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Industry roundup: 15 July

AFP launches initiative to promote treasury careers to underrepresented communities

The Association for Financial Professionals (AFP) has launched a Diversity, Equity and Inclusion (DEI) Awareness Initiative with founding partner, Invesco. This Initiative will be a sustained campaign to inform individuals from underrepresented communities about career opportunities in corporate finance and treasury. 

AFP and Invesco will showcase opportunities for professional development, skills building, ongoing training, and continuous learning that will prepare individuals for careers in corporate finance and treasury.

"The corporate treasury and finance profession offers individuals a dynamic, growth-oriented career opportunity that drives the success of organisations globally," said Jim Kaitz, president and CEO of AFP. "We are excited, with the support of Invesco, to highlight these long-term career opportunities to diverse communities."

"We are committed to improving diversity and inclusion throughout the industry as well as across our global business to create better outcomes for our clients and provide a rewarding work environment for our colleagues," said Laurie Brignac, CIO and head of Global Liquidity, Invesco. “This new endeavour directly aligns with those values, and we’re proud to be a founding partner with AFP on the Diversity, Equity and Inclusion Awareness Initiative designed to bolster awareness and encourage individuals in underrepresented communities to explore a career in corporate finance and treasury."

 

Visa and McAfee to offer security solutions for business cardholders

McAfee has announced a new partnership with Visa that enables Visa financial institution partners in North America and EMEA to offer internet security to the payment firm's business cardholders. Visa business cardholders can save up to 40% on a two-year subscription on McAfee solutions that protect sensitive data via email, provide web and firewall protection, offer mobile VPN, and safeguard devices from malware and the latest online threats.

In an increasingly digitised world, small businesses find themselves a key target of hackers, with almost a third of the data breaches in 2020 involving small businesses according to Verizon Business 2020 Data Breach Investigations Report. Due to a lack of resources from a budgetary and staffing perspective, SMB owners are not always able to protect themselves and their customers from the increase in online risks. The rise in threats underscores the need for SMBs to ensure their digital assets are protected from the latest threats facing organisations today.

"As small business owners rely more heavily on their digital infrastructure it’s never been more important to ensure that the proper protections have been implemented," said Pedro Gutierrez, SVP Global Consumer Sales & Operations at McAfee. "We are proud to partner with Visa to offer solutions to their Visa Business cardholders and look forward to helping these organisations stay secure so they can focus on what matters most to their business."

The McAfee security solution will provide protection for varying number of PCs, Macs, iOS and Android devices to fit specific business size and needs. Visa Infinite Business cardholders in the US can save up to 63% and receive access to flexible licensing options, including a one-year subscription to McAfee Total Protection for 5/10/25 devices with varying levels of TechMaster call support. The remainder of the US and Canada cardholders, as well as EMEA, have access to two-year licensing options for McAfee Total Protection for 5/10/25 devices. The security offerings are now available to eligible cardholders in North America (US and Canada) and EMEA (UK, Germany, Italy, Spain, Turkey, Finland, Poland, and Czech Republic). 

 

Fifth Third Bank selects FIS for core banking and wealth management platforms

Ohio-based Fifth Third Bank has selected FIS to replace its legacy deposit and trust servicing systems with FIS next-generation platforms. The bank will replace its legacy, in-house developed core banking system with the FIS Modern Banking Platform. Delivered as a managed service, the core banking solution will allow Fifth Third Bank to further accelerate its digital transformation and better serve its customers through a modernised platform, while also generating operational efficiencies and scale benefits.

The bank will also deploy FIS Unity, a global wealth management platform that is fully integrated with FIS trust accounting, which provides users with the data and insights to better serve investors throughout their wealth journey. The solution incorporates automated cash management, multi-currency, and other advanced wealth management functionality in a flexible design - enabling Fifth Third Bank to customise and scale both wealth and institutional offerings across each of its client segments.

"This agreement is a natural extension of our existing relationship with FIS and provides a flexible, scalable platform to support our bank well into the future," said Jude Schramm, chief information officer at Fifth Third Bank. "This is a key part of our multi-year digital transformation that is enhancing our customers’ financial lives, while empowering our employees to be more efficient and opportunistic. Additionally, combining these solutions with our existing payment processing relationship allows us to modernise our platforms while maintaining an efficient overall cost structure."

Because of its modular, cloud-native architecture and support of open application programming interfaces (APIs), FIS Modern Banking Platform and FIS Unity will allow Fifth Third Bank to use a wide set of FIS and third-party solutions available via the growing FIS Code Connect ecosystem. The FIS solutions should also enable the bank to enhance operational efficiency by reducing its internal IT burden of software management and complex software integrations.

 

HighRadius accounts receivable tool gains 'Built for NetSuite' status

HighRadius, a fintech enterprise software-as-a-service (SaaS) company specialising in automating the order-to-cash and treasury management processes, has announced that its RadiusOne AR for Mid-Market software has achieved 'Built for NetSuite' status. The new SuiteApp, built using the Oracle NetSuite SuiteCloud Platform, is designed to help organisations optimise their end-to-end order to cash processes.

RadiusOne AR aims to help businesses overcome the largest challenges faced in optimising working capital by offering electronic invoicing and collections, cash reconciliation and credit risk services. With pre-loaded configurations based on industry-specific best practices, the firm says its new SuiteApp could potentially deliver value in as little as four weeks.

"With RadiusOne AR, we can help NetSuite customers automate their AR processes, manage their operational costs, and increase efficiency,” said Sayid Shabeer, chief product officer at HighRadius. "The RadiusOne AR SuiteApp will allow our joint customers to have stronger cash-flow using AI-based technology to automate their electronic invoicing, collections, cash reconciliation, and credit risk."

Built for NetSuite is a programme for NetSuite SuiteCloud Developer Network (SDN) partners that provide the information, resources and methodology required to help them verify that their applications and integrations meet NetSuite standards and best practices. The programme is designed to give NetSuite customers additional confidence that SuiteApps, like RadiusOne AR, have been built to meet these standards.

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