QIB selects Volante for PSD2 compliance
Payments processing software company Volante Technologies has been selected by Qatar Islamic Bank UK (QIB) to provide PSD2 compliance for the bank. Together with payments technology firm Token, with which Volante has a partnership, they will provide support for complex PSD2 compliance through its VolPay Channel: Open Banking. San Francisco-headquartered Token is a regulated account information service provider (AISP) and payment initiation service provider (PISP), authorised by the FCA in the UK. Its cloud-based API operating system, TokenOSTM, enables connections and aggregation of multiple banks to multiple third party providers (TPPs).
According to Volante, its VolPay Channel manages the two-way communication between the API layer and the bank’s systems, as well as tying the authentication and execution of the payment into a meaningful user journey across multiple use cases. The solution has been designed with interoperability in mind, providing banks with an option to work with multiple technical service providers (TSPs) in one or more geographies. As with all VolPay Suite products, the solution includes high degrees of automation enabling a rapid implementation with minimal disruption to QIB.
IFC and Demica partner to unlock $9.8 billion for suppliers
IFC, a member of the World Bank Group, and working-capital financial technology firm Demica have partnered to help unlock as much as $9.8 billion in annual financing for suppliers and distributors in emerging markets. They say this will particularly help small and medium enterprises (SMEs).
In their announcement, Demica and IFC says that SMEs in emerging markets face a finance gap of $4.5 trillion, which is exacerbated by the scarcity of working capital and trade finance services. Demica’s platform connects smaller suppliers to large corporations and investors, enabling them to sell their receivables and optimise their cash flow. Demica says it facilitates more than $90 billion a year in working-capital financing, connecting more than 150 corporations with suppliers and customers across more than 130 countries.
BAML to expand CashPro mobile capabilities
Bank of America Merrill Lynch (BAML) announced it is accelerating its investment in mobile capabilities, with enhancements to its CashPro Mobile user experience. The new features include: simpler navigation; enhanced user interface; a personalised home view that allows clients to take action on their most critical 'to-do's'; and the ability to send feedback directly from the app. The bank notes in its announcement that the number of users accessing CashPro Mobile has increased by more than 180 per cent in the past 12 months.
Global treasurers reveal top 10 problem countries
China, Brazil & India top the list of countries where global corporate treasurers face most difficulties. The research is based on responses from senior treasury professionals from multinational corporations and was conducted in September 2018 by CompleXCountries, a specialist treasury peer group. The top 10 countries were: China (36.2%); Brazil (34.5%); India (29.3%); Argentina (22.4%); Russia (17.2%); Turkey (17.2%); Egypt (15.5%); Venezuela (13.8%); South Africa (12.1%); and Nigeria (10.3%). Rupert Keenlyside, founder of CompleXCountries commented: “Treasurers already face significant challenges with economic and regulatory uncertainty in these countries and these problems are likely to get bigger as the trade war between the United States and China intensifies.”
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