Fintech, Finance, Technology, Banking Highlights – 25 April 2018
Billtrust buys Credit2B
Billtrust, the leader in B2B payment cycle management, announced the acquisition of Credit2B, a pioneer in trade credit risk.
The transaction expands Billtrust’s Quantum solution suite with the addition of business credit reports, online credit applications, machine learning credit scores and credit analytics capabilities.
Credit2B, based in South Plainfield, New Jersey, leverages crowdsourcing and other technologies to provide up-to-date payment behaviors and financial risk information on common customers, easing the credit decisioning process for suppliers. This approach to credit decisioning is unique in the market and provides market leading intelligence for customers across the globe, in a wide variety of industries.
“Acquiring Credit2B allows us to expand the ways in which we can support our current customers while attracting new customers looking for a total, automated B2B payments solution,” said Billtrust CEO and founder, Flint Lane. “By joining our teams, technology and talent, we are able to offer the most comprehensive and cutting-edge A/R solution on the market.”
“We are longtime believers that an end-to-end solution is the best value proposition for our customers,” said Credit2B CEO, Shyarsh Desai. “We are excited to join Billtrust and offer our customers a best-in-class A/R solution suite, while continuing to innovate by delivering smarter credit solutions that provide timely, relevant and actionable information.”
HSBC goes live with Swift gpi
HSBC has joined SWIFT’s global payments innovation (gpi) service. To date, 160 financial institutions around the world are committed to SWIFT gpi, with nearly 50 live on the service.
SWIFT gpi dramatically increases the speed, transparency and traceability of cross-border payments for users, allowing banks to credit payments to end beneficiaries within minutes, many within seconds.
Overall, nearly 50% of SWIFT gpi payments are credited within 30 minutes and over 90% of payments within 24 hours. Those that take longer do so for a clear, known reason – such as extra compliance checks, complex foreign exchange conversions, or regulatory authorisations.
SWIFT gpi enables banks’ customers to track the status of a payment in real-time and provides an unprecedented level of visibility into each payment, including information about each bank in its path and any fees that have been deducted.
The innovative, cloud-based, tracker ensures both counterparties receive confirmation in real-time when the supplier or beneficiary is credited. SWIFT gpi also promises same day use of funds, delivering speed, certainty and predictability to its clients.
More than USD 100 billion in SWIFT gpi messages are being sent daily across 350 international payment corridors, representing nearly 10% of SWIFT’s cross border payment traffic.
ebay and Paypal finalise new payment deal
eBay and PayPal confirmed the signing of a previously-announced agreement to offer PayPal as a way to pay on eBay until July 2023.
This new agreement builds on the payments partnership between the companies to make PayPal available as a payment option on eBay’s new intermediated payments model.
“PayPal has been a great partner for eBay, and as part of our new payments experience PayPal will continue to be a key form of payment for our global customers,” said Devin Wenig, president and CEO, eBay. “We are pleased to continue to offer PayPal as a form of payment on eBay and look forward to a continued, strong partnership with PayPal going forward.”
Avaloq’s BPaaS chosen by Intesa Sanpaolo Private Bank Suisse
Avaloq’s Business Process as a Service (BPaaS) solution has been selected by Intesa Sanpaolo Private Banking Suisse to fast-track the integration of legacy systems and new client assets and position the bank for growth.
Using Avaloq’s innovative ready-for-business approach, the implementation significantly reduced costs and time-to-market for the bank.
