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Industry roundup: 2 November

Nuggets wins 2020 Female FinTech Competition 

After two months, 43 applications, six finalists and one virtual pitch, Nuggets has emerged as the winner of the 2020 Female FinTech Competition, run by Deutsche Bank, Atos, Google Cloud and TechQuartier.

The UK-based e-commerce payments and ID platform allows users to store their personal and payment details securely in the blockchain, so it is never shared online. Back in May this year, CTMfile reported on the Nuggets biometrically-verified technology aimed at reducing fraud and chargebacks for B2C firms.

The competition invites fintechs with a female founder or women in the top management groups to pitch their business case. The winner earns a place on Atos’ FinTech programme, while the remaining finalists are able to access Deutsche Bank and Google Innovation resources.

The competition aims to promote gender diversity in the fintech space. A recent study from Deloitte found that only 7% of finance-based startup founders were women, and that this group is still being denied equal access to opportunities. The same study found that just 1.3% of the funding raised in 2019 by fintechs went to companies founded only by women.

 

Drax treasury team wins ACT award for ICD Portal integration

Among the projects that won UK-based energy company Drax the 'Small Treasury Team of the Year' award last month at the Association of Corporate Treasurers (ACT) conference, was its integration of a cash investments portal from ICD, an independent portal provider of money market funds and other short-term investments.

A core objective for the Drax team is to “get the basics right, enabling us to focus on innovative value creation,” according to Lisa Dukes, deputy group treasurer at Drax. This past year, that objective included changing its money market fund portal to ICD Portal, and integrating it with the team’s treasury management system for a streamlined workflow and improved control environment.

The ACT award is the second win for the team this past year using ICD Portal. In December 2019, Drax won a TMI Award for 'Best Portal Technology Solution'.

 

SAP and Qualtrics solution aims to enhance the source-to-pay experience 

SAP and Qualtrics have announced Qualtrics XM for Suppliers, a solution designed to help organisations identify areas of improvement across the source-to-pay process to help secure supply, increase cost savings, mitigate risk and improve business agility.

Qualtrics XM for Suppliers combines data from an organisation’s SAP Ariba, SAP Fieldglass and SAP S/4HANA solutions with real-time supplier insights and AI-driven intelligence from Qualtrics, an SAP company.

Two-thirds (66%) of chief procurement and chief supply chain officers said their procurement function is adept at mitigating risks with suppliers, according to a study conducted by Oxford Economics and SAP. Yet only 51% said they can quickly find alternative supply sources, and 46% said that gaining visibility into supplier performance is challenging. Qualtrics XM for Suppliers aims to help organisations enhance existing source-to-pay processes by listening, understanding and acting on supplier feedback at every touch point.

 

Radius Bank launches commercial API banking platform and developer sandbox

US-based digital bank Radius Bank has announced the next step in its partnership with application programming interface (API) banking firm Treasury Prime with the launch of its Commercial API Banking Platform and corresponding sandbox testing environment.

With API banking, Radius says it is providing commercial clients technology to help facilitate and simplify their corporate banking needs. The bank says that the sandbox is a critical component because it enables developers to explore Radius’ APIs for their particular use cases and test how the API would work in their application.

“We see a huge opportunity with API Banking to streamline the process of working with businesses, startups and developers who are building applications and businesses that are in search of this type of banking service,” said John Relyea, senior vice president of Commercial API Banking. “When we started working with Treasury Prime, we realised the number of companies that needed API Banking services and that drove us to create this product. We are excited for the response it’s received thus far and are excited to now launch it to all of our interested current and new clients.”

The Radius API Checking account allows commercial clients to manage their banking from within their own operating system by using APIs to send and receive payments and manage cash, rather than having to log into a separate bank-powered online banking system. Radius API Checking is designed to eliminate the need for transferring files and double data entry by tying banking transactions directly to the client’s business data.

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