1. Home
  2. News

Industry roundup: 4 September

RTGS Global unveils international payments network 

RTGS Global has launched stage one of its operational rollout. It has collaborated with Microsoft to develop a system that is designed to enable banks to gain complete visibility of liquidity between their counterparties. Built on Microsoft Azure, RTGS.global promises to completely overhaul the machinery of correspondent banking. The network safeguards existing commercial banking relationships, but will change the way they work - in many cases moving from what today still involves manual processing - to one that materially improves efficiency, reduces costs and enables a new level of customer service to be delivered.

RTGS Global enables atomic settlement across both commercial and central banks, authenticating the exchange of funds between banks based on the real-time availability of liquidity. Through its patent pending Liquidity Lock, Lock and Block system, RTGS Global locks available liquidity at two counterparty banks, before sending a Liquidity Block message to complete the transaction. This whole process can take just 50 milliseconds to complete, enabling real-time, bilateral settlement of funds.

The result is RTGS.global, an international system that sets out to transform the challenges of legacy correspondent banking and international banking. Settlement and counterparty credit risk become non-existent; there is no need to pre-fund a nostro account; and 24/7/365 availability drastically improves the end customer experience dramatically improving commercial cashflows.


Brex in SAP Concur and Xero partnerships

Brex has announced a partnership with SAP Concur allowing its customers to automatically update and reconcile their corporate card expenses with Concur Expense. At the same time, Brex has also built the best-in-class link between the Xero small business platform and any corporate credit card in the market.

The Concur Expense integration delivers a streamlined experience for businesses looking to simplify the expense management process: transactions on the Brex Card automatically populate in Concur Expense, allowing daily reconciliation and automated accounting software synchronisation. In addition to the elimination of manual work, the software creates a centralised expense view.

The SAP Concur partnership follows investment in Brex’s API infrastructure, which enables other financial software providers to offer tools to Brex customers. Brex’s goal is to build the infrastructure needed to support businesses as they mature and their financial needs evolve. This includes both its own proprietary expense management and accounting software, as well as supporting the tools of industry-leading providers.

Xero, a cloud-based accounting software service provider for small businesses and their advisors, is another early Brex API partner. "The Brex-Xero integration streamlines accounting workflows, helping Xero users and advisors close their books faster," said Andy Burner, VP of Operations at Xero Americas. "The powerful benefits include real-time data flows, automatic receipt matching, bank feed automation, and an integrated view across payment types."


VoPay and Currencycloud technology stack aims to simplify cross-border B2B payments

VoPay and Currencycloud have announced a partnership to deliver a streamlined, real-time cross-border B2B payments solution. Currencycloud’s cross-border payments APIs will be embedded within VoPay’s API and out of the box solution, enabling businesses to move money more seamlessly and quickly when making international payments. 

The transparency provided with Currencycloud’s APIs, combined with VoPay’s payments-as-a-service platform, are designed to overcome many of the issues associated with traditional wire transfers, that are often expensive, slow and offer poor exchange rates to businesses that need to send money cross-border.

"The issues for Canadian businesses and consumers with cross-border payments have been well documented and we are looking forward to changing this landscape with VoPay,” commented Richard Arundel, general manager North America and co-founder of Currencycloud.

Like this item? Get our Weekly Update newsletter. Subscribe today

Also see

Add a comment

New comment submissions are moderated.