Not even two full weeks have passed in 2015, and already big news has arisen around the accounts payable and working capital worlds. From the Federal Reserve declaring they wouldn’t yet raise interest rates in the U.S., to Russia finding itself forced to seek out alternatives to Visa and MasterCard. It’s looking like this year is going to be interesting. Check out more of what went on last week in the roundup below.
InvestmentNews: Rate hike not likely before April: Federal Reserve
The Federal Reserve will most likely leave interest rates the way they are, at least in the near term, InvestmentNews reports. Minutes from the Federal Open Market Committee make reference to the Federal Reserve being “patient” as it considers whether to raise rates. Given some concerns about the global economy, that may be awhile. Read the full article at http://www.investmentnews.com/article/20150107/FREE/150109956/rate-hike-not-likely-before-april-federal-reserve.
Esker Acquires CalvaEDI and Strengthens Its Position in Electronic Data Exchange (EDI)
Esker (NYSE Alternext: ALESK) last week announced they’d finalized the acquisition of CalvaEDI, the leading transportation and logistics EDI vendor in France. CalvaEDI had €2.3 million in sales revenue last year, with 300 customers using the EDI platform the company has built up since 1997. CalvaEDI has historically focused on recurring revenue; given its strong financial performance thus far—revenue was up 5% in 2014 from 2013—Esker is gaining a strong subsidiary, while also gaining a foothold into the EDI marketplace.
C2FO Records its First Month of over $1 Billion in Working Capital Volume
Working capital marketplace C2FO announced last week that it handled more than $1.4 billion in working capital transactions in December. This brings the grand total for Q4 to $2.3 billion of working capital volume, which is a bit of kismet since C2FO had its first billion-dollar quarter at the end of 2013. This new milestone brings total working capital volume to $13 billion over the past five years.
Sputnik News: Russia Searching for Alternatives for Secure Card Payments
In the wake of MasterCard and Visa refusing to process payments for banks in Crimea, Sputnik News is reporting that the Russian government is on the hunt for new credit card networks. The MasterCard and Visa move came in the wake of Western sanctions, and so far has resulted in some scrambling in the Russian financial world. Russian banks increased their deals with China UnionPay and Japan Credit Bureau as a stop-gap, but they’re also looking into building a homegrown credit-card network so payments can be processed inside the country. Read the full article at http://sputniknews.com/russia/20141231/1016440188.html.
CoinTelegraph: California Governor Approves Bitcoin for Transactions
California has become the first state in the U.S. to make Bitcoin legally acceptable for transactions, CoinTelegraph reports. Businesses still aren’t legally obligated to accept the crypto-currency, but the option now exists in the eyes of the California state government. This move makes California one of the more Bitcoin-friendly states in the country, which shouldn’t be a surprise since there are 32 Bitcoin-related startups in the state. Read the full article at http://cointelegraph.com/news/113235/bitcoin-becomes-legal-tender-for-transactions-in-california.
WSJ: Fed Names Thomas Laubach New Head of Monetary Affairs
The Wall Street Journal reported last week that the Federal Reserve has a new head of monetary affairs in Thomas Laubach. The director of the monetary affairs division acts as a key advisor to Federal Reserve Chairwoman Janet Yellen on matters of interest rates. Laubach will thus have influence over when and by how much the Federal Reserve increases rates. Read the full article at http://blogs.wsj.com/economics/2015/01/06/fed-names-thomas-laubach-new-head-of-monetary-affairs/?mod=djemGrandCentral_h.
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