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Industry roundup: 16 June

Currencycloud supports TranSwap launch of the global virtual account

Singapore-based TranSwap, a cross-border payments platform for businesses, is partnering with Currencycloud, a B2B embedded cross-border solutions provider. The the pair are to provide a Global Borderless Virtual Account (GBVA) to their customers.

By using Currencycloud Spark, TranSwap’s multi-currency account allows customers to hold 34 currencies and, receive and payout funds. TranSwap, through GBVA, is now able to offer customers the ability to collect and hold funds in the US, UK and EU, as well as convert to other currencies.

Developed to ease the lack of transparency and complexity faced by businesses with international payments, the GBVA offering provides customers with transparency in fees and foreign exchange rate conversions. Businesses should also be able to manage their cash flows more smoothly and have a competitive advantage in their local markets. TranSwap says it is aiming to onboard 10,000 SMEs by the end of this year.

 

Kyriba expands footprint with Midis Group partnership

Kyriba has announced a partnership with Midis Group, a technology organisation comprising some 170 companies across 70 countries in the EMEA region. The alliance is designed to enable delivery of localised services and support in these regions to help finance leaders, banks and governments solve the challenge of understanding and managing their liquidity with solutions for payments, cash and liquidity management, supply chain finance, and foreign exchange (FX) risk management, all centralised in Kyriba’s cloud-based Active Liquidity Network.

“Digital transformation in finance is driving new opportunities for growth in the Middle East, Africa and similar emerging markets,” said Frederic Marret, CFO at Webcor Group. “Given the additional complexities of the global pandemic, integrated payments solutions like Kyriba’s gives my team the connectivity to global banks it needs to deliver real-time visibility into our cash and liquidity, which is essential for minimising risk and managing international regulatory requirements.”

Midis Group has a pool of more than 5,000 IT and finance consultants who have partnered with the largest firms in the world. Kyriba will be the 17th such firm Midis Group has partnered with, bringing a deep bench of expertise, customer service and implementation success. Kyriba says that Midis Group’s local knowledge of government, tax, language and financial requirements will benefit clients in the region.

 

Mastercard and Octet Europe build SME cash and payments platform

Mastercard and Octet Europe have announced the launch of a trade solution across the European Economic Area (EEA). The Mastercard Trade Solution powered by Octet Europe is designed to help small and medium-sized enterprises (SMEs) grow their business by managing any business transaction in a safe, real-time and more efficient way. The solution facilitates domestic and cross-border trade by enabling a trusted value chain, secure payments, management of cash flows and simplifying back office functions.

The Mastercard Trade Solution is directly accessible and encompasses Octet Europe’s cloud-based B2B trade platform, which thoroughly reviews each company in its network. Specifically, all members transacting on the Octet platform are extensively verified via anti-money laundering (AML), know your customer (KYC), counter terrorism financing (CTF) and economic trade sanctions (ETS) processes to reduce the risk for all parties in the network. 

One additional challenge for small businesses’ is access to finance. To overcome this, the trade solution enables SMEs to use their Mastercard cards as tools to manage their cash flows and pay any suppliers to grow their business, while enjoying card benefits and reward points. Mastercard Trade Solution and Octet Europe are able to leverage Mastercard for payment services. In practical terms, this means that buyers have the choice to pay by card even if the supplier doesn’t process card payments; meanwhile sellers can accept payments to their bank accounts regardless of how the buyer chooses to pay. 

The tool also helps small business owners manage and simplifying multiple tasks by enabling them to track, validate and authorise every step of a business transaction and settle B2B purchases using cards (debit or credit) with full visibility of all supporting trade documentation.

 

Esker launches credit management solution 

Esker has announced the launch of Credit Management, a solution to enable businesses worldwide to manage and optimise their credit-to-cash process. As a natural extension of Esker’s Accounts Receivable solution within its Order-to-Cash platform, Credit Management adds to Esker’s tools to help businesses secure the credit approval process, manage risks and make the credit management process smarter.

With Esker, businesses can automate new customer onboarding and secure their credit approval process. Credit application templates can be customised according to customer profile or industry and sent via email or embedded in a website link. Credit managers can rely on a secured credit approval process through advanced workflow rules and monitor credit application status and tasks through a customisable dashboard.

The Credit Management solution is designed to help credit managers anticipate existing customers’ credit risks by automating periodic credit reviews, creating alerts, and providing information on internal and external credit data. Additionally, Esker offers a 360-degree customer repository that includes all customer-related documents, credit and business information to make informed decisions and ensure that risky customers remain under control.

Esker works with external credit bureaus for greater information sharing to fine-tune risk management processes, including Altares - Dun & Bradstreet on a global scale, CreditRiskMonitor in North America and Ellisphere in France and Europe. Credit data is retrieved from the applicant’s credit bureau and displayed on the credit application form or customer profile. Information is readily available to credit managers when approving credit applications or reviewing customers’ credit situation thanks to API integration.

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