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Industry roundup: 3 August

The Bank of England appoints Accenture for RTGS renewal programme

The Bank of England has announced that it will work with Accenture to develop and build a new real-time gross settlement (RTGS) payments service. This follows a public procurement process which commenced in February 2019.

RTGS is a critical piece of UK national infrastructure and the backbone of British payments. It settles an average of £685bn each working day.  Following extensive industry engagement, the vision for the renewed RTGS service is to increase resilience and access, offer wider interoperability, improve user functionality and strengthen the end-to-end risk management of the UK high value payment system. The renewed system will start to be delivered in 2022. 

“The Renewal Programme is a key priority not just for the Bank but also the wider UK payments industry," said Victoria Cleland, executive director for Banking, Payments and Innovation at the Bank of England. "It will support a resilient financial system that protects the UK’s financial and monetary stability in the years to come. The renewed RTGS service will be designed not only to benefit everyone in the country who makes payments, but to keep the UK at the leading edge of payments innovation.”

 

Zycus launches AI-driven AP automation bots

Zycus, a provider of artificial intelligence source-to-pay software solutions, has extended its plug-and-play AI capabilities to accounts payable (AP) operations’. Designed to work with the Zycus P2P Suite, or with any back-end ERP system or AP platform, Zycus’ artificially intelligent AP bots make use of self-learning capabilities, natural language process (NLP) and optical character recognition (OCR). They guarantee upwards of 95% accuracy in invoice data extraction, supplier inquiry management, and invoice processing.

The company's stack of AP AI bots now consists of an AP inbox manager bot, an invoice reader bot, a fraud detection bot, a cost allocation bot, a duplicate detection bot, as well as an on-cloud eInvoicing solution and supplier portal for collaboration to achieve end-to-end invoice processing.

With its AP automation bots, Zycus says it aims to halve the current AP operations costs for enterprises with a high volume of incoming annual invoices. The company claims in a press release that a health insurer based in North America has achieved an accuracy of 98% in line-level invoice data extraction and a 75% reduction in invoice processing cycle-time as a result of using the service.

 

Qolo and moneycorp Partner on integrated cross-border business payment solution

Qolo, a B2B payments hub, and foreign exchange (FX) and international payments provider moneycorp, have announced the delivery of an integrated FX payment solution. Global businesses, importers and exporters, online sellers and multi-currency card programmes can now access a lower cost, automated payment solution with same-to-same currency settlement.

Both companies say they are seeking ways to innovate how corporates can realise greater efficiency around payments, move away from high fees, time lags, and third party charges and address cross-border needs. As a money services business, moneycorp US Inc. is regulated at the federal level by the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The combination will allow clients 24/7 access to an online payment platform that provides speed and accuracy of payments and moves away from manual processes, saving time and money.

"This partnership furthers access for companies seeking better ways to navigate global payments,” said Patricia Montesi, CEO of Qolo. “With moneycorp’s institutional strength, highly regulated structure and global reach, we can leverage our ability to process cross-border payments. We are experiencing explosive demand for these capabilities.”

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