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Industry roundup: 29 May

HighRadius launches accounts receivable suite

HighRadius, a fintech enterprise Software-as-a-Service (SaaS) company, has announced the launch of RadiusOne A/R Suite for mid-sized businesses. Designed to give a simpler user experience and faster time-to-value. The firm says that accounts receivable automation is a catalyst for business growth.

In the face of escalating focus on cash flow due to slow down in collections, mid-sized businesses are looking for work-from-anywhere accounts receivables solutions to continuously monitor risk of their entire customer portfolio and perform effective collections. RadiusOne A/R Suite offers an eInvoicing & Collections App, Cash Reconciliation App, and Credit Risk App to support working capital optimisation.

 

LiquidX launches white-label trade finance offering for corporate banks

LiquidX has announced that it will offer a white label deployment of the next-generation LiquidX 360 platform for banks to enhance their trade finance business with their corporate clients. The LiquidX Partner Program (LPP) enables corporate bankers to deliver multiple products, including supply chain finance, accounts receivables, and trade credit insurance, to their clients in a single application with the bank’s own proprietary branding. This functionality is provided on a flexible platform with an intuitive interface, and the ability to add new products in six to eight weeks.

The firm says the offering is flexible and allows for outsourcing of technology, cash management, client onboarding, and operational support to replace banks’ legacy systems and processes. Banks can initiate a full-service trade finance business using LiquidX as a turn-key solution, which can reduce time-to-market and upfront costs. The multi-asset class offering also allows for bank-to-bank distribution.

 

EPAM Systems and Fnality partner on cross-border payments network

EPAM Systems, a global provider of digital platform engineering and software development services, has announced a partnership with Fnality International, a consortium of wholesale banks founded to create a network of distributed Financial Market Infrastructures (dFMIs), to deliver payment-on-chain to support tomorrow’s wholesale banking requirements. EPAM will provide Fnality with software development services to create a series of new national peer-to-peer Fnality Payment Systems (FnPS) as well as facilitate its integration and interoperability within blockchain networks or legacy systems.

Processing a trade transaction currently involves multiple parties and locations, particularly in cross-border commerce, leading to delayed or failed settlements and exposure to increased risk.  With a blockchain payment system, all the contractual obligations are discharged Peer to Peer and are irrevocable and instantaneous. The Fnality Payments Systems will settle tokenized value transactions and reduce reliance on intraday unsecured credit transactions. Further, the distributed nature of FnPS will eliminate negative system impact from individual participants or nodes – resulting in faster settlements and reduced systemic, operational and credit risks.

 

FIS brings automation to the remote workforce

FIS has announced Enterprise Productivity, Intelligence & Compliance (EPIC), a modular, desktop-based solution that is designed to help financial institutions and businesses enhance the efficiency of their global operations while managing an increasingly remote workforce.

With work-from-home arrangements on the rise, the FIS EPIC solution provides organisations with an integrated, dashboard view of their business processes, and digital and physical assets on a single platform. The solution uses data analytics technology to enable operations personnel to monitor enterprise-wide operations from their desktops. With the aid of the EPIC solution’s automation tools, organisations can allocate virtual and physical resources in real-time to handle spikes in business activity.

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