Expensify enhances invoicing and bill pay offering
Expensify has announced enhanced invoicing functionality for customers to manage their accounts receivable. This update comes shortly after the firm unveiled support for bill payments, where customers can receive, track, approve, and pay bills. Now, businesses can manage accounts payable and receivable all in one place.
Using the same patented technology built for expenses, Expensify’s SmartScan now instantly captures details from vendor bills for automatic approval and payment. Users can also create and send invoices and receive payments via Expensify, which then syncs automatically with QuickBooks Online, Xero, and NetSuite.
"We’re the first to build a product that recognises that every invoice you send is a bill that someone else receives," commented David Barrett, founder and CEO of Expensify. "Bills and invoices, together at last - solving AP and AR end-to-end with the same platform.”
SIA and WizKey partner to enable trading of credits on blockchain
SIA has signed a partnership agreement with fintech WizKey to launch a platform available to banks, funds and financial operators to negotiate credits on blockchain and promote greater liquidity to the benefit of SMEs.
The initiative aims to realise an ecosystem where the players in the financial sector can create a transparent, efficient and liquid secondary credit market. This will make it possible to manage, through SIA's technology infrastructure, the entire credit trading and assignment process, also within the scope of NPL (Non-Performing Loans) securitisation.
According to data provided by the European Banking Authority (EBA), the nominal value of loans under moratorium as of June 2020 totalled €871bn. France has the highest level of exposure (€255bn), followed by Spain (€187bn) and Italy (€156bn).
Each credit portfolio on the platform has its own permanent data room where the history, the documents and all the results of due diligence activities are available and notarised thanks to DLT technology, avoiding information asymmetry risks and protecting the parties involved in the process.
Through the use of smart contracts, credit is digitised on the SIA infrastructure allowing all players in the supply chain to structure competitive private and public auctions and transfer credit portfolios in a few clicks.
Amendments to rules on haircut floors for securities financing transactions proposed
The Basel Committee on Banking Supervision has published for consultation two technical amendments to the standard on minimum haircut floors for securities financing transactions (SFTs).
The technical amendments seek to address an interpretative issue relating to collateral upgrade transactions and correct for a misstatement of the formula used to calculate haircut floors for netting sets of STFs. Technical amendments are defined as changes in standards that are not substantial in nature but that cannot be unambiguously resolved based on the current text.
Comments on the proposed technical amendments should be submitted on the BIS website by Wednesday 31 March 2021. All comments will be published on the BIS website unless a respondent specifically requests confidential treatment.
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