LianLian Global | June 27, 2022
LianLian Global, a leading global cross-border payment service provider, announced the launch of its multi-currency Cross-Border Wallet after securing licenses to operate in all 50 states. The cross-border digital wallet is designed to make payments faster, more accessible and cheaper than the traditional cash and bank transfers for U.S.-based retailers and merchants that sell their products internationally on marketplaces such as Allegro, Amazon, Cdiscount, Fruugo and Kaufland.de.
Data Catalyst found that almost 70 percent of U.S. SMEs use third-party online marketplaces or their web store, with most firms opting to use multiple online markets. However, despite having such a significant digital presence and many selling to multiple countries, cross-border payments remain a significant challenge for U.S. businesses, especially small and medium-sized organizations looking to make payments in less familiar, emerging market currencies in Africa, Asia and the Middle East.
For instance, the evolving international regulatory requirements and capital control policies concerning the transfer and movement of funds in local currencies adds a considerable compliance burden for many U.S. ecommerce businesses. This is particularly true in relation to China, Vietnam and other vital Asian supply chain hubs. Such supplier payment challenges can significantly impact the supply of goods and services from those regions. LianLian Global's Cross-Border Wallet is designed to address these concerns by enabling U.S. businesses to make and receive payments or convert U.S. Dollars to certain regional currencies quickly and compliantly.
The introduction of LianLian Global's Cross-Border Wallet virtually eliminates the bureaucratic burden of facilitating payments between Western businesses, customers and suppliers in China and other emerging markets worldwide. LianLian Global allows ecommerce customers of all sizes to make payments up to U.S.$1.5 million at a time. Additionally, the wallet can hold multiple currencies, including U.S. Dollar, Canadian Dollar, Hong Kong Dollar, British Pound Sterling, European Euro, Chinese Yuan and Polish Złoty.
We are delighted to have launched our fully-licensed Cross-Border Wallet in the United States, and see the positive response from US businesses. This is an evolution of our globally trusted platform that our customers around the world have come to rely on, Our new cross-border wallet helps businesses of all sizes grow, by making it easy to manage multiple currencies on a single platform and do foreign exchange (FX) conversion at fair and transparent rates. Our aim is to help our U.S. customers better navigate the complexity of cross-border payments and the volatility of FX."
David Messenger, Executive Chairman, LianLian Global.
Unlike other prominent providers in the market, customers can use LianLian Global's Cross-Border Wallet without committing to an annual fee or (in certain countries including the U.S., U.K. and China) paying to open an account or receive payments. Instead, LianLian Global charges a fixed 0.5% rate for FX conversion, with even more competitive rates available to high-volume customers.
LianLian Global is a global cross-border payments provider with offices in 12 different countries that helps more than 1.2 million ecommerce stores grow their cross-border businesses. LianLian Global owns over 60 licenses worldwide, with full coverage in all 50 U.S. states. The company has also partnered with leading financial institutions such as Citi, Deutsche Bank, and J.P. Morgan to power their solutions.
About LianLian Global
LianLian Global is a leading cross-border payments company that connects local sellers to global opportunities. We make it easy for ecommerce merchants to do more international business. So when sellers need to receive international payouts, get financing, solve shipping logistics, manage foreign exchange, or pay tax obligations abroad, we simplify the complexity of operating in other countries, giving merchants and sellers the freedom to do business seamlessly. Part of LianLian Digitech, and with licenses and offices in the Americas, Europe and throughout Asia, LianLian Global is integrated into mainstream ecommerce platforms worldwide, with services covering more than 100 countries and regions.
360factors, Inc. | April 11, 2022
360factors, Inc. announced today that Park National Bank, a bank with $10B in assets headquartered in Newark, Ohio, selected 360factors' Predict360 risk and compliance intelligence platform to enhance its enterprise risk management program and streamline quarterly certifications and attestations for Sarbanes-Oxley.
The bank will deploy 360factors' Predict360 solution suite, an artificial intelligence (AI)-powered platform that vertically integrates risks and controls, regulations and requirements, KRIs with risk insights, audit and examinations, policies and procedures, and more in a unified, cloud-based system. Predict360's SaaS architecture and modern technologies deliver predictive analytics, data insights for predicting risks and streamlined compliance.
360factors is especially thrilled to welcome Park National Bank to the 360factors family, Predict360 is ideal for growing financial organizations that require cost-effective, intuitive solutions that are easy to deploy and scalable."
Carl L. McCauley, CEO for 360factors.
As a risk and compliance solutions leader within the banking and financial services industries, 360factors continues to develop relationships with banks and financial services institutions seeking to remove inefficiencies while elevating their risk and compliance management programs.
About 360factors, Inc.
360factors empowers organizations to accelerate profitability, innovation and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is a Risk and Compliance Intelligence Platform augmented with A.I. technology to predict and mitigate risks while streamlining compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a cloud-based SaaS platform to provide predictive risk analytics and streamline compliance. 360factors is the endorsed solution provider for risk and compliance management by the American Bankers Association (ABA).
About Park National Bank
Headquartered in Newark, Ohio, Park National Corporation had $9.6 billion in total assets (as of December 31, 2021). Founded in 1908, it offers a full range of financial services in Ohio, Kentucky, and the Carolinas. The bank consistently earns high marks and awards for its service, community leadership, and financial performance.
Centime | April 12, 2022
Boston-based fintech partners with First National Bank of Omaha (FNBO) to develop SaaS solution to manage key aspects of cash flow control lifecycle: forecasting, managing receivables and payables, and obtaining credit
BOSTON, April 11, 2022 /PRNewswire/ -- Today Centime, a Boston-based fintech, launched Cash Flow Control: a first-of-a-kind solution purpose built to help small and mid-sized businesses control and manage cash flow.
Effective immediately, Centime Cash Flow Control is available to all U.S.-based businesses using the financial General Ledger applications of Intuit QuickBooks and Oracle NetSuite.
The solution consists of several interconnected modules that work together to support the cash control lifecycle of a business
Automated rolling 13-week cash flow forecasting uses artificial intelligence (AI) and machine learning to predict cash inflows and outflows
Accounts receivable management provides increased visibility into payment delays, facilitates on-time payments through automated reminder campaigns, and drives online payments through an integrated merchant account
Accounts payable management helps determine who, when and how to pay with the goal of maximizing working capital
Integrated credit solutions facilitate the bridging of cash flow gaps and short-term working capital needed to support growth
KPI monitoring provides the metrics and insights required to ensure robust cash flow performance
Centime Cash Flow Control gives business leaders a clear picture of how each element of cash flow control affects the other in a real-time, rolling basis and taps into AI and machine learning to blend businesses' historical data with industry trends to deliver visibility, predictions, management and control.
Businesses have opportunities to grow in good times and bad, And in both good times and bad, cash makes or breaks businesses. For most businesses, cash flow management is poorly understood, overly complicated and inconsistently managed. Centime Cash Flow Control is a simple, easy to use solution that allows businesses to manage one of their most critical resources."
Centime founder and CEO BC Krishna.
Covid exposed the risks posed to businesses by poor cash management — or simply an uncertain environment. As businesses across America continue to struggle with labor shortages, supply chain disruptions, inflation and uncertainty in the world, they must take ownership of their cash. While the government's Paycheck Protection Program (PPP) helped businesses bridge gaps at the height of the pandemic, and banks stepped in to further accommodate their clients' unforeseen stressors, moving forward requires that business leaders gain control over all aspects of their cash.
Centime was founded just before the global Covid pandemic struck in 2020, creating unexpected disruptions while also opening doors to creative solutions. In the intervening two years, an extended team of 150 engineers, designers, product managers, finance professionals, payments experts and bankers from Centime and its strategic partner FNBO have worked closely to develop this unique, simple, yet comprehensive cash flow control solution.
A beta testing initiative, Centime's Early Access Program (EAP), provided valuable client feedback that has and continues to influence the features and functionality of Cash Flow Control — ensuring it truly provides transformative, actionable insights for businesses.
That's the hope for a person like me, an average, small to mid-sized business owner and executive officer, Getting to a point in time when projecting my cash flow is simple, accurate, and meaningful to help me get a pulse on my businesses has been a revelation.
Todd Murphy, CEO at Universal Information Services and a Centime EAP client.
Carrie Zoucha, FNBO's VP, commercial payments, who knows Murphy's business as a member of the team that serves his banking needs, spoke to Centime's product development collaboration with the bank. "From the very beginning, our partnership with Centime has been a relationship built on mutual trust, collaboration and innovation. At FNBO, we take pride in being customer-led and providing guidance to help businesses grow. Our partnership with Centime has allowed us to take a common problem that so many businesses face, and help build a solution to help them thrive. It's been exciting to see Centime come to life, and particularly invigorating to hear about its impact from our customers."
Centime, Inc. is a Boston-based fintech led by a veteran team of banking, payments, design and fintech professionals. We are bound by a shared desire to help small to mid-sized businesses thrive through strategic cash flow management.
First National Bank of Omaha is a subsidiary of First National of Nebraska. First National of Nebraska and its affiliates have more than $26 billion in assets and nearly 5,000 employee associates. Primary banking offices are located in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota, Texas and Wyoming.
GMEX MultiHub Limited | January 10, 2022
GMEX MultiHub Limited (GMEX), a new business unit of the GMEX Group, is pleased to announce the launch of Digital MultiHub (MultiHub). MultiHub is a global cloud-enabled trading and post-trade digital market infrastructure platform which facilitates 3rd party trading and post-trade services across traditional and digital asset markets. Delivered through a Platform-as-a-Service, microservices distribution model, MultiHub enables capital markets participants to gain simple access to regulated digital assets and market infrastructure.
Digital assets are becoming increasingly relevant in capital markets portfolios. According to recent research from Fidelity Digital Assets, 84% of US and European institutional investors are interested in purchasing institutional investment products that hold digital assets. However, a lack of standards, platform interoperability and time to market challenges remain across multiple blockchains and traditional infrastructure. MultiHub addresses this fragmentation, providing the growing global market of institutional participants with a faster and safe clearing and settlement solution for hybrid digital and traditional trading.
MultiHub provides global access to turnkey digital asset exchange, custody, and governance solutions. The platform facilitates credit allocation and checking, collateral management and margin trading, order routing, netting and settlement across multiple trading venues, custodians and participants.
To develop MultiHub, GMEX worked with AWS and with Luxoft as a development partner, to implement and deploy the MultiHub platform powered by AWS Cloud and core ledger technology. AWS and GMEX jointly developed the business case, and together created a go-to-market plan to help GMEX grow their business.
Other initial partners and customers include: Trustology, a UK FCA registered digital asset custodian incubated and backed by ConsenSys and also backed by Two Sigma Ventures; GCEX, a regulated UK based traditional and digital assets broker; SECDEX Group, a Seychelles licensed securities, commodities and derivatives exchange; and Arabian Bourse, an Abu Dhabi Global Market based crypto asset exchange and custodian. They are all part of a continuously expanding capital markets infrastructure ecosystem of partners, backers, and customers. These companies provide access to some of the fastest growing regulated digital asset markets and regions.
GMEX chose to build MultiHub on AWS Cloud so that it could benefit from a diverse array of tools and harness reliable, scalable and highly secure infrastructure. Using AWS also ensures that the solution is flexible, easy to access and cost effective.
GMEX Group CEO, Hirander Misra commented: “MultiHub is a unique multi-asset network of networks service that enables cross-venue, cross-participant trading, clearing and settlement of both traditional and digital assets with a single point of connectivity for both industries, which negates the need to integrate across venues. This complements our mission to cost-effectively drive the accelerated institutional take-up of digital assets by making it easier to trade, clear, settle and pledge them alongside traditional assets, heralding the new age of Exchange 4.0.”
“This marks a significant move in capital markets. The GMEX MultiHub will drive digital transformation within the space and at the same time allows for accelerated execution and custody for institutional players as they get into or scale their digital assets activity”, said Alex Batlin, Founder & CEO of London-based digital assets custodian Trustology, which has brought its scalable on-chain and on-exchange capabilities to GMEX MultiHub on AWS Marketplace.
Lars Holst, CEO of GCEX, a digital assets broker, added, “I am now able to have a broader range of customers access our execution capabilities more efficiently and am able to convert that gain in velocity to an increase in liquidity confidence for our partners and their customers within the GMEX MultiHub community.”
Anoop Nannra, Global Blockchain Lead at AWS, commented: “The portability of digital assets has become an increasing challenge impacting trading and volumes.” He added, “GMEX MultiHub makes it easier for customers to access, trade and settle digital assets with a reduced carbon footprint, compared to trades that use the blockchain. This is because digital assets can be pledged by custodians without moving onto a blockchain. That alone means that the carbon created by the trade is far reduced when compared to trades that use the blockchain which is compute intensive.”
Hugh Richards, MD, Products & Solutions, Luxoft, added: “As institutions increasingly adopt digital assets as part of their digital transformation agenda, the need for hybrid (both traditional and digital) settlement and custody solutions is required to simplify this adoption. Luxoft is pleased to be the development support partner for GMEX MultiHub, responding to the increasing demand for such decentralised trading solutions.”
GMEX MultiHub will be globally available via AWS Marketplace (an online software store that helps customers find, buy, and immediately start using the software and services that run on AWS), with plans to broaden regional coverage to meet the needs of different jurisdictions. For more information, please visit https://www.gmex-group.com/multihub-digital-market-infrastructure-platform/