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Industry roundup: 12 January

Accounts payable solution from xSuite approved for e-invoicing in Singapore

The accounts payable automation solution of xSuite Asia Pacific is now 'Peppol ready'. For this purpose, the Infocomm Media Development Authority (IMDA) has awarded the software producer the status of 'IMDA Pre-Approved Peppol-Ready Solution Provider' and lists xSuite on its website as a 'Peppol Ready Accounting Solution Provider'. 

Peppol is an international network for the electronic exchange of documents and data. In Singapore, electronic invoices will be exchanged in the new invoice format InvoiceNow. SAP user companies in Singapore can now send and receive electronic invoices in InvoiceNow format using xSuite's solution, in accordance with IMDA standards. The associated workflow also ensures SAP-integrated, automated processing of incoming invoices. Through xSuite, companies can register themselves on the platform for the Service Metadata Publisher (SMP) for Singapore's Nationwide E-Invoicing Network. The product is geared toward Singaporean companies that use SAP ERP or SAP S/4HANA and that aim to accept and process electronic invoices.

Companies wishing to use the service need a Peppol Access Point, which xSuite Asia operates together with Starhub, one of the four largest telecommunications companies in Singapore.


Goldman Sachs Research raises US GDP growth estimate

With wins in the Georgia runoff elections securing Democratic control over Congress and the White House, Goldman Sachs Research’s economists have further increased their forecasts for a US growth rebound. 

They now expect growth of 6.4% this year (compared to a prior forecast of 5.9% and consensus forecast of only 3.9%), boosted by the passage of an estimated US$750bn fiscal stimulus package in February or March. 

The positive growth effects of this stimulus will be more lagged than usual, as new virus strains and slow progress on vaccination weigh on the economy - but consumer spending should rebound strongly in the second and third quarters to push growth higher in the back half of the year.


FortisPay acquires Swype in expansion into middle market

Fortis Payment Systems (FortisPay), a payment technologies firm, has announced it has acquired Swype at Work (Swype) and entered into a long-term strategic partnership with Net at Work, an affiliate company of Swype. 

The acquisition is designed to allow FortisPay to expand its offerings into new B2B and middle markets throughout North America. The acquisition will leverage the ERP and e-commerce integration expertise of Net at Work with FortisPay’s 20 years of payment experience, providing customised solutions that seamlessly integrate into a wide range of complex solutions that serve a myriad of market segments.

FortisPay’s Zeamster commerce platform is designed to deliver multi-channel processing capabilities, cloud EMV with point-to-point encryption, full recurring commerce functionality, integrated invoicing, and cost optimisation. Swype enables FortisPay to extend Zeamster’s functionality to a broader range of business technology markets, improving both payment processes and overall business efficiencies.

“Today’s announcement signals our further commitment to providing businesses, developers, and VARs with flexible payment solutions that are tailored to the way they work,” said Jimmy Nafso, FortisPay’s CEO. “The Swype acquisition is as equally important as the partnership with Net at Work. Net at Work has the industry’s most respected team of ERP and e-commerce specialists and will help us extend our value proposition to new markets.”

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