Fintech, Finance, Technology, Banking Highlights – 21 February 2018
India Fintech Invoice Bazaar Announces Investment in Online Document Exchange ODeX
Invoice Bazaar, a FinTech Supply Chain Finance platform with presence across Asia today announced an undisclosed investment in online document exchange platform ODeX.
ODeX, a one stop solution provider for digitizing the shipping ecosystem, is a market leader in its vertical and has a product used by all the shipping stakeholders in India.
As part of ODeX’s proposition, it already works with Invoice Bazaar in India for enabling payment settlements to shipping companies. ODeX along with Invoice Bazaar’s is working on solving the Supply Chain Finance problem in the shipping industry. The investment from Invoice Bazaar will be used towards expanding ODeX’s footprint in Middle East as well as towards product development.
ODeX – An Online Document Exchange Platform connects all the stakeholders in the shipping ecosystem, manage the workflow in the ecosystem by digitizing the manual documentation exchange, collect payments and is now able to offer early payment option with the partnership with Invoice Bazaar. In the last 30 months since founding, ODeX has built an enviable ecosystem with marquee shipping lines including COSCO Shipping, CMA CGM, Hapag-Llyod, Hamburg Sud, clients including Reliance, TATA Group, CEAT, Vedanta, DHL, Godrej, and a number of customer brokers, freight brokers, banks, CFS, Weighbridge operators in its network.
Lending Works chooses Credit Kudos to power new Open Banking Initiative
Credit Kudos and Lending Works announce a partnership that creates one of the first commercial applications of the new Open Banking standard, empowering customers to instantly verify income in support of loan applications.
Credit Kudos, a challenger credit bureau, and Lending Works, a fast-growing peer-to-peer (P2P) lending platform, are partnering to enable customers to benefit from the UK’s Open Banking initiative, a secure way for banking customers to take control of their financial data. Credit Kudos and Lending Works’ partnership is one of the first initiatives to use Open Banking to improve customer experience in the finance industry.
Credit Kudos automates the process of applying for credit by removing the need to manually fill out forms and upload documents. Lending Works is passionate about delivering a game-changing customer experience for its personal loan borrowers. With this new partnership, Lending Works’ customers can now use Credit Kudos to populate forms, verify income and help demonstrate creditworthiness instantly online, making it easier and faster to apply and be accepted for loans. Currently, approximately 60% of Lending Works’ borrowers are provided with instant and automated credit decisions, whereas the remaining 40% require some manual processes. Within the new world of Open Banking, Lending Works expects to increase that figure to up to 90% of credit decisions being fully automated.
Soldo integrates with Starling Bank API for Faster Payments
Soldo, the London-based FinTech solving the challenge of automating, delegating and controlling company spending, has announced an integration with Starling Bank, the digital-only challenger bank.
The move brings significant advantages to business users who will be able to automate sending company money and receiving payments. A result that could save businesses significant revenue by enabling them to invest more time in productive activities and less time managing invoices.
Soldo enables companies to delegate, control and track company and employee expenses in real-time. The platform integrates with major business account software and provides business spending accounts, customisable prepaid cards, an Admin Dashboard and an app on iOS or Android. As a result, Soldo allows users to control all aspects of company spending, add specific transaction information and photos of receipts.
The integration with Starling Bank means that Soldo now comes complete with its own sort code and account number creating another vital step forward in the automation of company funds.
The Starling integration also opens up exciting pathways for Soldo’s technology, with new development pipelines promising even greater automation and groundbreaking features that will offer real, measurable boosts to efficiency (and the bottom line) for companies all over the world.
