B2B Payments

B2B FinTech Accelerates Product Rollouts To Support SMBs

Small- to medium-sized businesses (SMBs) are struggling to stay afloat.

A new survey from Alignable via its Weekly Pulse Poll found that more than one-third of SMBs said they are struggling to keep their doors open and have less than one month before they run out of cash. An additional 30 percent said they’re not far behind.

“The answer to this problem has to be more than the federal government offering low interest loans to business owners,” Alignable Co-Founder and CEO Eric Groves said in a statement.

The B2B FinTech ecosystem seems to agree. This week’s roundup of the latest in coronavirus relief efforts explores the new products and services that technology companies have brought to market at lightening speed in an effort to aid SMBs. Although connecting SMBs to capital is essential, it’s not the only challenge that B2B FinTechs are tackling with their newest offerings.

Thomas Connects Medical Buyers, Suppliers

Product and supplier sourcing solution provider Thomas has announced the launch of its Coronavirus Resource Hub for Manufacturing, a platform designed to facilitate buyer-supplier connections as organizations are challenged to readjust their supply chains. The platform is geared toward manufacturing organizations able to offer personal protective equipment and medical supplies, allowing suppliers and buyers of these materials to sign onto the platform for free.

Bringg Debuts SMB Delivery Service

Delivery management platform Bringg launched a new solution for SMBs to launch their own delivery operations and manage logistics. Dubbed BringgNow, the last-mile delivery technology was brought to market ahead of schedule in an effort to support SMBs in markets like the grocery and restaurant sector struggling to initiate delivery services to fuel revenues and keep up with customer demand.

PayCargo Enables Freight Communication

Also targeting supply chain volatility is PayCargo, a company that facilitates payments between payers like forwarders to vendors like airlines. In response to a surge in supply chain disruption and dramatic changes to organizations’ shipping business models, PayCargo recently announced a communication feature designed to seamlessly connect vendors and payers to quickly and securely facilitate transport and delivery of goods through the supply chain.

Linked Finance Launches New SMB Loan

With access to capital critical to the survival of SMBs, Ireland-based peer-to-peer lending platform Linked Finance has added a new loan product to its offering. Its Deferred Start Loan connects SMBs affected by the coronavirus to funding with the first three months free of interest or capital repayment.

NYMBUS, Biz2Credit Link Banks to SBA Loan Processing

While many lending technology firms are targeting SMBs with financing products directly, banking technology provider NYMBUS has debuted a new technology for banks to more seamlessly process Small Business Administration (SBA) Paycheck Protection Loans as part of the CARES (Coronavirus Aid, Relief, and Economic Security) Act. The legislation’s Paycheck Protection Program allows SMBs to access cash flow support to continue paying employees. NYMBUS’ new SmartLenders Program allows SMBs to apply for such funding, while enabling banks to accelerate processing of those loans.

A similar service was recently introduced by Biz2Credit, which announced its Biz2X Accelerate SBA. The platform targets banks and credit unions to manage a surge in SBA loan applications and enquiries, enabling lenders to streamline SBA loan processing.

Optimum Finance Eyes Accountants for SMB Finance

In addition to targeting lenders with SMB lending solutions, another route to connect SMBs to much-needed capital is to target their accountants. In the U.K., Optimum Finance debuted a suite of services designed to help accountants and commercial funding brokers connect their own SMB clients to invoice financing, streamlining the search process through API-powered data integrations.

Nav Creates SBA Loan Calculator

In an effort to help SMBs understand their eligibility for an SBA loan, Nav has announced its CARES Act SBA Loan Calculator. The technology allows SMBs to answer three simple questions to determine whether they would be eligible to obtain an SBA loan under the Paycheck Protection Program.

Advocis Intros Service To Connect SMBs To Advisors

Beyond access to capital, another way to provide financial support to SMBs is to connect them with financial advisors. That’s the basis of Advocis’ new service, Advocis Connect, designed for Canadian SMBs, which can enter their contact information to be paired with an advisor within two business days.

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LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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