Today in B2B payments, Western Union Business Solutions collaborates on cross-border corporate payments, while Deutsche Bank invests in corporate treasury automation. Plus, High Radius and Sage pair up for accounts receivable, Revolut Business debuts an expense management solution and J.P. Morgan taps HSBC talent.
Triterras Teams With WU Business Solutions On X-Border Payments
To offer international payment services between traders and lenders on its Kratos system, Triterras Inc. has collaborated with Western Union Business Solutions, according to a Tuesday (March 9) announcement. Triterras Founder, executive chairman and CEO Srinivas Koneru said the tie-up “provides us with an opportunity to reduce our client’s transaction cycle times, which will further reduce the borrowing costs of our traders on the Kratos platform.” Triterras runs Kratos, a commodity trading and trade finance online marketplace that lets commodity traders trade and find financing from lenders online. The marketplace aims to fix a number of problems by bolstering speed, “mitigating document errors and fraud,” and decreasing paperwork, among other benefits.
Deutsche Bank Launches Solution For Treasury Automation
Deutsche Bank has launched GEM Connect, its new solution for addressing workplace challenges in collections, payments, funding and cross-border payments, according to a Monday (March 8) press release. The bank’s Corporate Fund and Fixed Income and Currencies business units in APAC developed GEM Connect, which strives to link together treasury practices into automated workflows. The idea is to simplify and streamline complex processes where clients need to move money to, from and across markets with capital restrictions. Deutsche Bank will be able to provide one-stop liquidity and foreign-exchange (FX) management solution by combining any of the various components of GEM. The service will be useful for clients in emerging markets like India, Indonesia, Korea, mainland China, Malaysia, Philippines, Taiwan and Thailand.
HighRadius, Sage Collaborate On AR Automation
HighRadius, which helps companies automate their accounts receivable (AR) and treasury workflows, has teamed with Sage Intacct to provide start-to-finish AR automation, according to a Tuesday (March 9) announcement. The FinTech Software-as-a-Service (SaaS) firm has connected its RadiusOne A/R Suite with the Sage Intacct cloud financial management technology and made it available on the Sage Intacct Marketplace as part of the deal, the announcement stated. HighRadius Chief Product Officer Sayid Shabeer said in the announcement that the RadiusOne A/R Suite was is developed to automate administrative AR workflows for medium-sized companies and decrease the friction for vendor AR workforces to digitally work with their purchasers and accounts payable (AP) teams.
Revolut Business Boosts Digital Receipts, Automation
Revolut Business, which is the portion of the digital bank that focuses on small to medium-sized business (SMB), is rolling out a new product to help businesses save time, according to a Tuesday (March 9) press release. The purpose of Revolut’s new product is to cut down the amount of work done and needed by workers for organizing expenses — after reading a receipt, it then attaches it automatically to the corresponding expense. With many transactions taking place digitally now, owners can forward digital receipts to the company. New features allow for repeat expenses to be more efficiently organized. Repeat expenses will be categorized automatically into relevant segments, such as transport or subscriptions for example.
JPMorgan Taps HSBC Innovation Head To Lead FinTech Division
J.P. Morgan Chase has hired ex-HSBC executive Jeremy Balkin as the head of FinTech and Innovation for Wholesale Payments, Reuters reported. In addition to overseeing FinTech and innovation for wholesale payments, Balkin will be involved in the bank’s decisions to invest in or partner with companies in his new role, according to Reuters. Balkin served as head of Innovation and Strategic Digital Partnerships at HSBC. He led a team responsible for improving digital customer experience and looking into new products and services. That team also deployed of Pepper, a humanoid robot, in the HSBC Fifth Avenue flagship New York branch, Reuters reported.
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