Ardent’s P2P Technology Round-Up returns today with another assortment of ePayables, P2P, and B2B payment solution provider news and updates from the past week. If you are an Accounts Payable, B2B Payments, or Spend Management solution provider and you have news to share with us, please drop us a note at editor at cporising dot com. Thanks, and enjoy!
Bottomline Technologies Announces First Quarter Financial Results
Last month, Bottomline Technologies (Nasdaq:EPAY), the cloud-based business payment, invoice, and digital banking solution provider, reported financial performance results for the first quarter of the new fiscal year. The Portsmouth, New Hampshire-based solution provider is bullish on its future performance, given the results it just turned in. Subscription-based revenues are up and account for a greater share of total revenue. Company officials report a strong backlog and pipeline, and are predicting strong future growth. Highlights from the first quarter include:
- $80.1 million in subscription-based revenues, a 15% year-over-year increase
- Subscription-based revenues accounted for 74% of total revenue, a 6% year-over-year increase
- $1.4 million in GAAP net losses
- $23.6 million in EBIDTA, accounting for 22% of total revenue
CIMB Singapore, iTrust Meld Blockchain with IoT to Complete Transaction
We recently learned of a ground-breaking development from CIMB Bank Singapore and iTrust , who have integrated Blockchain platforms and connected devices (aka, the Internet of Things, or IoT): they announced the completion of their first structured trade financing transaction on iTrust’s platform. The platform leverages an IoT-integrated Blockchain that enables trading partners to establish a product’s provenance, upload and transmit documents, digitally connect these records to physical assets, and provide real-time product track-and-trace, all the way through product warehousing. Because it’s a Blockchain platform, the distributed digital ledger is secure, permanent, and immutable, which provides third-party financiers/lenders a greater sense of trust when lending to buying organizations. As a first test of the use case, traders purchased and imported dairy products into China. Future transactions are expected to amount to up to $100 million annually.
Tradeshift Announces Partnership with SiS-id
In other news, Tradeshift, the San Francisco-based provider of B2B marketplaces and supply chain payment solutions, announced a partnership with SiS-id, a community of CFOs that have combined their bank identities to counter payment fraud at a shared cost, to help Tradeshift customers combat payment fraud. Tradeshift has integrated SiS-id’s Blockchain-based app in its appstore and is now available to any Tradeshift customer. The app features a Blockchain-based platform, supplier enrollment engine, advanced analytics, AI-based algorithms, and a risk scoring tool for users. It works by pooling self-provided supplier banking information, like account numbers, on the Blockchain, using AI-based algorithms to scan the data to correctly match the intended supplier with the corresponding bank account, validate the transaction, and assign a risk score to each transactions. Users are also indemnified should any transaction turn out to be fraudulent.
Walmart Canada, DLT Labs Launch Blockchain-based Payment Network
Finally, Walmart Canada and DLT Labs, a Toronto-based Blockchain development firm, announced the launch of what they claim to be the business community’s largest enterprise-grade, Blockchain-based payment and freight network. The network leverages DLT’s DL Asset Track to digitize and automate transactions, freight tracking, payments, and reconciliation on a Blockchain platform that is accessible by web portal and mobile application. It can reportedly integrate, manage, and sync — in real time and on a shared ledger — logistical and financial data between Walmart Canada and its third-party shippers. It can also provide real-time invoicing, payment, and settlement between Walmart and its business partners, which can ultimately lead to faster payment remittance, greater efficiency, transparency, and trust, and an enhanced user experience. And unlike other Blockchain solutions, this one is said to integrate seamlessly with legacy IT infrastructure, like ERP systems. Walmart Canada plans to have all of its third-party carriers go live on the Blockchain-based network on or by February 1, 2020, to service its more than 400 retail locations in Canada.
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