PAYMENTS

Finstro Launches Corporate Card and API Integration in the United States

Finstro | July 08, 2021

Finstro Launches Corporate Card and API Integration in the United States
Finstro, a technology-powered provider of trade credit and payment solutions for B2B commerce, intends to increase digital adoption momentum in the B2B sector by launching a card solution and an integrated ERP solution to support the supplier/buyer trade relationship.

According to a 2018 Goldman Sachs Global Technology Equity Research report, paper-based payment processes accounted for 70% of transaction volume in B2B commerce in the United States and cost businesses - many small businesses - more than $2.7 trillion in administrative costs. However, according to Finstro CEO Brad Prout, the last 15 months have seen a growing trend toward B2B digital payments in the United States, creating a window of opportunity for Finstro's well-tested business model to expand.

ACCORDING TO A GOLDMAN SACHS REPORT, global B2B payment volumes are projected to reach $200 trillion by 2028. North America accounts for 20% of the global B2B market, accounting for $26 trillion in payment volume.

In addition, according to a 2020 study conducted by the Association for Financial Professionals (AFP), suppliers and companies of all sizes are already reaping the advantages of electronic payments. Sixty percent (60%) of respondents said they are either very likely or somewhat likely to switch the bulk of their B2B payments to suppliers from check to electronic payments.

About Finstro
Finstro combines innovative thinking, experience, and technology to provide trade credit and payment solutions to suppliers and their big and small business trading partners.

Finstro's solution is industry agnostic, as it is built on a proprietary, data-driven, and automated credit decisioning engine that uses internal and external data about credit, identity, payments, fraud, financial accounts, and bank statements to solve risk, cashflow, and client onboarding challenges that exist in supplier/buyer relationships. It works effectively when customers have seasonal or longer inventory and revenue cycles than the payment terms needed by their suppliers. Agriculture, printing, packaging, industrial supplies, professional services, wholesale grocery, chemical, and electrical equipment are good examples of industry use cases.

The Finstro platform is API-enabled and can integrate directly into existing supplier ERP systems to offer a fully customizable, digital process for suppliers and buyers.

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FINTECH

Sensibill Expands Data Capabilities with New Invoice Extraction API

Sensibill | September 28, 2021

Sensibill, the only customer data platform designed specifically for the financial services industry, today announced the launch of its Invoice Extraction API. Sensibill has expanded its industry-leading extraction services beyond its Receipt Extraction API to include invoices, offering another source of customer data for financial services companies. Sensibill’s advanced invoice extraction solution enables small businesses to upload paper and digital invoices seamlessly and quickly. Unlike other options in the market, the process is completely automated, helping small businesses like accounting firms reduce errors, costs, and time of manual entry. The proprietary optical character recognition (OCR) and sophisticated machine-learning (ML) technology also categorizes, normalizes, and structures all key invoice fields, inclusive of over 150 data fields, including merchant, total, items, taxes, invoice number, due dates, amount dues, and more. As a result, financial services companies gain clean, structured outputs in industry standard formats, providing unprecedented insights into their small business customers’ psychographics, behaviors and needs. Craig Agulnek, Vice President of Product at Sensibill, said, “As we continue to expand the types of financial documents we analyze, new and exciting possibilities emerge for both us and our clients. With our best-in-class invoice extraction solution, which is built upon leading security and privacy standards, small businesses can streamline what has been a historically cumbersome process, making invoices easily understandable and categorizing them at the item-level in real-time. Not only does this boost efficiency and accuracy, but allows financial services companies to better understand their small business customers, ultimately contributing to revenue growth and a stronger competitive posture.” Sensibill’s solution is lightweight, easy to integrate and developer-friendly; financial services companies don’t need technical backgrounds or expertise to start extracting invoices within minutes. Ideal for accounting and expense management providers, this solution scales across merchants of all sizes and supports various invoice formats. By streamlining and automating invoice extraction, these companies can eliminate manual data entry for their finance teams, reducing manual errors and increasing efficiencies. Companies can then use these insights to offer greater visibility into customers’ business expenses, further surfacing proactive savings, recommending additional products and services, helping them prepare for tax season, and more. Those that use both the Invoice and Receipt Extraction API can gain deeper insight into customer spend and personalize experiences at scale. Agulnek added, “The combination of these products makes personalization efforts attainable and achievable for any company.” About Sensibill Sensibill is the only customer data platform designed that enriches SKU-level data specifically for the financial services industry. The AI-powered platform combines ethically sourced first party data with real-time, actionable insights, helping financial institutions drive personalization at scale while creating compelling digital experiences for their customers. More than 60 million users across over 150 financial institutions in North America and the U.K. leverage Sensibill’s platform today.

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PAYMENTS

Huawei Launches the Mobile Payment and Micro Finance Solution, Facilitating Financial Inclusion

Huawei | September 27, 2021

Huawei launched a financial inclusion solution featuring mobile payment and micro finance at HUAWEI CONNECT 2021. The solution helps financial institutions provide fast and affordable services, bringing the world a step closer to financial inclusion. Huawei will continue working with ecosystem partners and using new ICTs to advance mobile payment and build a prosperous business ecosystem. Banks use mobile payment and micro finance solutions, including cloud technology and SaaS, to build tailored business models and a thriving ecosystem on super apps. Huawei's financial inclusion solution covers mobile wallet, mobile payment platform, super app open framework, and financial product platforms. With these, banks can quickly introduce various financial services. At HUAWEI CONNECT 2021, Huawei addressed the future of digital transformation across industries from three perspectives: scenarios, models, and ecosystems. Huawei launched 11 new industry solutions, one of these being the mobile payment and micro finance solution. The latter uses new technologies to help financial institutions around the world advance mobile payment; connect users, merchants, channel partners, and developers; and build a prosperous ecosystem. A super app connects users and merchants. Huawei provides multiple channel technologies (SuperAPP, HTML5, carrier USSD, Agent, and open API) to help banks reach their customers faster and at a lower cost. Huawei also supports smaller merchants in upgrading their digital operations through tailored apps; these also help banks outside China develop agent networks to reach customers online and offline. With Huawei solutions, financial institutions can design a complete online customer journey and deliver better customer experience. A financial product platform connects users and funders. Carriers outside China have a massive number of users, so they have the driving force for business growth and the pre-requisite for monetization. However, they are lacking a platform to connect with banks. The financial product platform helps carriers recommend users to banks, which can in turn provide embedded financial products directly to users. A developer platform helps build an ecosystem. There are several types of developers, including those of global leading service systems, local services, and intermediate services such as small plug-ins. Huawei provides a cloud-native SaaS solution, which supports iterative innovation and open APIs. This enables other SaaS partners and different ecosystem players to connect on the HUAWEI CLOUD platform. Banks and partners can easily explore new services and quickly aggregate diverse ecosystems to successfully launch joint projects. Huawei's financial inclusion solutions have already been successfully implemented in several countries. For example, Huawei worked with KBZ Bank in Myanmar — the largest local bank — to build a new digital wallet called KBZPay based on the public cloud. KBZPay integrates various marketing tools to deliver a fully digital experience to users and help merchants attract customers. In just two and a half years, KBZPay on-boarded over 8 million registered users, making it the leading digital life payment brand in the country. In Kenya, Huawei cooperated with Safaricom — the largest local carrier — to build a payment brand called M-Pesa. Not only does the platform support bank transfers, it also offers several services for daily life. At the same time, it helps KCB Bank, NCBA Bank, and Safaricom provide micro and small loans to individuals and merchants. On the market for 14 years, M-Pesa has significantly contributed to increasing financial inclusion in Kenya, which has shot up from 23% to 85%. Huawei is committed to advancing financial inclusion. It has thus far served over 30 sites across more than 20 countries, covering 300 million users in regions like Southern Africa, North Africa, and Asia Pacific. Huawei aims to deliver convenient and diverse financial services to everyone. Using its advanced connectivity and platforms, Huawei helps financial institutions build digital business processes, implement digital financial inclusion services, and achieve sustainable financial development.

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PAYMENTS

REPAY Announces Strategic Partnership with Veem

REPAY | September 24, 2021

Repay Holdings Corporation, a leading provider of vertically integrated payment solutions, today announced it has entered into a commercial partnership agreement with Veem to expand each party’s B2B payment capabilities. With the agreement, REPAY will expand its ability to deliver cross-border payment options, and Veem will broaden its capabilities by leveraging REPAY’s core B2B virtual card and acquiring technology. In addition to the commercial relationship between REPAY and Veem, REPAY has made a minority equity investment in Veem to provide additional support for Veem’s go-forward growth. The investment was financed with cash on hand and pro forma net leverage is expected to remain at the current level of approximately 2.8x. “This mutually beneficial commercial agreement and investment strengthens our relationship with a strategic and long term B2B partner,” said Darin Horrocks, EVP of REPAY’s B2B business. “We are excited to partner with the Veem team to offer our clients a more robust B2B offering, with the help of Veem’s cross-border technology. This should help us unlock more of the massive global B2B payments market, which is estimated at approximately $125 trillion today and anticipated to grow to $200 trillion over the next decade. Additionally, REPAY will enhance Veem’s offering by providing Veem customers with access to REPAY’s issuing technology and virtual payment capabilities. With our companies now strategically aligned, we expect this to be the beginning of a long and successful partnership.” “This partnership with REPAY will empower business users to conduct globalized business transactions with ease and convenience,” said Bimal Shah, Head of Corporate Development for Veem. “Merchants today demand fast, reliable and secure payments. To meet these needs, we’re excited to join forces and give REPAY users access to our digital payment offerings. The digital payments revolution is in full swing and we are thrilled to complement our existing transnational technology products with REPAY.” About Veem Founded in 2014, Veem is an accounts receivable and accounts payable automation provider serving small and medium-sized businesses. Veem offers a wide variety of services, including invoice automation, reconciliation, approvals, and B2B payments, enabling its customers to seamlessly make and receive payments both domestically and cross-border. Veem’s client base includes over 300k customers located in 110+ countries. In addition to REPAY, Veem is supported by an impressive list of financial and strategic equity investors, including but not limited to, Kleiner Perkins, Google Ventures, and Truist Ventures. About REPAY REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY's proprietary, integrated payment technology platform reduces the complexity of electronic payments for merchants, while enhancing the overall experience for consumers and businesses.

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SECURITY AND COMPLIANCE

TransferMate Global Payments Selects ComplyAdvantage For The Company’s Award-Winning AML And Risk Screening Solutions

TransferMate Global Payments | September 23, 2021

ComplyAdvantage, a global data technology company transforming financial crime detection announced that TransferMate Global Payments, a leading global B2B-payments technology solution provider, has selected the reg tech innovator’s award-winning customer onboarding, transaction screening and monitoring solutions. Headquartered out of Kilkenny, Ireland, TransferMate is a subsidiary of Clune Technology Group founded by Terry Clune and is a leading global B2B payments technology firm enabling companies to send and receive cross-border payments faster and easier. Now more than ever before, fast growing enterprises like TransferMate are implementing the best technologies and processes not only to reduce their risk profile as it relates to financial crimes but also to help accelerate service expansion with greater confidence. With the ability to onboard clients in +54 countries around the world, and with a diverse client base, TransferMate needed a solution to support their hyper growth and to enable deployment of laser focused system rules to address the real risk of international payments, and to maximize the best use of internal resource allocation. Simon McFeely, Chief Compliance Officer of TransferMate said "we selected ComplyAdvantage as they share the same vision as us to use ‘compliance as a competitive advantage’, and they support our mission to develop dynamic rules tuned to specific inherent vulnerability scenarios, ultimately providing a better customer service while keeping the bad guys out of our global payments infrastructure”. “It’s great to know that we have a risk management solution designed to keep pace with our rapidly growing business demands.” ComplyAdvantage offers an intelligent hyperscale approach to AML and risk detection powered by the company’s proprietary data graph called ComplyData™. Consisting of hundreds of millions of data points that provide dynamic, real-time insights of people and businesses that are monitored against sanctions, watchlists, politically exposed persons, and negative news. This reduces dependence on manual review processes and legacy databases by up to 80% and vastly improves the efficacy in how companies screen and monitor clients and transactions. "We are excited to be partnering with TransferMate, a powerhouse in the world of B2B cross border payments,” said Charles Delingpole, Founder and CEO of ComplyAdvantage. “ Clearly, their team values the importance of rigorous risk management solutions which in our highly regulated environment is a strategic imperative. Now by working together, we can help reduce the risk of financial crime so that TransferMate can transact with trust and grow with confidence.” Already the preferred choice of some of the world’s largest banks, enterprises and high-growth fintechs, ComplyAdvantage is the leader in hyperscale financial risk insights purpose built to help growing regulated organizations manage their risk obligations and prevent financial crime. About ComplyAdvantage ComplyAdvantage is the financial industry’s leading source of AI-driven financial crime risk data and detection technology. ComplyAdvantage’s mission is to neutralize the risk of money laundering, terrorist financing, corruption, and other financial crime. More than 800 enterprises in 69 countries rely on ComplyAdvantage to understand the risk of who they’re doing business with through the world's only global, real-time database of people and companies. The company actively identifies tens of thousands of risk events from millions of structured and unstructured data points every single day. ComplyAdvantage has four global hubs located in New York, London, Singapore and Cluj-Napoca and is backed by Goldman Sachs Growth Equity Fund, Ontario Teachers’, Index Ventures and Balderton Capital. About TransferMate Global Payments TransferMate — a subsidiary of Clune Technology Group founded by Terry Clune — is a global B2B payments technology firm, enabling companies to send and receive cross-border payments faster and easier. TransferMate, under the leadership of Clune and CEO Sinead Fitzmaurice, has built one of the largest portfolios of payments licences worldwide, including in 51 US states and territories, to support trading in 162 countries. Leading banks, fintechs and software providers partner with TransferMate to offer an enhanced user experience for their business customers. The company has created bespoke integrations for banks like ING and AIB, who are also investors in the company, and Wells Fargo and software providers such as Coupa, SAP Concur, Tradeshift, Workday, etc. The TransferMate API solution allows partners to digitalise the payments flow within their software, enabling all businesses to achieve significant time and financial savings.

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