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Industry roundup: 23 August

Just Eat Takeaway.com and Adyen partner to issue cards for corporate expense programmes

Adyen, the payments platform of choice for many of the world’s leading companies, today announced Just Eat Takeaway.com, a global online food delivery marketplace, will implement its card issuing solution in the form of Takeaway Pay Card. Adyen’s solution enables Just Eat Takeaway.com to issue pre-funded cards to employees for meal expenses. 

While Takeaway Pay has allowed corporate clients to purchase from a broad offering of restaurants online, employees can now use the Takeaway Pay Card offline to spend their meal allowance for on-the-go commutes, business trips or regular outdoor team lunches, without the hassle of submitting an expense report. For the first round of implementation, the cards will be rolled out to Just Eat Takeaway.com’s employees in Europe. The product is also available to Just Eat Takeaway.com’s corporate clients in the Netherlands, Germany, and Poland, with more countries to follow soon, and can be used at listed food and beverage establishments that accept Maestro and Mastercard.

Adyen Issuing provides an expense management solution that handles the end-to-end process in a single platform, allowing for greater flexibility on card usage and real-time confirmation of payments. Adyen can provide virtual and physical cards to its merchants, so businesses have more control and traceability of cash flows both to suppliers and from employees. 

 

Broadridge onboards UBS onto distributed ledger repo platform

Broadridge Financial Solutions has announced that UBS has joined its distributed ledger repo (DLR) platform. Early participants of the blockchain-enabled platform are accelerating their digital journey and realising the significant and immediate benefits of reduced risk and operational costs as well as enhanced liquidity. The addition of UBS builds on the early platform success and accelerates the expansion of the DLR network, leveraging Broadridge’s fixed income platform that processes over US$6 trillion in average daily volume and includes 20 of the 24 primary dealers. 

DLR provides a single platform where market participants can agree, execute and settle repo transactions. Under a digital repo approach, collateral can be detached from the trade agreement, while the cash remains off-chain. Furthermore, DLR allows for the immobilisation of the underlying securities in the repo transactions, while transferring ownership via smart contracts executed on the platform. The platform’s functionality aims to significantly reduce the operating cost and risk of all repo activity, including intraday, overnight and term repos, both on a bilateral and intracompany basis and reduces counterparty risk while increasing auditability.

"We look forward to the enhanced liquidity and reduction of risk that Broadridge’s distributed ledger repo platform provides," said Paul Chiappetta, Americas chief operating officer of Group Treasury at UBS. "This partnership reinforces our overall digital strategy, leveraging new technologies aimed at reducing risk and improving efficiencies in the financial markets."

 

SmartStream’s AI solution supports continuous streaming of reconciliations

SmartStream Technologies has launched Air Version 4, which provides the continuous streaming of reconciliations using AI cloud-native technology. The new version will manage large volumes of data in a variety of non-standard formats and structures, it will check for accuracy and completeness on a continuous basis, without the need to reload unmatched items.

SmartStream Air Version 4 supports both real-time and continuous reconciliations. It is designed to allow customers to use a much wider range of processing, including payment reconciliations, which is currently seeing a high level of interest. In addition, the cloud-native solution will be fully integrated with Kafka’s event streaming platform for all unified distribution of real-time messaging.

The upgraded solution can export all data to a data lake, allowing it to be used for any report writing tools such as Power BI or Tableau. This means that clients can take the results from SmartStream Air and re-use it in conjunction with their own data lake strategy. In addition, it allows for structured and unstructured data - which can be cost-effective with greater control and flexibility.

"SmartStream Air provides true AI - it has been proven and tested in a number of tier one banks - we are confident that this latest release is spearheading the future for reconciliations processing," said Andreas Burner, chief information officer at SmartStream. "The solution is completely standardised in comparison to other applications on the market today, and it can be set up and ready to use in minutes."

 

Planixs launches programme to migrate legacy treasury software to its own platform

Planixs, a provider of real-time, intraday cash, collateral and liquidity management solutions, recently launched a Safe Passage Programme that enables financial institutions to migrate from their aging treasury and liquidity management applications to the latest technology offerings from Planixs.

The Realiti solution allows firms to consolidate millions of cash flows per hour, in real-time, to ensure they have an accurate, up-to-date picture of cash balances across their settlement accounts, comparing projections to actual external balances, and are able to control liquidity requirements and usage in real time. Real-time reconciliation of actual and expected cashflows, at very high volumes, provides financial institutions with intraday insight and real-time forecasts for rest of day processing. Combined with stress modelling capabilities, auto sweeping, throttling and real-time predictive balance forecasting the Realiti Suite will provide customers with the most advanced real-time treasury management solution in the market.

The Safe Passage Programme from Planixs enables existing firms to migrate to the Realiti solution suite for a similar total cost of ownership as they do with their current treasury technology vendors. This aims to enable customers to move to real‑time, cloud enabled technology from Planixs for no incremental cost. The company says firms need to react quickly to manage changes such as new/updated regulations and market changes (such as the migration of SWIFT messaging to ISO 20022) and often the barrier to this is upgrading old platforms at high cost and little additional business value.

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