LSEG to provide risk management and full data integrity valuations for treasurers

The London Stock Exchange Group (LSEG) has partnered with Finmechanics to help corporate treasuries reduce their liquidity and market risks, as well as their reliance on spreadsheet-based processes.

The Corporate Treasury Risk (CTR) app enriches the LSEG Eikon and Workspace platforms with post-trade analytics such as cash and liquidity forecasts, profit/loss and risk reporting, OTC derivatives valuations, as well as hedge effectiveness, ISDA margining and credit value adjustment (CVA). A cloud-based managed service, CTR relies on micro-services and technology developed by Finmechanics.

“Today’s corporate treasury teams face an unprecedented array of challenges, from the impacts of global geo-political turmoil including rising inflation, interest rate and FX market volatility,” said Andrew Hollins, Director of FX & Corporate Treasury Desktop at LSEG. “It’s therefore no wonder that we’re seeing the impacts of spreadsheet fatigue where continuous, manual input processes are leaving companies exposed to significant risk for business-critical tasks.”

 

Ripple receives in-principle regulatory approval in Singapore

Enterprise blockchain and crypto firm Ripple has announced that its Singapore subsidiary Ripple Markets APAC Pte Ltd, has obtained in-principle approval of the Major Payments Institution License application from the Monetary Authority of Singapore (MAS). This license will allow Ripple to offer regulated digital payment token products and services in the city state, and further scale its customers’ use of its crypto-enabled On-Demand Liquidity (ODL) service.

A majority of the growth Ripple experienced for ODL in 2022 was driven by its Singapore operations. As a result of this growth, the firm doubled its headcount in Singapore over the past year across functions such as business development, compliance, finance, legal, and sales – with plans to continue increasing its presence.

“As more countries develop regulatory frameworks for crypto, many are looking to Singapore’s early leadership in developing a clear taxonomy and licensing framework,” said Stu Alderoty, Chief Legal Officer of Ripple. “This in-principle regulatory approval from the MAS will enable us to better support our forward-looking customers looking to hone in on blockchain and crypto technologies to build a more inclusive and borderless financial system.”

 

Treasury Prime and Checkout.com look to enhance enterprise payment solutions

Treasury Prime has announced a strategic partnership with Checkout.com to foster payments solutions that benefit enterprises and their end-users, who will work directly with Checkout.com to enable new capabilities through their platform.

Together, the pair plan to launch several initiatives in the coming months, the first being a product that allows end-users to fund their accounts using their debit card credentials. The forthcoming Debit Card Funding product aims to reduce friction during the account opening process, enabling improved user experience and availability of funds.

Treasury Prime customers can contract directly with Checkout.com to use solutions and enhance payment processes for end users. A statement released by the two companies says the new products and services will enable enterprises to optimise their payment workflows and access capabilities through the Checkout.com platform. 

“The collaboration on these initiatives aligns with the mission of both companies to reduce payment friction and enhance the user experience,” said Mark Vermeersch, Chief Platform Officer at Treasury Prime. “Together, we can address the market need for improved end user experiences and optimised payment solutions, offering fintech clients a competitive edge.”

 

RMB stable as fifth most active global payments currency

SWIFT’s RMB Tracker has shown that In May 2023, the RMB retained its position as the fifth most active currency for global payments by value, with a share of 2.54%. Overall, RMB payments value increased by 20.38% compared to April 2023, while in general, all payments currencies increased by 8.75%. Regarding international payments, excluding payments within the Eurozone, the RMB ranked sixth with a share of 1.51% in May 2023. 

The tracker uses data from live and delivered MT 103 and MT 202  - customer initiated and institutional payments - and ISO equivalent messages exchanged on Swift. RMB’s fifth place out of all international currencies in May saw it behind the US dollar (42.60% of all global payments value), the euro (31.70%), the British pound (6.47%) and the Japanese yen (3.11%).

As a global currency in the trade finance market, based on live and delivered MT 400 and MT 700 messages exchanged on SWIFT, RMB ranked third based on value, accounting for 4.49% of May’s trade finance transactions. This field was dominated by the US dollar (83.92%), while the euro also placed higher (6.22%).

Looking at FX spot transactions, RMB was May’s fifth most used currency for FX confirmations, up one place on April, ahead of the Canadian dollar. The US dollar was the most used, followed by the euro, pound, and yen. In terms of the top economies carrying out FX spot transactions in RMB, the UK came out on top in May (36.91%), followed by the US (13.18%), Hong Kong (10.07%), China (8.45%) and France (7.05%).

 

PayEm launches American Express integration

PayEm has announced an integration with American Express enabling cardholders to make payments, manage expenses and empower employee spending, and earn rewards on their AmEx card when making virtual card payments.

Specific controls can be established for each on-demand virtual Card payment, including spending limits, expiration dates, and allowed merchant categories. American Express card members can pay suppliers using on-demand virtual cards and take advantage of their American Express billing cycle to manage cash flow for their business until the card payment is due.

PayEm’s integration with American Express allows card members to access virtual card transaction data within PayEm’s platform, reducing manual processes and improving reconciliation. Employees with on-demand virtual cards help automate reimbursement filing for one-time or recurring expenses such as meals, business travel, or office supplies.

 

Volt raises US$60m Series B round led by Silicon Valley investor IVP

Volt, which provides global infrastructure for real-time payments, has raised a US$60 million Series B to fund expansion into new international markets such as APAC and the Americas – and support product development in existing markets across Europe, the UK and Brazil. 

The investment round was led by IVP, a Silicon Valley-based firm that has previously backed companies like Coinbase, Slack and Supercell. That complete investment by IVP is subject to regulatory approval in the countries where Volt is regulated. A new investor, CommerzVentures, is also participating in this Series B round along with existing funds, including EQT Ventures, Augmentum Fintech PLC and Fuel Ventures.

Volt, currently available across the UK, Europe and Brazil, plans to bring its real-time payments technology to APAC with an Australian market entry planned for later in 2023 and also has its sights set on the US market. To continue innovating for customers, the company plans to use this Series B investment to build out its network of acceptance and global reach and to enhance its product suite to include cash management while also significantly bolstering its product and engineering teams.