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Industry roundup: 23 April 2020

Banco Monex to provide third-party access to CLSSettlement

CLS, a market infrastructure group delivering settlement, processing and data solutions, has announced that Banco Monex has become the first Latin American third-party service provider of its payment-versus-payment (PvP) FX settlement service, CLSSettlement.

Banco Monex has been a CLSSettlement member since 2018, when it became the first Mexican bank to participate directly in CLSSettlement. The bank’s decision to offer third-party access is a strong indicator of potential growth in CLSSettlement in the Latin America region. By enabling its clients to participate as third parties, Banco Monex is helping them to mitigate settlement risk while enhancing liquidity efficiencies for the Mexican market.


PayFit updates software to calculate UK COVID-19 payroll legislation

The PayFit app, cloud-based software for payroll and HR management, has been updated to account for changes in legislation put in place by the UK government, specifically around statutory sick pay (SSP) and employee furloughs. Under the government’s emergency COVID-19 Bill, employees are entitled to claim SSP from their first day off work for all coronavirus-related absences. The Bill also states that employers with fewer than 250 employees on 28 February 2020 will be able to claim 100% rebate on coronavirus-related SSP for up to two weeks. PayFit users can now enter coronavirus-related leave on the app to record sickness or self-isolation absences and receive correct statutory pay in alignment with the latest legislation announced by the Government on 13 March.

With employee furloughs, employers will be able to keep employees on the payroll and keep their contract of employment in place for a period of at least four months, backdated to 1 March 2020. Employers will be able to claim up to 80% of furloughed employees’ usual monthly wage costs, up to the value of £2,500 per month, as well as Employer National Insurance contributions (NICs) and minimum automatic enrolment employer pension contributions on the wage. Claims have been able to be made from 20 April.  Through the PayFit app, the furlough calculation is done automatically. It can also be amended by adding or subtracting bonuses or overwriting the average pay. The reclaimable employer contributions are also automatically calculated for NICs and pensions.


EMQ enhances cross-border payments solution for Indonesian corporates

EMQ, a global financial settlement network, has announced an enhancement to its cross-border payment solution, which is designed to enable businesses both locally and globally to expand their reach and further improve their payment capabilities with greater speed, certainty and increased flexibility. The company’s Fund Transfer Operator licence from Bank Indonesia, provides businesses with fully compliant access to the payment ecosystem.

EMQ’s tech-enabled financial settlement network and a single API integration enables businesses in Indonesia to make and receive payments quickly and transparently to and from over 80 global markets. The company’s scalable API driven platform is designed to meet the needs of businesses with high transaction volumes, enabling them to streamline their workflows for a seamless user experience. In addition, global businesses can also access millions of mobile wallets and bank accounts in Indonesia.


Qwil integrates with SAP Fieldglass on supplier payment solution

Qwil has announced that its Supplier Payment Optionality solution is now available on SAP App Center, the digital marketplace for SAP partner offerings. The Qwil solution integrates with the SAP Fieldglass solution to deliver options for contingent workforce suppliers to decide how and when they get paid.

The payment optionality solution is designed to help customers of SAP Fieldglass solutions attract more niche and diverse contingent workforce suppliers and increase adoption of contingent workers while enabling global payments. For example, in smaller foreign markets, invoices in one currency can be converted to local currency, expediting global deployments of contingent workers.

Qwil is a partner in the SAP PartnerEdge programme. As such, it can build, market and sell software applications on top of technology platforms from SAP. The SAP PartnerEdge programme provides the enablement tools and support to facilitate building disruptive applications focused on specific business needs. The programme provides access to all relevant SAP technologies in one framework under a single, global contract.

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