Swedish Export Credit Corporation selects FIS to digitise commercial lending platform
The Swedish Export Credit Corporation (SEK), which finances Swedish exporters, their subsidiaries, and foreign customers, has chosen financial technology firm FIS to digitise and modernise its commercial lending platform to enhance service to its clients and streamline costs.
Owned and operated by the government of Sweden, SEK is chartered with enhancing the competitiveness of the country’s export industry by ensuring access to sustainable credit alternatives. As part of a broader technology modernisation initiative, SEK was looking to integrate disparate loan origination systems and processes into a single, modern platform for use by its internal stakeholders in servicing exporter clients.
SEK will be utilising the FIS Commercial Loan Origination (CLO) and FIS Ambit Optimist solutions, which are part of the FIS Commercial Lending suite, to digitise the full life cycle of the credit lending process - from loan origination and risk assessment, through credit approval, presentation and ongoing loan servicing.
The FIS solution will provide SEK analysts and service representatives a single, integrated view of customer information, status of credit requests, and other workflow - all accessible via a user interface. SEK team members will be able to tap into an up-to-date, centralised repository of deal information and documentation.
Asahi Group digitises procurement with SAP Ariba solutions
SAP has announced that Asahi Group, a global manufacturer of beverages and foods based in Japan, has implemented SAP Ariba solutions to help its domestic group companies digitise the procurement of indirect materials.
By selecting SAP Ariba solutions as its sole indirect materials purchasing platform in the cloud, Asahi Group aimed to cut costs, strengthen compliance and improve efficiency and productivity. The implementation began in January 2019 at both Asahi Group and Asahi Professional Management, which is responsible for Asahi Group’s business management. Asahi Breweries followed in July 2019, with Asahi Soft Drinks and Asahi Group Foods in January 2020. The rest of its group companies overseas will follow. Looking to 2021, Asahi Group aims to achieve ongoing cost reduction and compliance by having 80% of all indirect materials spend managed by its procurement team using SAP Ariba solutions.
With a global platform in place for procuring indirect materials, Asahi Group plans to increase collaboration and strengthen relationships with its global network of suppliers, and set standards for evaluating and continually improving its procurement transformation. Aligned with its goal to achieve strategic and sustainable procurement operations worldwide, Asahi Group will consider adopting SAP Ariba solutions for direct materials next.
Modulr becomes first non-bank to launch confirmation of payee
The fintech Modulr has launched Confirmation of Payee, a fraud prevention initiative spearheaded by Pay.UK. The feature provides an extra layer of defence to protect Modulr’s customers from malicious redirect payment fraud, also known as authorised push payment (APP) fraud. This is the second Modulr product launch to come out of its £10m grant from the Capability and Innovation Fund (CIF) under the RBS Alternative Remedies package. Modulr, an authorised electronic money institution, says it is the first non-bank or building society to join Confirmation of Payee.
APP fraud describes when a person is tricked into approving a payment to a fraudster’s account, through social engineering, manipulation or deceit. These scams cost businesses and consumers millions every year - and there’s often little recourse to get back stolen money. That’s because with push payments, users enter the beneficiary’s details and there’s an assumption of trust before the payment is made – as opposed to pull payments such as card-present payments where the user is generally protected by chargeback rights, or Direct Debits.
With Confirmation of Payee, Modulr’s customers will have greater assurance their payments are going to the right recipient when they’re paying a business or personal account. Confirmation of Payee calls on Modulr’s API and automatically checks that the recipient’s name and account details match the information held by their payment service provider. If the details don’t match, the user will be warned so they can confirm the details with the person or organisation they’re trying to pay. Not only does this help protect against fraud, it also helps to avoid simple mistakes like accidentally mistyping account details when setting up a beneficiary.
Modulr says that the benefits for businesses will be significant. Confirmation of Payee can dramatically reduce the risk of direct financial losses incurred by fraud. It can also save operational costs by reducing the number of payments that need to be investigated or recalled.
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