TRADING SYSTEMS

Vendorin Rebranded as Corcentric Payments Provider for B2B

Vendorin | February 01, 2022

Vendorin_Rebranded
Vendorin announced rebranding its B2B payment solution as Corcentric Payments, a global provider of B2B expenditure and revenue management software, in 2020. With the new venture and under one unified brand, now the company can monetize transactions through supply chain finance, payments, and group purchasing via electronic mode. In addition, the venture will help increase overall supplier acceptance accounts payable (AP) processes and fully automate accounts of the organization.

Corcentric is relentlessly focused on our customers, which is why we are looking continuously for ways to help businesses reduce costs and unlock new potential through our solutions. As the pandemic conditions continue causing companies of all sizes to shift to electronic payments, our combination of a stellar supplier network and an integrated true payment network makes Corcentric a single, formidable force."

Matt Clark, President, and Chief Operating Officer at Corcentric

As per a survey conducted by PYMNTS.com and Corcentric, nearly 71% of CFOs have increased the use of digital payments since the pandemic. Finance leaders are highly digitalizing payment modes to achieve their company’s goals. However, a Forrester Consulting study commissioned by Corcentric finds that over 51% of finance leaders still struggle with a lack of payment digitalization, slowing down their cash flow processes.

The rebranding of Vendorin as Corcentric Payments initiated its new payment solutions a year after when the company united with Determine, a source-to-pay software provider, Netsend, e-billing service provider, and with Source One, a strategic sourcing services provider under the name of Corcentric. Today, Corcentric can provide an advanced suite of Source-to-Pay and Order-to-Cash solutions with a proprietary B2B payments network with the help of its unification with these notable service providers. The network comprises nearly half a million buyers and suppliers. Furthermore, through cloud-based software, payments, and advisory services, Corcentric empowers customers to minimize risks of capital growth and enhanced visibility of payment details. In this way, the company aims to process over $100 billion in overall transactions annually.

Spotlight

Foreign Trade Zones (FTZs) are considered duty-free areas and, thus, not governed by the usual customs and tariff controls. In other words, the merchandise permitted in the FTZ may be stored, sold, exhibited, labelled, repacked, assembled, distributed and mixed with other merchandise without paying customs duty until merchandise is released from the zone. Deferred customs duties in the FTZs can contribute significantly to the profitability.

Spotlight

Foreign Trade Zones (FTZs) are considered duty-free areas and, thus, not governed by the usual customs and tariff controls. In other words, the merchandise permitted in the FTZ may be stored, sold, exhibited, labelled, repacked, assembled, distributed and mixed with other merchandise without paying customs duty until merchandise is released from the zone. Deferred customs duties in the FTZs can contribute significantly to the profitability.

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CORE BANKING,FINTECH

Fingerprints and Technical Equipment & Supplies Company (Tesco) partner to promote contactless biometric payment cards in the Middle East

Fingerprints and Technical Equipment & Supplies Company | September 06, 2022

World-leading biometrics company, Fingerprint Cards AB (Fingerprints™) and leading financial and banking solution provider, Technical Equipment & Supplies Company (Tesco), are collaborating to promote and support the adoption of contactless biometric payment cards in the Middle East. The partnership follows a strong start to the year for Fingerprints, with its biometric sensors and software platform for biometric payment cards gaining new grounds in Africa, India, and now the Middle East – a key market for the global biometrics company. The innovative biometric payment card, initially launched by Thales, embeds Fingerprints’ second-generation T-Shape module and software platform, and will be commercialized and personalized by Tesco for the regional customers. The technology combines extensive research and development investment with key learnings from more than 20 successful market pilots and commercial rollouts. It delivers increased performance and power efficiency, enabling the most cost-effective biometric payment cards to be produced and integrated using standard manufacturing processes. These credentials were most recently demonstrated when the solution achieved compliance with Mastercard’s new Fingerprint Sensor Evaluation Process earlier in the year. “Tesco is a key player supporting digital financial transformation in Jordan and the Middle East, This partnership opens up new business opportunities for Fingerprints with Tesco’s loyal client base and enables us to support its mission to strengthen payment efficiency and security in the Middle East, improve the payment experience for consumers, and open up new revenue channels for banks.” -Michel Roig, President Payment & Access at Fingerprints George Abdel-Massih, Director of IT & Banking Solution at Tesco, added: There’s an increasing demand from Middle Eastern consumers for innovative, safe and seamless ways to pay. This has led to the rapid digitization that we’re seeing, and supporting, in the region’s banking and payments sector. By working with Thales and Fingerprints, we can tap into its leading biometric technology, expertise and solutions to enable new, exciting ways for our banking and financial customers to meet this demand. About Fingerprints Fingerprint Cards AB (Fingerprints) – the world’s leading biometrics company, with its roots in Sweden. We believe in a secure and seamless universe, where you are the key to everything. Our solutions are found in hundreds of millions of devices and applications, and are used billions of times every day, providing safe and convenient identification and authentication with a human touch. About Technical Equipment & Supplies Company (Tesco) Tesco provides high-end cost-effective IT business and banking solutions geared towards improving efficiency and overall business performance. We follow three core principles, which have guided our work ever since our inception in 1975: quality, affordability, and reliability. These continue to govern our innovative business solutions, our high-quality after-sale service and excellent technical support. At Tesco we value the importance of after sale support and have thus invested in a team of highly trained engineers, elevating us above the competition guaranteeing the total satisfaction of our clients.

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FINTECH

Fluence Acquires Sturnis365 for Collaborative Disclosure Management and Narrative Reporting

Fluence Technologies, Sturnis365 | July 06, 2022

Fluence Technologies, the only provider of purpose-built financial consolidation, close and reporting software for high-growth businesses, today announced the acquisition of Sturnis365, the leading provider of intelligent, collaborative disclosure management and narrative reporting solutions. Sturnis365 serves dozens of public, private and pre-IPO customers across Europe including AB InBev, Enel Group, Rothschild & Co., Bouygues Group, Ferragamo and KBC Bank. Like Fluence, Sturnis365 offers a familiar Microsoft Office interface and domain-specific workflow to automate collaborative report production, combining companywide data and narrative text for: Immediate adoption among finance and business professionals compared to reporting available in their ERP system Game-changing efficiency gains in report production compared to standalone Excel spreadsheets, Word and PowerPoint documents Trusted, accurate internal and external reporting for any stakeholder, auditor or regulator “Sturnis365 is a natural extension of our consolidation, close and reporting solution so CFOs can stay ahead of evolving reporting demands on the office of finance,” said Michael Morrison, CEO of Fluence Technologies. “Further, Sturnis365 strengthens our position in Europe, where more than 70% of their customers and partners are based. We also gain seasoned employees with strong ‘DNA’ in collaborative disclosure management.” “Sturnis365 is a natural extension of our consolidation, close and reporting solution so CFOs can stay ahead of evolving reporting demands on the office of finance,” said Michael Morrison, CEO of Fluence Technologies. “We are excited about the value Fluence and Sturnis365 presents to our customers and partners,” said Didier Katz, co-founder and director at Sturnis365. “Companies across the globe are looking for a solution that combines financial consolidation, close and disclosure management in a single offering. Now, Fluence is the only player on the market that can meet this need." Katz and fellow Sturnis365 co-founders Marco Mattei and Piero Ferreri are joining Fluence’s leadership team as part of the acquisition, along with their respective teams in product development, services, sales and marketing. Fluence and Sturnis365 have already secured joint customers including cryptocurrency trading platform provider WonderFi. “When we learned about Sturnis365, we were considering a legacy disclosure management solution that would have cost a significant amount and taken months to implement,” said John Rim, CFO at WonderFi. “Between its out-of-the-box functionality, Office integration and the fact that our finance team can manage the entire reporting process, we quickly realized how much more we’d benefit from Sturnis365.” “Today’s CFOs don’t just need modern consolidation software, but end-to-end group accounting solutions spanning from account reconciliation to disclosure management.” said Carsten Bange, founder and CEO of BARC. “With its acquisition of Sturnis365, Fluence has broadened its offering to meet the changing needs of the constantly evolving finance function.” "Acquiring Sturnis365 continues building on the vision of a complete financial corporate performance management suite that Michael Morrison and our team had when we originally invested in Fluence,” said Stephen Davis, managing partner at Banneker Partners, Fluence’s principal investor. “We look forward to Fluence continuing to deliver exceptional value to its customers." The announcement comes just over six months after Fluence acquired self-serve, Excel-centric reporting software vendor XLCubed, and three months after unveiling its purpose-built account reconciliation and transaction matching solution. As a result, Fluence now has the market’s only end-to-end consolidation, close and reporting solution, and over 900 customers worldwide. For more information on Fluence’s disclosure management and narrative reporting solution, visit: https://www.fluencetech.com/disclosuremanagement/home About Fluence Technologies - www.fluencetech.com Fluence is the only pure-play financial consolidation, close and reporting software for high growth businesses. Our customers go live in weeks, close their books in days and report intelligence in real time. We deliver game-changing efficiency gains and trusted, timely numbers to over 900 customers so they get the time, control and confidence they deserve. Fluence is out-of-the-box, no-coding software with a full Excel interface and enterprise-grade capabilities for immediate adoption and quick time to value, all in a truly finance-owned solution. Welcome to Fluence...we close early. About Sturnis365 - www.sturnis365.com Sturnis365 provides full end-user collaborative creation, publication and disclosure of corporate information, including for annual and periodical corporate reports, sustainability and ESG reporting, compliance and risk reporting and procurement and tax disclosures. Our unique Inversed Design capability allows for automated data synchronization to reduce document setup and maintenance and optimize overall cost of ownership.

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FINANCIAL MANAGEMENT,FINTECH

Mobility Fintech Moove Joins Forces With Uber UK to Bring Thousands of Electric Vehicles to London

Moove | September 02, 2022

Moove, the world’s first mobility fintech and Uber’s largest vehicle supply partner in EMEA, is announcing its launch in London as part of its global expansion. Moove, an African-born startup with a growing global customer base of mobility entrepreneurs, has launched in Europe with a 100% EV rent-to-buy model that provides access to brand new, zero-emissions vehicles for a flat weekly fee. Moove aims to be the largest EV partner on Uber’s platform in London with plans to scale to up to 10,000 vehicles by the end of 2025, creating sustainable earnings opportunities and contributing to the city’s net zero carbon emissions goals. London is the global leader for Uber’s electrification efforts with over 6,000 EVs on the platform – the most of any Uber city. Moove’s London launch will enable Uber to progress towards its goal of becoming an all-electric platform in the capital by 2025. “We are proud to have built a business in Africa to now be able to scale our model here in Europe, which is something that no other African fintech company has done before. This also marks a milestone of firsts for us; as we are excited to be launching with our first 100% EV fleet. We are thrilled to be expanding our partnership with Uber to drive our commitments towards the electrification of mobility.” -Ladi Delano, co-founder and co-CEO at Moove Transforming mobility gig economies through vehicle finance Founded by British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove launched in Lagos, Nigeria in 2020 to democratise access to vehicle ownership. Having now scaled to nine markets across sub-Saharan Africa and India, Moove is leading the charge in the ‘mobility fintech sector’, a white space it created and which is solving the challenge of limited access to vehicle financing for millions of gig workers across ride-hailing, logistics, and instant delivery sectors, of which there are around 4.5 million in the UK alone. Moove’s alternative credit scoring technology provides access to vehicle financing to gig worker customers who may have previously been excluded from financial services. Over the past two years, Moove has enabled sustainable job creation and a path to asset ownership with its customers having completed over 7 million trips in Moove-financed vehicles. In London, Moove’s innovative approach to vehicle financing is designed to empower its customers with access to brand new, zero-emission vehicles with an easy sign-up process as well as no credit checks, upfront costs, or deposit needed. Other services include regular maintenance, MOT, vehicle insurance, health insurance and a dedicated customer success team, a product offering not matched by any other company partnered with Uber's Clean Air Plan. In addition, Moove customers driving with Uber can reduce their weekly payments by using funds raised through Uber’s Clean Air Plan to help them meet the cost of switching to an EV. Uber’s Clean Air Plan has raised over £145 million, equating to approximately £3,000 per driver. Moove estimates that the 10,000 EVs it plans to finance by 2025 in London will contribute a reduction of around 63,000 megatonnes of carbon dioxide emissions per year. Andrew Brem, general manager at Uber UK, said: Our aim at Uber is to become a 100% electric platform in London by 2025 and we understand that drivers need access to financing if they want to make the transition to an electric vehicle. Moove’s model will help more Uber drivers switch to pure electric faster, to reduce their running costs and help clean up London’s air. With demand from riders higher than ever, our partnership with Moove will benefit drivers and riders alike. Driving the electrification of mobility Moove aims to solve many of the pain points facing its customers when switching to an electric car over a petrol or diesel-powered vehicle. Moove has launched the first end-to-end charge experience and complete EV charging network app specifically for ride-hailing drivers called Moove Charge™. The app enables Moove customers to locate, control, and pay for charging across one of the largest roaming networks in London, covering over 6,600 slow, fast and rapid charge points. Altogether, this provides a better and easier experience for drivers as well as riders as it enables more electric cars to be on the road and reduced wait times for Uber’s growing customer base. About Moove Moove is an African-born global start-up and the world’s first mobility fintech, providing revenue-based vehicle financing and financial services to mobility entrepreneurs. By embedding its alternative credit scoring technology onto ride-hailing, e-logistics and instant delivery platforms, Moove uses proprietary performance and revenue analytics to underwrite loans to drivers that have previously been excluded from financial services.

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