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Industry roundup: 20 April 2020

Abu Dhabi Islamic Bank using blockchain technology for trade distribution

Abu Dhabi Islamic Bank (ADIB), an Islamic financial institution, says it has become the first Islamic bank to successfully execute trade finance distribution transactions using blockchain technology. The cross-border transactions, which were completed with multiple banks, were made possible through ADIB’s partnership with TradeAssets, a trade finance e-marketplace that uses blockchain technology to help digitise the traditional processes of origination and distribution of trade assets.

For the past year, ADIB’s collaboration with TradeAssets has enabled it to automate trade finance transactions and conclude transactions successfully with banking counterparts in emerging markets.

Aimed at businesses of all sizes, ADIB Direct is designed to improve companies’ ability to manage their finances locally and internationally. These features include customisable dashboards, cash flow forecasting and online trade issuance and financing which are accessible across all devices including a mobile app.


Taulia aims to speed up invoicing for COVID-19 affected businesses

Taulia has announced the launch of Rapid Start Invoicing. The solution, which can be implemented within seven days, is designed to help businesses respond to the disruption caused by COVID-19, as it allows their suppliers the capability to submit invoices electronically, enabling the business to keep accounts payable (AP) processes going and pay invoices on time.

The closure of some shared services centres and business process outsourcing has meant businesses have found it hard to process paper invoices, disrupting their AP processes and preventing payment to suppliers. As a direct response to these closures and as part of our commitment to support businesses through COVID-19, Taulia created the solution, which lets customers be onboarded immediately.


NICE Actimize KYC solution responds to CARES Act influx

Due to provisions in the recently enacted CARES Act in the US, financial services organisations are facing an unprecedented influx of loan applications and the need to expedite know your customer (KYC) operations and procedures. These can often be manual and time consuming. To effectively address this need, NICE Actimize has announced the launch of KYC Xpress, a cloud solution that automates manual KYC procedures.

Labour intensive KYC checks that are required to be performed on loan applicants are generally done manually and require multiple steps. The NICE Actimize cloud-based solution automates these processes, enabling teams to perform faster KYC checks and reducing the potential for human error. In addition to cost savings, the firm says that KYC Xpress provides a clear audit report, time-stamped for proof of compliance.


Funding Circle switches to CBILS lending only

The British Business Bank (BBB) has accredited Funding Circle to the government’s Coronavirus Business Interruption Loan Scheme (CBILS). This will allow the lender to help small businesses access government-guaranteed loans during the current COVID-19 crisis. As a result, the firm has taken the decision to focus solely on originating loans through the CBIL scheme during this period, pausing new lending for all retail investors and any institutions not participating in the scheme.

In a blog to reassure retail investors, Funding Circle says the businesses that investors have lent to will continue to make monthly principal and interest repayments, which will accumulate in investors’ available funds and can be withdrawn to their nominated bank account or by ISA transfer at any time. Funding Circle also notes that this is a temporary measure, and it expects to re-open the retail investor marketplace in due course. 

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