross-border payment data facilitated by the SWIFT network.

“Our payments tracking tool populates SWIFT gpi information into a view that can be read easily and acted upon immediately,” said Tom Durkin, global product head for CashPro in Global Transaction Services at Bank of America.

The bank says there are a number of advantages to making payments via its SWIFT gpi solution. The financial institution or corporate client receives:

  • Visibility into lifting fees and payment charges, including foreign exchange rates.
  • Transparency into the settlement of the payment, such as timing, amount received, and the identity of the correspondent banks involved in the transaction.
  • A reduction in time taken to investigate an issue.

With enriched SWIFT gpi payment data, a client can investigate why a wire transfer may have been rejected or cancelled, in addition to identifying the source of a wire status change - all through an on-demand, online tool.

The CashPro enhancements coincide with an expansion of Bank of America’s SWIFT gpi international coverage supporting over 140 currencies worldwide.

“Incorporating SWIFT gpi data across all relevant customer channels supports our goal of working with the broader transaction services industry to remove friction and bring transparency to cross-border payments,” said David Kretz, head of Global Strategy and Payments for Global Transaction Services at Bank of America.

SWIFT-connected corporate clients can also receive SWIFT gpi inbound and outbound payment status messages directly to their treasury management system through SWIFT gpi for Corporates.

 

Bill.com and Wells Fargo automate accounts payable and receivable

Bill.com, a provider of cloud-based software that digitises and automates back-office financial operations, and Wells Fargo have announced Bill Manager, a joint offering now available to help automate and simplify the accounts payable and receivable process for small to midsize businesses.

The solution integrates the latest cloud-based financial operations software from Bill.com into Wells Fargo’s digital banking service, Commercial Electronic Office, creating a paperless way for businesses to pay bills and get paid with simplicity, visibility, and control.

The pair say that over 90% of small to midsize businesses send and receive paper-based invoices, which are time consuming, manually strenuous, and fraught with error or fraud risks. These challenges are further exacerbated by today’s remote work operations due to the pandemic. With Bill Manager, customers electronically capture incoming paper bills and invoices, which are then digitally routed through a simple workflow for review and approval. Other possible payables benefits include the ability to:

  • Track invoices within the workflow for real-time insight into the approval status.
  • Review and approve invoices from any device, including mobile, whether in the office or working remote.
  • Store documents such as past bills, images of cleared checks, and vendor-related contracts online.
  • Automatically sync transactions with common accounting software for faster data entry and account reconciliation.

Bill.com’s Intelligent Virtual Assistant lets businesses automatically capture and enter all the required data from any type of invoice to start the bill creation process. Customers can also request payments through Bill Manager by creating and sending electronic invoices to their customers along with payment reminders, helping them get paid faster through a customer-branded payment portal.

 

IKB and Hypoport join forces on corporate finance platform 

A subsidiary of Hypoport SE, fundingport, and IKB Deutsche Industriebank AG are going to cooperate in the field of corporate finance. IKB brings experience in German mid-cap lending (particularly in the area of public programme loans) to the partnership. The Hypoport Group company, fundingport, will contribute its corporate finance platform. 

The agreement also includes the acquisition of a 30% stake in fundingport by IKB, which is subject to regulatory approval. The parties have agreed not to disclose the purchase price.

As part of the joint venture, IKB will establish a new sales channel and offer a significant volume of additional corporate finance deals through the fundingport platform. In addition, IKB will leverage its expertise in credit processes and public programme loans for the purposes of this cooperation. Fundingport will continue developing its platform, particularly in the areas of project finance (renewable energies), corporate finance, subsidized loans and associated services during the loan lifetime (agency).

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