RBC live with Export Development Canada Business Credit Availability Program

RBC has announced the launch of the Government of Canada’s Export Development Canada (EDC) Business Credit Availability Program (BCAP). The EDC BCAP provides eligible mid-sized and large RBC business clients with a loan of up to CA$6.25m to offer short-term liquidity.

The EDC BCAP is available to both export-oriented and domestic sales-based businesses, and 80% of the loan will be guaranteed by EDC. The EDC BCAP Guarantee fee of 1.8% will be deferred for clients for the first six months. The EDC BCAP solution is one of many business relief efforts announced by the Government of Canada, which includes the recent launch of the Canada Emergency Business Account (CEBA) for Canadian small businesses. RBC says it is continuing to work with the government and the financial services sector to bring to market the Business Development Bank of Canada (BDC) BCAP to further support small, medium and large businesses.

 

Jumhouria Bank of Libya taps SmartStream for payments reconciliation

SmartStream Technologies has announced that Libya-based Jumhouria Bank has gone live on its solution for the reconciliations of cash payments - the first of a two phase implementation to consolidate and automate the reconciliation process across its 170 branches to deliver real-time operational control.

The SmartStream SWIFT-certified reconciliations solution is being rolled out to replace manual processes across Jumhouria Bank. The move is designed to ensure greater visibility into cash, card, branch, central bank and payment transactions. It should provide the bank with new levels of automation and control over its transaction processing; facilitating regulatory compliance, straight-through processing and improved customer service.

 

Mastercard and vcita launch ‘Business Unusual’ platform to promote small business digitisation

Business management app vcita has partnered with Mastercard in Europe to launch Business Unusual, a learning and management solution specifically designed for micro and small businesses, helping them run more digitally.

The Business Unusual platform is designed to help companies better manage and run their businesses by giving them a suite of tools that includes:

• Client management.
• Billing.
• E-invoicing.
• Online scheduling.
• Email marketing.
• An education and learning platform.

Specifically designed for micro and small businesses, the platform will help automate common administrative tasks from a single application. The platform will leverage Mastercard’s European partner network and enable them to support their small business customer base with services beyond traditional banking. The service will be offered free to small and micro business owners for 3 months from sign-up and the solution is built to address both the immediate and the long-term business needs of local businesses and entrepreneurs.