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Industry roundup: 17 February

BNP Paribas rolls out solution for beneficiaries to monitor international credit transfers in real-time 

Inspired by and co-created with l'Oréal, BNP Paribas has made available its beneficiary transaction tracker BENEtracker to all its corporate clients. BNP Paribas' BENEtracker solution is designed to provide corporates with greater fluidity in international payments and a better cash management capability. It also gives them access to a simple and secure platform to the beneficiaries of their transactions.

BENEtracker is based on BNP Paribas' SWIFT GPI Metroline, which provides international payment issuers with real time visibility on the progress and status of each transaction until the credit of the beneficiary's account. The bank says it is a solution without any technical constraints for the beneficiary and one that guarantees strong protection of sensitive data. BNP Paribas corporate customers can thus make it possible for their beneficiaries to benefit from the traceability of payment in real time and in a very secure way, thus ensuring efficiency, transparency and trust.

"The complexity of an international transfer for companies lies in the dependence of a long chain of actors and regulations to complete the transaction," said Marc Spain, head of Payments and Cash Management at BNP Paribas. "BENEtracker makes it possible to trace and streamline international payments. This solution also meets the growing cash management needs of corporate clients in an increasingly complex and globalised operating environment." 

BENEtracker is accessible to all BNP Paribas corporate clients via their e-banking tool - Connexis Cash or Ma Banque Entreprise.


FAB partners with Mastercard to enhance commercial payments for UAE businesses

First Abu Dhabi Bank (FAB) has signed a five-year strategic partnership deal with Mastercard for the enablement of commercial cards and payments solutions. Together, they aim to simplify business-to-business (B2B) payments for companies in the UAE, making them more seamless, secure and convenient.

Mastercard’s commercial cards and payment platforms will be made available to FAB customers, along with a range of product benefits addressing the needs of businesses and their employees. Under this partnership, customers can benefit from Mastercard’s In Control solution, a platform that aims to help large corporates streamline their card payments and enhance their cashflow, while ensuring the most advanced security. Along with sophisticated reporting capabilities, the service offers businesses better access to data and analytics.

FAB will also launch the Mastercard Purchase Card, which will provide smart data and virtual card capabilities enabling commercial and government payments. The bank will further offer a range of Mastercard Travel and Entertainment Cards that let corporates allow their employees to make business-related expenditures.


American Express launches business loans in Australia

In a first for American Express outside of the United States, the company is announcing the international expansion of its existing business financing product suite with the launch of Business Loans in Australia. American Express Business Loans will offer unsecured capital of between AU$5,000 and AU$250,000 to small and medium enterprise (SMEs) customers in Australia.

American Express has partnered with global originations platform, ODX, to introduce these loans, using its digital platform and existing footprint in Australia to ensure a seamless online application and approvals process. The loans will initially be offered to a select group of American Express business card members, with more customers invited to apply within the first half of this year.

American Express’ move comes amid a new SME Recovery Survey by the firm conducted to better understand the current environment for business owners and uncover how they are reacting as business conditions shift in 2021. The research shows that the majority of Australian SMEs (53%) are optimistic about the year ahead. This is despite the ongoing pandemic and the expected end of JobKeeper in March, which according to 55% of respondents, helped or was vital in keeping their business afloat in the midst of the health crisis.

SMEs’ feelings of optimism however, are tempered by the knowledge that more than two in five businesses will need to access additional capital in the form of a loan this year - one in four (26%) say as a direct result of JobKeeper ending. On average, those seeking a loan intend to request just under AU$100,000 (US$97,225).

The American Express research reveals that the top business resolution for nearly two in five SME operators this year is to try new ways to grow their business. Of that group, more than a quarter believe this growth could be significantly greater with the appropriate amount of capital. And yet, nearly half of SMEs who sought funds from other lenders during the pandemic said they faced challenges - from finding the process complex to being asked to use personal assets as security.


Repay partners with PN³ Solutions to expand B2B payments footprint 

Repay Holdings Corporation has announced a technology integration with PN³ Solutions, a paperless B2B accounts payable (AP) authorisation and automation software provider. Through the partnership, PN³’s business customers will gain the ability to automate outbound payments through the use of virtual card or ACH to their vendors - adding seamless, fully integrated payments capabilities to its procurement and AP workstreams. 


In powering payments from within the PN³ platform, Repay extends its industry footprint with a fully integrated payments solution for clients using various ERP systems, including Microsoft Dynamics 365, Microsoft Dynamics GP, Dynamics SL, Dynamics NAV, Sage Intacct, and Acumatica.


The PN³ Solutions platform is designed to link into existing financial systems, enabling businesses to rapidly implement and deploy electronic purchase and payment authorisation workflows configured to adhere to specific AP policies and procedures. Now, the PN³ platform includes vendor payments powered by Repay's integrated payment processing solution, providing a seamless way to process payments, regardless of payment type, increasing transparency and accountability in the vendor payment process.

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