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Industry roundup: 14 May

EedenBull opens commercial cards platform for B2B payments

The Norwegian/Scottish fintech EedenBull has announced that it is rolling out its commercial cards platform to banks looking to leverage the untapped opportunities in the B2B payments market.

EedenBull has recently launched its Q Business programme with 65 banks in the Nordics and is now expanding the platform to include full commercial cards issuing capabilities across all segments from small business to large corporates and across all B2B spend categories. EedenBull is a fully licensed and regulated e-money institution under EU/EEA legislation and has uniquely obtained principal issuing licenses from Mastercard, Visa and UnionPay.

The company says it is targeting bank partners in select markets around the world and is aiming to launch programmes in multiple regions over the coming 12-24 months.

 

6 in 10 SMEs say banks slow to offer help during COVID-19 crisis

Almost three-fifths of UK SMEs (58%) feel their banking provider has been slow to offer help during the Covid-19 crisis. The findings, contained in a poll of 100 business owners of UK SMEs by the Lanop Accountancy Group, raises fresh questions about the level of support available to companies struggling during the Coronavirus outbreak and subsequent lockdown. 

The survey found that nearly one-third of companies (29%) have applied for a loan from their current banking provider to help them get through COVID-19 and 13% still plan to make full redundancies despite making use of the government’s Coronavirus Job Retention (Furlough) support scheme.

In addition to this, the respondents were asked about how tax changes could provide support. Around two-thirds (65%) agreed that if the government reduces VAT tax for 2020, their businesses will be given a lifeline during the crisis. Similarly, of the business owners surveyed, 80% think that the government should reduce stamp duty tax to help the declining property market. 

Interestingly, most of the business owners (89%) are happy with their accountant’s advice and support during this time. However, some firms predict that they will face bankruptcy on account of the pandemic.

When asked whether the government is doing a good job when it comes to helping businesses during the COVID-19 outbreak, over half (53%) agreed that they were, and 67% said that communication around specialist loans, grants, and furlough support schemes has been good.

 

Corporate One certified as first corporate credit union participant on TCH’s RTP network

Corporate One Federal Credit Union, a wholesale financial services provider to nearly 800 of America’s credit unions, has received certification to receive payments via the RTP network developed by The Clearing House (TCH). Corporate One is the first corporate credit union and wholesale financial provider to receive such certification.

As a certified participant, Corporate One is now able to receive real-time payments for its corporate accounts. To receive participant certification, Corporate One partnered with its credit union service organisation (CUSO), Sherpa Technologies, as the first credit union-specific, non-core third-party service provider (TPSP) to connect to the RTP network. A year ago, Sherpa established a relationship with ACI Worldwide and developed a suite of real-time payment services within the Mosaic framework, creating an extendable, open-payment platform for the credit union industry.

 

MarketFinance approved as CBILS lender to UK businesses

Fintech business lender MarketFinance has been accredited by the British Business Bank as a lender under the government-backed Coronavirus Business Interruption Loan Scheme (CBILS).

The Coronavirus Business Interruption Loan Scheme is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.

From today, businesses can immediately express their interest for a CBILS loan or invoice finance facility through MarketFinance via its website. MarketFinance will be able to receive and process CBILS applications in the coming days. SMEs can apply for a MarketFinance CBILS term loan (up to 3 years) between £50,001 and £150,000. Additionally, SMEs with an annual turnover of up to £45m can apply for a MarketFinance CBILS invoice finance facility (for up to 3 years) between £50,0001 and £5m.

 

Mastercard and Enel X to Establish Fintech-Cyber Innovation Lab in Israel

Mastercard and Enel X are launching a new lab in Israel to advance innovations in financial technology and cybersecurity for the payments and energy ecosystem globally. The lab will partner with start-up companies to test and develop products and solutions, with a particular focus on digital security, fintech platforms, digital authentication and financial inclusion. 

The lab is being established in partnership with the government of Israel, following a competitive tender launched by the Israel Innovation Authority (IIA), which aims to advance innovations within the fintech and cyber sectors by accelerating growth of the country’s start-up ecosystem. The new lab will combine the strength of Israel’s start-up economy with the support of the lab’s technical infrastructure, knowledge and expertise.

 

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