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Industry roundup: 9 October 2020

Emirates NBD launches digital supply chain financing platform

As part of its ongoing digitisation strategy, Emirates NBD has launched a digital supply chain financing platform for its corporate and institutional clients. The bank's smartSCF platform will offer businesses in the UAE a set of integrated, automated tools designed to enhance and simplify their supply chain collaborations while optimising working capital and reducing transaction costs. The platform enables clients to benefit from improved cash flow efficiencies while their suppliers benefit from early payment of their invoices, without the need for collateral and at competitive rates.

The platform has been designed to help increase operational efficiencies for both corporate clients and their suppliers. Suppliers can seamlessly self-on-board via the digital supplier on-boarding toolkit, the first of its kind in the region. Furthermore, smartSCF has enhanced data analytics tools such as interactive dashboards and customised reports which helps clients gain visibility on the program from supplier on boarding to payment and reconciliation as well as their cashflows.

Emirates NBD says that the smartSCF platform caters to the growing need for digitisation of supply chain management and financing, which has emerged as one of the key priorities for corporate clients across industries.


Oracle Banking Payments adds SWIFT account-to-account payments service

Oracle Banking Payments has announced it is supporting SWIFT’s latest service to support global cross-border payments for small and medium enterprises (SME) and consumer markets.

“Oracle has long collaborated with SWIFT, and we are proud to be part of the early stages of design and pilot of this new service,” said Sonny Singh, executive vice president and general manager at Oracle Financial Services. “We see great potential for banks that are competing against fintechs and alternate networks when it comes to cross-border payments. SWIFT’s new service offers the possibility of borderless low-cost account-to-account currency transfers from the bank’s own app or portal, and Oracle Banking Payments’ readiness makes this transition easy and fast for SMEs.”

As banks are managing their ISO 20022 migrations and implementing new services within SWIFT's gpi programme, Oracle says it aims to lower the total cost of ownership and ease customers’ transition by investing in its solutions and supporting industry initiatives. With Oracle Banking Payments’ built-in integration with the new SWIFT service, banks should be able to minimise disruption to customers’ existing technology infrastructure to meet cross-border payment needs and lower the total cost of ownership.

The integration should mean that banks using Oracle Banking Payments will be better able to compete against global remittance providers and card networks for low-value transfers in key currency corridors. They will also be able to offer fast, easy, predictable, and competitively priced cross-border payments from account-to-account.


EMQ launches high value cross-border settlements in Japan

EMQ, a global financial settlement network, has announced the launch of its high transaction value cross-border settlements in Japan, which enables global businesses to send a maximum of JPY30m directly into local banks. 

Already live in Japan, the expanded payments capabilities further allow EMQ to streamline and process international payments for businesses anywhere in the world through one single integration with EMQ Connect API. The company says its API-powered solutions can effectively settle any cross-border transactions and support a multitude of front-end use cases, while enabling global businesses to streamline their workflows for a seamless user experience.

“Japan, the third-largest economy in the world, is an important market in our global growth strategy as we continue to see encouraging signs of recovery across the region amidst the new normal," said Max Liu, co-founder and CEO of EMQ. "For global businesses, they will require a network partner like EMQ with international capabilities and local expertise to ensure prompt payments in local currencies in order to scale across multiple markets. Our expanded capabilities across Japan complement our efforts in providing the most reliable, flexible and cost-efficient cross-border solutions for our customers as we continue to optimise our global network with the most comprehensive service levels.”

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