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Industry roundup: 9 April

Oracle Cloud Services target better view of working capital

Corporates traditionally rely on banks to optimise working capital despite an unpredictable market. With the introduction of several new corporate banking solutions, Oracle Financial Services says it is giving banks better visibility into working capital and the tools to put that cash to work faster to improve their clients’ bottom line. Running on Oracle Cloud Infrastructure (OCI), the new services include Supply Chain Finance, Liquidity Management, and the recently announced Virtual Account Management cloud services.

"The pandemic has left corporate banks grappling with significant loan losses and reduced capital investment but an increased expectation to economically accelerate new digital services," said Sonny Singh, executive vice president and general manager at Oracle Financial Services. "Our first three corporate banking cloud services provide a clear path for corporate banks to migrate critical business functions to the cloud with reduced cost and increased digital scalability. This will provide a better experience and capital clarity for their corporate clients."

Each cloud service is built on an adaptable microservices-architecture, so banks do not need to take a disruptive and costly rip-and-replace approach to update their IT infrastructure. Instead, they can strategically plug-in these new services and modernise their back-office systems. The services also feature built-in AI and machine-learning models, which help banks adapt to changing market dynamics and automate processes.

 

Bank of America increases environmental target to US$1 trillion by 2030

Bank of America has announced a goal of deploying and mobilising US$1 trillion by 2030 in its Environmental Business Initiative in order to accelerate the transition to a low-carbon, sustainable economy. This commitment will anchor a broader US$1.5 trillion sustainable finance goal by both environmental transition and social inclusive development purposes, spanning business activities across the globe.

"The private sector is well-positioned to ensure that the capital needed - at the scale it is needed - can drive the transition to a low-carbon, sustainable economy,” said Bank of America vice chairman, Anne Finucane, who leads the company’s environmental, social and governance (ESG), sustainable finance, and public policy efforts. "We will meet our commitment by working with clients to provide lending, capital raising, advisory and investment services, and to develop financial solutions and drive innovation to ensure the transition to a sustainable economy."

Bank of America’s broader US$1.5 trillion sustainable finance target is consistent with the United Nations Sustainable Development Goals (UN SDGs), and will spur transformative change nationally and around the world. Beyond the US$1 trillion climate-related finance, the balance of the sustainable finance goal is focused on social inclusive development, scaling capital to advance community development, affordable housing, healthcare, and education, in addition to racial and gender equality.

The announcement increases Bank of America’s 2019 commitment of US$300 billion to low-carbon, sustainable business initiatives, to US$1 trillion by 2030 as part of its Environmental Business Initiative. This commitment advances an environmental transition across sectors to solutions in energy efficiency, renewable energy, sustainable transportation, resource efficiency, sustainable water and agriculture as well as improved forestry and pollution control measures. The news follows the company’s recent announcement to achieve Net Zero before 2050.

 

Kyriba completes ISO 27001 surveillance review audits

Kyriba has announced that it has recently completed its ISO 27001 surveillance review audit with no nonconformities noted. The surveillance review displays Kyriba’s commitment to maintaining the ISO/IEC 27001:2013 (ISO 27001) certification and ISMS for its global customers.

The ISO 27001 standard includes the requirements of an Information Security Management System (ISMS) and a control framework of 14 control domains covering 114 specific information security controls that should be considered to reduce the information security risk relevant to the scope of the ISMS. An ISO 27001 certification requires that Kyriba has demonstrated it has a working Information Security Management System (ISMS) in conformance with the requirements of ISO 27001, it is mitigating risk through the implementation of controls by processes, policies or systems across departments and staff relevant to the scope of its ISMS. The ISMS covers the availability and secure delivery of the Kyriba Software as a Service (SaaS) applications and protection of the confidentiality and integrity of financial data imported into the application by clients. The ISO 27001 provides the information security governance framework on top of which other standards and security controls are built.

"These audits represent Kyriba’s commitment to corporate security and our priority of maintaining the latest regulatory and compliance requirements," said Eric Adams, chief information security officer for Kyriba. "At a time when companies are relying on their information systems more than ever, we recognise the need to perform ISO required surveillance audits to provide premier level of security, which is in line with our customers’ expectations."

ISO 27001 is a globally recognised framework designed for any system to address information security risks. Kyriba selected this framework to manage security using the ISMS in order to keep customers’ data safe and protect their essential and sensitive financial information.

 

Sokin launches global business payments platform

Sokin, a payments-focused fintech, has launched Sokin Enterprise, its global payments platform for business payments and FX transfers via multi-currency IBAN accounts. 

The solution provides enterprises with unlimited payments and FX services for a transparent fixed fee, with no hidden charges. Sokin Business Payments offers enterprises faster, more convenient payments and instant settlement, with all accounts safeguarded by Sokin’s network of global banking partners. 

The fintech is onboarding its first tranche of business customers, which includes Fulham Football Club, with Sokin Enterprise going live on 16 April 2021. It will initially be rolled out across the UK and Europe, with Canada and other markets set to follow later this year.

The company is also working on additional B2B products for sole traders and SMEs, and from June 2021 it will offer consumers unlimited international money transfers and payments with no mark-up on transactions. Sokin is developing a transformative Embedded Finance platform, that looks to rethink the payments ecosystem - from the onboarding of customers to instant payments - all in its advanced peer-to-peer mobile app.

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