40Seas has launched a Global Accounts Receivable platform that is powered by artificial intelligence (AI) and centralizes invoice data in a single dashboard.
The platform can also help companies streamline the reconciliation process, collect payments and offer extended payment terms to their customers, the company said in a Monday (June 17) press release.
“The launch of our Global Accounts Receivable platform represents the latest step in our mission to digitize and streamline key steps in B2B global trade,” Eyal Moldovan, co-founder and CEO of 40Seas, said in the release.
With invoice data centralized in a single dashboard, companies can more easily track payment statuses, manage due dates, expedite invoice approvals and mitigate the risk of payment delays, according to the release.
When the accounts receivable (AR) platform is connected to a company’s enterprise resource planning (ERP) system or accounting software, the company can benefit from a streamlined reconciliation process that matches invoices with purchase orders and delivery receipts in real-time, the release said. Companies can also collect payments via credit card, direct debit or digital wire transfers in different currencies.
With the platform’s ability to help companies offer extended payment terms of up to 90 days to their customers, companies can do so without absorbing any credit risk, per the release. 40Seas leverages data-driven technology to verify creditworthiness, assess risk and process financing.
Together, these capabilities of the Global Accounts Receivable platform are designed to replace manual AR processes that are prone to errors and that undermine productivity, Moldovan said in the release.
“In today’s increasingly congested supply chain landscape, improving cash flow management through automation is an absolute prerequisite for longevity,” Moldovan said. “Our real-time tracking enables companies to easily monitor invoice statuses, identify bottlenecks, optimize workflows and drive business growth.”
40Seas emerged from stealth in January 2023 with the announcement of an $11 million seed funding round complemented by a $100 million credit facility for exporters and importers.
The company’s first offering was a platform for cross-border trade financing designed to facilitate access to finance for small- to medium-sized businesses (SMBs) and “make life easier” for both importers and exporters.
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We get a lot of press releases here at PYMNTS. We consider all of them, and some are more newsworthy than others. But this one really got our attention. This past week, Diebold Nixdorf made headlines with its announcement of successfully installing two new automated teller machines (ATMs) at the U.S. National Science Foundation’s McMurdo Station in Antarctica. This achievement marks a significant milestone in banking accessibility, to be sure. We would like to meet the crew that installed them. We’d also like to know why they needed two. Was there a line at the first one? More to come on that.
According to Diebold, McMurdo Station is Antarctica’s largest research and logistics hub, supporting a fluctuating population that ranges from fewer than 200 residents during the winter months to up to 1,100 individuals during the summer (October through February). The presence of these ATMs is crucial, it says, as the next closest banking facilities are thousands of miles away, making them the only ATMs on the entire continent. How’s that for a value proposition?
The DN Series ATMs are designed for always-on availability. And why do they need two? One ATM is actively in use, while the second serves as a backup for spare parts, ensuring uninterrupted service in this isolated area. These machines are connected to the DN AllConnect Data Engine, which leverages Internet of Things (IoT) connectivity, machine learning, and artificial intelligence (AI) to monitor their performance. A dedicated team continuously aggregates and analyzes technical data to identify potential issues, enabling remote diagnostics and repairs. The ATM can be maintained by trained staff at NSF McMurdo Station, or the Diebold Nixdorf service team can remotely guide them through the repair process.
Anyway, it got us thinking. Are there other surprising ATMs in extreme locations? Well, of course, there are. Here’s a sampling of what we found.
At an altitude of about 5,364 meters (17,600 feet), the Mount Everest Base Camp in Nepal is another unexpected place to find an ATM. Although it’s not a permanent fixture and is often set up seasonally, it caters to climbers and trekkers who need cash for local transactions. This temporary ATM service underscores the adaptability of banking services in extreme environments.
In some parts of the Amazon rainforest, particularly in Brazil and Peru, ATMs can be found in small villages and towns. These machines are vital for local communities, providing access to cash in areas where digital payment options might be limited. The presence of ATMs here demonstrates how banking services can reach even the most remote communities.
Located in the Tibet Autonomous Region, Nagqu is home to one of the highest ATMs in the world. This region is very remote, with limited infrastructure, making the presence of an ATM a notable example of banking accessibility in extreme environments.
In the Thousand Islands (Kepulauan Seribu) off the coast of Jakarta, Indonesia, there’s a floating ATM. This unique ATM serves the local community and tourists on the islands, demonstrating how banking services can adapt to isolated marine environments.
Longyearbyen, the administrative center of the Svalbard archipelago in Norway, boasts the most northerly ATM. This location is one of the most remote inhabited places on Earth, with limited access to mainland Norway, making the ATM a vital service for residents and visitors.
On a more serious note, the installation of ATMs in places like Antarctica and other remote locations highlights the evolving nature of banking technology. With advancements in IoT, AI and remote diagnostics, it’s becoming increasingly feasible to provide banking services in areas previously considered inaccessible. As we look to the future, it will be interesting to see where else ATMs might appear. Whether it’s on a remote island, at the top of a mountain or even in space, the ability to access cash is becoming more universal than ever. And who knows? Maybe one day, we’ll see an ATM on Mars, serving the first interplanetary travelers.
For now, the presence of ATMs in unexpected places reminds us that banking is not just about transactions; it’s about connecting people and communities across the globe, no matter how remote they might be.
