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Industry roundup: 16 April 2020

DBS Hong Kong unveils fast-track online business account opening

DBS Hong Kong is changing the business account opening process for SMEs into a fully virtual and contact-free banking experience that can be completed in as quickly as just two days, anytime and anywhere.

SMEs incorporated and with a registered address in Hong Kong, with up to four directors and no corporate shareholders, and all with valid Hong Kong permanent identity cards, are eligible for the fast-track online business account opening solution, which is currently being run as a pilot trial under the Fintech Supervisory Sandbox of the Hong Kong Monetary Authority until 15 June. Selected SMEs are invited to use the solution before public release and will receive up to HK$9,900 incentives for successful application completion and post-application survey completion.

Derivative Path and Currencycloud to offer electronic FX and payments

Derivative Path, a financial technology company offering a cloud-based trading platform, and Currencycloud, a provider of embedded foreign exchange (FX) and B2B cross-border payments, have partnered to offer community and regional banks a full-scale solution to manage and grow their FX programmes.

Through this strategic partnership, the two firms will combine their technologies to provide bank clients with a solution for counterparty/order management, electronic spot FX execution via request for quote, third party international payments and receipts, derivatives valuation, and risk/regulatory/compliance reporting.

Fairfax and Indicium in Mexican payments software agreement

Fairfax Software (Fairfax) and Indicium Solutions (Indicium) have signed a cooperative alliance agreement to commercialise Fairfax’s Quick Payments software alongside Indicium’s eFactura software for the Mexican marketplace. As part of this agreement, Fairfax will provide Indicium’s more than 7,000 existing customers in Mexico using Indicium’s eFactura product the ability to allow their invoiced customers to pay invoices online in a one-stop shop. For those Indicium invoicing customers that accept to allow their customers to pay using this online medium, eFactura will contain a hyperlink to the Quick Payments Amazon hosted site. Both Fairfax and Indicium host their respective software on the Amazon Web Services cloud. For Indicium’s customers who accept this, a reciprocal API has been developed to allow eFactura to communicate with Quick Payments across the Amazon cloud and notify one another for invoices that have been issued and invoices that have been paid.

Unqork and Deloitte partner on small business lending

Unqork has announced a partnership with Deloitte to launch a fully-managed small business lending service to digitise the end-to-end loan life cycle. This solution will enable small business lenders to streamline the distribution of loans to small businesses in need of relief as a result of Covid-19. The service conforms to the requirements of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was recently passed by Congress to provide fast and direct economic assistance for American workers, families and small businesses and to preserve jobs for American industries, also known as the Small Business Administration Paycheck Protection Program (SBA PPP).

Unqork and Deloitte are partnering with Plaid to provide a fully digital turnkey solution with pre-configured business processes, operational resources, and compliance controls. The platform includes an easy-to-use customer (borrower) experience, real-time validations, integrations with data providers, along with comprehensive underwriting and servicing capabilities for lenders. The platform can be deployed in a few days while being customised to a lender’s desired experience.

KyckGlobal and Visa Direct expand real-time push payments in US marketplaces

KyckGlobal has announced a collaboration with Visa to expand the availability of push payments in the US commercial sector. Push payments allow for the sending of money directly to a recipient, typically to a small business or consumer debit or prepaid card.

KyckGlobal provides a cloud-based platform that powers funds disbursement across an array of payment types, as well as compliance and support processes for 1099 payments. Visa Direct is Visa’s real-time push payments solution for small-business and consumer payments, helping financial institutions allow their customers to transfer funds to a debit account in real time. KyckGlobal’s collaboration with Visa is designed to help broaden the spectrum of use cases well beyond person-to-person payments.

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