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Industry roundup: 12 June

Goldman Sachs joins CLS and IHS Markit cross-currency swaps service

CLS, a market infrastructure group delivering settlement, processing and data solutions, and IHS Markit, a provider of critical information, analytics and solutions, have announced that Goldman Sachs has joined its cross-currency swaps settlement service. There are now eight settlement members live on the service.

The service is an extension of CLS’s payment-versus-payment (PvP) settlement service and uses the MarkitSERV trade confirmation platform to allow CLSSettlement members to send their cross-currency swaps into CLSSettlement for settlement. The cross-currency swap flows are multilaterally netted against all other FX transactions in CLSSettlement, which is designed to reduce daily funding requirements for clients and provide liquidity optimisation benefits across the industry.

 

Sensibill Partners with Chase on digital receipt management

Sensibill has partnered with Chase to provide the bank with its digital receipt management solution, making it easier and quicker for Chase customers to make returns, submit warranties and expenses, track spending and manage their financial health.

Receipts have historically been a major source of friction and headache for businesses  and consumers alike. Sensibill’s digitised approach to receipt management should allow Chase’s customers to monitor spending and manage their purchases from within the Chase Mobile app. Through a progressive rollout, Sensibill’s solution will be available within the Chase Mobile app to all of its 38 million active mobile users later this year.

 

U.S. Bank targets enhanced carrier cash flow for American supply chains 

U.S. Bank has introduced two features for freight carriers using its proprietary U.S. Bank Freight Payment platform. These are Cash Manager, an interactive dashboard that provides drill-down visibility into receivables, and Quick Pay, an accelerated payment option for select invoices.

The Cash Manager dashboard allows carriers - companies that transport goods across the US - to see where their invoice receivables are in the payment lifecycle, from submission to audit to payment. This multi-dimensional view aims to provide carriers with actionable insights to make better-informed decisions and forecast their cash flow with more accuracy, improving their overall cash cycle management.

Quick Pay gives carriers who are paid according to contracted terms - typically anywhere from 45 and up to 90 days - flexibility to accelerate cash flow when needed. Invoices eligible for Quick Pay are visible in the Cash Manager dashboard, and carriers can choose the payments they want to accelerate for a fee. Carriers can choose to be paid upon invoice approval, and can potentially receive payment by the next business day. U.S. Bank provides the payments.

 

Invoice Bazaar partners with RSA Global on inventory finance solutions

RSA Global, a supply chain solution provider headquartered in Dubai, has announced a strategic partnership with Dubai based Invoice Bazaar, a SME financial inclusion startup, to help businesses get liquidity towards making supplier payments in the form of inventory finance. This partnership with Invoice Bazaar allows RSA Global to introduce financing options to RSA customers to get liquidity against inventory held at RSA facilities.

A number of SMEs in the emerging markets have limited access to financing. Inventory held by businesses is a tangible asset but the lack of a structure to collateralise the inventory poses working capital challenges for businesses. The solution proposed would benefit businesses that deal with generic fast-moving commodities and goods that are liquid in nature. The structure allows businesses to avail supplier payment lines against the inventory held as a collateral for a maximum tenor of 90 days. Businesses that expect to liquidate their inventory within three months would find this solution attractive as they can generate cash to procure more without waiting for the existing inventory to be fully sold. 

Founded in 2016, Invoice Bazaar aims to help small businesses get access to working capital. The company has partnered with UAE-based RAKBANK on a joint supply chain finance programme that supports vendors to cash their receivables early from large corporations. 

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