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Industry roundup: 20 May

Ebury reveals instant payments function

Global transaction platform Ebury has launched ‘Ebury Instant’, which allows clients to make and receive payments immediately, regardless of currency and the cut-off time that usually applies. Where both parties are Ebury clients, payments will arrive in the recipient's account immediately, in the currency in which the funds were sent. 

Double verification is required before the first payment is made to a new beneficiary, and all payments are checked by anti-money laundering (AML) and screening systems. Ebury says that the service is automatically activated for all of its clients.

For the beneficiary, the service means immediate cash inflow, while the payer benefits from immediate payment settlement, enabling faster execution of ‘cash in advance’ transactions. The company says it is expected to make a particular impact on companies making recurrent transactions with the same payer or beneficiary. 

 

Surecomp supports DNB with full SWIFT readiness ahead of 2021 deadline

Surecomp, a provider of global trade finance solutions for banks and corporates, has announced that Norway’s largest bank, DNB, is ready to be switched on with SWIFT-compliant versions of both its front and back-end solutions, IMEX and allNETT. Despite the deadline of the guarantee messaging standard moving back to 2021, DNB’s proactive approach is exemplified by dozens of other customers who have also been successfully tested and are ready to go live.

DNB - one of the first banks globally to be ready in switch-off mode - is now able to allocate funds, time and resources to other value generating initiatives safe in the knowledge that it is prepared to go live when needed. 

The SWIFT changes which are now due to take effect in November 2021 - feature changes to standby letters of credit (LCs) and guarantee messaging. Surecomp says it is encouraging banks not to procrastinate.

 

DBS Hong Kong partners with Financio to speed up SME cash flow digitisation

In an effort to help SMEs with their digital transformation journey during COVID-19, DBS Hong Kong and cloud-based accounting software solution Financio have announced a partnership in Hong Kong to transform how businesses manage their finances.

Understanding cash flow uncertainties is one of SMEs top challenge. The integration between DBS business account and Financio is done digitally without the need to visit branches or fill in paper forms. Once connected, data can flow securely and automatically into Financio each day, which is designed to enable SMEs to save time, avoid human errors, and have up-to-date view of their cash flow.

The two companies say that the main benefits of the solution are as follows:

  • Easy reconciliation: Receive daily bank feeds and reconcile the transactions.
  • Support: A Cantonese-speaking help desk, Financio in-app chat support, and traditional Chinese and English interfaces are available.

DBS Hong Kong customers subscribing to the Financio Premium service can receive a 30-day free trial period, and nearly 20% discount off the price of Financio’s annual plan when subscribing to the service during the trial period.

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