Today in B2B payments, Hippo’s chief financial officer embraces a workflow overhaul and Capital One teams with Melio on accounts payable solutions. Plus, MessageDesk and Sphere discuss text-based invoice-to-pay, FourQ debuts intercompany financial management tools, and Credijusto acquires a bank to service cross-border SMBs.
Hippo CFO: Finance Leaders Shouldn’t Be Afraid Of Overhaul
Invoice-To-Pay Makes The Leap Into Text Messaging
Text messaging wasn’t initially designed for business users, but the technology has become a key strategy to closing the gap between an organization and its customers. Sphere’s Ryne Natzke and MessageDesk’s Clint Vernon explore the opportunity for accounts receivable workflows to make the leap to text messages and narrow the gap between invoice and payment, too.
Melio, Capital One Team On AP Management Tools
Mexican FinTech Credijusto Buys Bank To Serve X-Border SMBs
Mexican financial technology firm Credijusto has purchased Banco Finterra, a bank that is geared toward financial offerings for small companies and the agriculture industry, according to a Tuesday (June 15) announcement. Credijusto says it’s the first Mexican FinTech to buy a regulated bank, transforming itself into Latin America’s only neobank concentrated on working with small- to medium-sized businesses (SMBs).
FourQ Debuts Partnership On Intercompany Finance Management
FourQ has rolled out a partner program intended for tech providers, consulting firms and professional services firms for tax, billing and vendor payments solutions to help with intercompany financial management, a Tuesday (June 15) press release said. The release said the program will do away with the complexities involved with conducting global business. FourQ processes more than $34 billion annually in 110 countries working on automated intercompany processing.
Elon Musk has reportedly gained government support in his legal battle against OpenAI.
While not offering an opinion in the case, the Federal Trade Commission (FTC) and Department of Justice (DOJ) pointed to legal doctrines supporting Musk’s argument that OpenAI and partner/patron Microsoft engaged in anticompetitive behavior, Reuters reported Friday (Jan. 10).
Musk, one of OpenAI’s co-founders, is suing to prevent the startup’s switch to a public company, and also maintains that OpenAI and Microsoft — also a defendant — colluded to hinder competition in the artificial intelligence (AI) space. Musk heads the AI firm xAI.
An OpenAI spokesperson pointed Reuters to the argument the company has made before: that Musk’s suit is without evidence and is essentially harassment.
Marc Toberoff, Musk’s attorney, said, “the participation of the DOJ and FTC is a sign of how seriously regulators take OpenAI and Microsoft’s misconduct.”
The FTC has been examining AI partnerships, including the one between OpenAI and Microsoft, while also probing anticompetitive conduct by Microsoft and investigating whether OpenAI violated consumer protection laws.
Musk alleges OpenAI breached antitrust law by forcing investors to agree not to invest in rival AI companies, and by sharing board members with Microsoft.
OpenAI contends the board member claims are moot, as Microsoft board member Reid Hoffman, who was on OpenAI’s board, and Microsoft executive Deannah Templeton, who had an observer seat, are no longer connected with it.
All the same, those directors could still have sensitive competitive information, the FTC and DOJ argued in the recent court filing, saying that board members who only have observer status are not exempt from the law.
Another of Musk’s claims is that OpenAI fomented a group investor boycott against its rivals. These claims hold water even when the organizer of the boycott is not a member, the FTC and DOJ argued.
In other AI news, PYMNTS took a closer look at the sector last week in the wake of Anthropic’s targeted $60 billion valuation.
“From automating routine tasks to enhancing decision-making through predictive analytics, the demand for enterprise AI solutions is skyrocketing,” that report said.
“However, corporate buyers are discerning, prioritizing factors such as integration capabilities, data security, and the ability to customize models to fit their unique needs. These priorities are shaping the AI market.”
At a time when tech stacks are becoming more complex, seamless integration is a key priority for enterprise buyers, that report added. Research by PYMNTS Intelligence has shown that 75% of CFOs plan to increase their AI investment.