Payables Place’s P2P Technology Round-Up returns today with another assortment of ePayables, P2P and B2B payment solution provider news and updates from the past month.
Santander Partners with Tradeshift to Provide Supply Chain Finance
It was announced last week that Banco Santander has partnered with cloud-based financial technology company, Tradeshift, to deliver supply chain finance digitally to its existing customers. The Spanish giant is the Euro zone’s largest bank and this partnership will provide supply chain finance to 1.5 million businesses on Tradeshift’s digital platform. Tradeshift’s platform makes it easier for banks to track the full supply chain of corporations which helps them decide whether to offer financing to specific suppliers. It is worth noting that last December, Santander’s global venture capital fund made a portfolio investment in Tradeshift. This partnership is the latest effort by a bank to make an investment in the fintech sector that will help modernize finance through more efficient technology. The supply chain finance offering is expected to be available to the bank’s UK clients in late 2017, with a global release set for 2018.
HSBC Enters Into New Partnership with GT Nexus
Also recently announced was a new partnership between HSBC Bank, and GT Nexus, a provider of cloud-based business solutions to help HSBC expand its own supply chain finance offering. GT Nexus, which is based in Oakland CA, offers a supply chain management platform designed to provide companies to better connect with suppliers. This collaboration will allow for financing capabilities to be integrated to the platform for HSBC’s US clients with potential expansion into other geographical areas in the future. This partnership continues HSBC’s plan to improve its supply chain offering. Back in March, HSBC also announced a similar partnership with Tradeshift.
LexisNexis Risk Solution to Partner with Cortera to Include B2B Payment Data into Risk Assessments
LexisNexis Risk Solutions, a data and analytics company based in Georgia, recently announced a partnership with Cortera to enhance credit risk solutions for lenders. The LexisNexis Risk Solutions platform helps loaners assess the risk of small business lending to borrowers. Cortera, which is headquartered in Boca Raton, Florida, is a provider of B2B trade credit information, which includes information on outstanding invoices and payment practices. With this partnership, LexisNexis will be able to integrate Cortera’s data into its Risk Solutions platform that will provider lenders with information on how small businesses interact with suppliers. Based on insights into small business purchases and payment histories, lenders will be able to make much more informed decisions on whether a company is credit worthy.
IBM Developing Blockchain Technology Solution for Trade Finance
IBM is currently developing a blockchain technology solution for leading European banking institutions in order to simplify trade finance transactions for small and medium-sized businesses in the European market. As a refresher, Blockchain technology is a distributed ledger solution that allows parties to track documentation without any third-party involvement in the verification process. The whole process of trade financing would potentially be completed in little or no time. IBM’s platform could potentially cater to over 20 million SMEs in Europe. Seven banks, Deutsche Bank, KBC, HSBC, Société General, Natixis, Rabobank, and Unicredit have already been confirmed as users of IBM’s solution. The platform is expected to be operational by the end of 2017.
Kyriba Corp. Delivers Record H1 2017 Sales Growth
Kyrba Corp., a cloud-based treasury, cash, and risk management solutions company, recently announced a record growth for their first half of 2017. The company charted a 43 percent year-over-year increase in sales bookings and added more than 100 new clients during this time period. Some of the highlights from H1 2017 include:
- 109 new clients worldwide that include Adecco, AmTrust, BW Group, Fuji Oil Company, Omni Hotels & Resorts, Transcomos, among others.
- Addition of strategic vendors such as BSP, FHL, Netsoft, RSM, and World First that continue Kyriba’s rabid partner program growth
- New capabilities that provide CFO’s and other finance executives ability to reduce operational and financial risk with risk scenario analysis, and payment controls.
ABBYY Announces New Operating Structure to Pursue Global Growth
ABBYY, a provider of document capture and optical character recognition technology solutions just announced a reorganization of their company’s global operating structure that includes new appointments to the executive management team. The new structure is designed to execute a more unified global strategy by leveraging expertise across markets, streamlining processes, and driving growth across the company. New management positions include Chief Product Officer, Andrey Isaev, who will be responsible for driving ABBYY’s central product management. Bodo Wagener has been named Chief Sales Officer and will oversee a global sales organization. New Chief Marketing Officer, Jupp Stoepetie, will be responsible for implementing a new global marketing strategy. Finally, new Senior VP of Product Marketing, Bruce Orcutt, will drive global product marketing for ABBYY’s intelligent capture solutions.
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