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Industry roundup: 29 April

Worldline and IATA partner on payment solutions for airlines

Worldline has announced it has partnered with the International Air Transport Association (IATA) to give all their member airlines access to a wider range of payment solutions to better serve their passengers. All of Worldline’s payment capabilities and services will be made available through the IATA Financial Gateway (IFG).

As part of the partnership, Worldline has incorporated Ingenico’s TravelHub solution into IFG. This solution provides companies with access to more than 150 online payment methods and offers a range of currency options that are relevant to customers around the globe, including in high growth markets such as Russia, India, Brazil and China. It also offers smart transaction routing capabilities both globally and locally, which should improve conversion rates and in turn, revenue.

Airlines connected with IFG will be notified of the new payment services made available to them as a result of the partnership and can reach out to Worldline, via IATA, to gain access to payment capabilities in new markets. Once an airline decides to use the IATA/Worldline TravelHub infrastructure, testing will be carried out in conjunction with IATA, which will then seamlessly activate the service so it can be used by the business.

These services include global end-to-end payment processing, fraud prevention solutions, more than 150 alternative methods of payment, and local access to new markets. As an active partner of the IFG community, Worldline, together with IFG, says it will be supporting airlines in optimising payment processes and building a cost-effective global payment strategy.   

 

DBS, J.P. Morgan and Temasek partner on open platform for interbank value movements 

DBS, J.P. Morgan and Temasek have announced plans to develop an open industry platform to reimagine and accelerate value movements for payments, trade and foreign exchange settlement in a new digital era, through a newly-established technology company.

Named Partior (which means ‘to distribute and share’ in Latin), the company aims to disrupt the traditional cross-border payments ‘hub and spoke’ model, that has resulted in common pain points, including multiple validations on payment details by banks, which translate to costly and onerous post transaction exception handling and reconciliation activities. Partior recognises the need for more efficient digital clearing and settlement solutions across the banking industry, and targets to address these challenges through the use of blockchain solutions to enable next generation, programmable value transfer for participating banks and their clients in real-time across a common and open platform.

The Partior platform has also set its sights on developing wholesale payments rails based on digitised commercial bank money to enable 'atomic' or instantaneous settlement of payments for various types of financial transactions. Such functionality would help banks overcome challenges presented by the current standard sequential method of processing global payments.

The operation of Partior by DBS, J.P. Morgan and Temasek and the completion of development, launch and availability of services on the proposed platform are subject to obtaining any required regulatory consents and approvals. When complete, the platform aims to provide 24/7 infrastructure that will enable financial institutions and developers to co-create applications that support use cases such as FX payment versus payment (PVP), delivery versus payment (DVP) and peer-to-peer escrows to complement and value-add to global financial ecosystems.

To encourage broad participation across the banking industry, Partior will be actively engaging banks to join the platform to establish the scale required to benefit the industry. The platform will start with a focus on facilitating flows primarily between Singapore-based banks in both USD and SGD, with the intent to expand service offerings to other markets and in various currencies. Partior’s platform will also be designed to complement ongoing central bank digital currency (CBDC) initiatives and use cases.

These efforts by DBS, J.P. Morgan and Temasek build on their past work as part of Project Ubin, an industry initiative by the Monetary Authority of Singapore to explore the application of blockchain technology involving multi-currency payments and settlements.

 

Dymon Asia expands Hazeltree relationship to streamline cash management

Hazeltree, a provider of integrated treasury management and portfolio finance solutions, has announced that Dymon Asia, an Asia-focused alternative investment manager, has expanded a multi-year relationship to further leverage Hazeltree cash management capabilities across its treasury and operational organisation. Hazeltree helps Dymon’s treasury team manage operational risks, strengthening its cash management controls, driving efficiencies and optimising excess cash.

Two years ago, Dymon Asia implemented Hazeltree Cash Manager to enable centralised aggregation and monitoring of cash balances across a multitude of banks, broker dealers, and other counterparties; and the execution of cash movements and payments via a fully integrated wire solution, including multi-level authorisations, internal controls and audit trails.

Additionally, with Hazeltree, Dymon Asia’s authorised users can review and approve wire movements from their mobile devices, which is critical to Dymon Asia, given the remote workflow prevalent in today’s Covid environment.

 

Taulia expands into supply chain inventory management 

Taulia, a fintech provider of working capital solutions, has announced it is expanding its offering to include inventory management. This development will enable Taulia to provide its global customer base with solutions that cover all three areas of the cash conversion cycle: payables, receivables and inventory. 

Taulia has appointed Erik Wanberg to lead its inventory management business line. Wanberg was previously a managing director in Supply Chain Finance at Wells Fargo and joins with almost 25-years’ experience from roles in inventory solutions at the likes of GE Capital and Silicon Valley Bank. 

"Inventory is often cited as the most difficult working capital component for companies to improve upon," said Cedric Bru, CEO of Taulia. "It is a demand that we have heard loud and clear from supply chain and sourcing leaders around the world. Taulia’s customers have told us they face a wide range of challenges, including lengthy lead times, an ever-increasing need for closer safety stocks and alternative solutions to complex vendor-managed inventory programmes."

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