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Industry roundup: 26 February

Western Union expands global business payments platform

Western Union Business Solutions, the payments arm of the Western Union Company, has announced the expansion of its global capabilities, aiming to bring faster and more transparent payment services to business customers.  Western Union Business Solutions has integrated SWIFT Global Payment Initiative (gpi) and increased its international currency options within its WU Mass Payments API to 130.

As a SWIFT gpi member, Western Union Business Solutions says it will provide clients with increased visibility and certainty that their payments will rapidly reach their intended destination. Increased currency support in its WU Mass Payments API enables financial institutions to expand their reach, improve efficiencies and transact in more currencies by integrating a flexible global payments network into their own product or service. WU Mass Pay includes built-in, real-time foreign exchange (FX) quotes. Partners can send up to 10,000 payments in over 130 currencies in a single batch with near real-time payment tracking, report functionality, and automated notification changes to payment status with the option to route payments over the Western Union Business Solutions global network.

"Adding Swift GPI and expanding our currency portfolio within our Mass Payments API advances not only our competitive advantage but that of our customers", said Scott Johnson, head of Product at Western Union Business Solutions. "Customers expect, and now have, payments that are faster, traceable, transparent, consistent, and more reliable.  We give them that, along with our global compliance programme." 

 

Zelle payments enabled on the US RTP network

Early Warning Services and The Clearing House (TCH) have announced Zelle transactions can now be cleared and settled over the RTP network in the US. Bank of America and PNC Bank are the first to send Zelle payments over the RTP network, providing businesses and consumers a fully digital payment experience with improved efficiency by leveraging the ISO 20022 message standard. By sending Zelle payments over the RTP network, financial institutions can enable instant settlement and simpler back-office processing, improving efficiency and reducing costs.

"Bank of America and PNC Bank are trailblazing a path to integrated real-time payments capabilities that will soon benefit individual account holders and corporate customers," said Steve Ledford, senior vice president of product strategy and development at The Clearing House. "The integration of Zelle payments over the RTP network means that financial institutions will soon realise the benefits of future technology synergies between the Zelle and RTP networks."

Moving to a real-time bill presentment and payment experience should allow businesses to increase customer satisfaction and decrease cost of collections. In the future, when leveraging the two networks' combined capabilities, businesses can send bills electronically, reducing the amount spent on paper and postage while enhancing the customer service experience. By using Zelle to request a payment, corporate customers will not need to store and transmit a customer's bank account information, increasing the level of safety and security during a transaction.

"Corporate customers will no longer need to collect bank account information," said Chris Ward, executive vice president and head of product and operations at PNC Treasury Management. "Instead, they can focus on transacting through the US banking system with a customer's email address or US mobile number they use to enroll with Zelle."

 

Receivable Savvy launches tool to evaluate effectiveness of e-invoicing solutions 

Receivable Savvy has launched Perceptions Analytics, an interactive research platform designed to deliver unbiased, detailed performance data on the top e-invoicing solution providers in various areas critical to the order-to-cash process.

The tool is a patent-pending, interactive dashboard comprising information gathered from hundreds of supplier organisations segmented by industry, revenue, employee size, invoicing volume, location, and more.

Users will find Perceptions Analytics has simple drop-down menus across 17 categories and dozens of queries for thousands of possible data combinations. Users can find data regarding:

  • How individual e-invoicing solution providers perform in critical operational areas.
  • The level of expertise demonstrated by each solution provider’s sales personnel.
  • The handling of the implementation process.
  • The error rate when submitting invoices.
  • How quickly errors are resolved.
  • The effectiveness of customer support when resolving issues.
  • The value suppliers received when using a solution provider’s free or paid invoicing solution.
  • The rate at which the supplier would recommend the e-Invoicing solution to others.

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