Today in B2B payments, more stimulus relief may be on the way for U.S. small businesses. Plus, AmTrav taps Journera for real-time T&E data, Credit Key raises new funding, Danske Bank streamlines corporate card processing and CoCoNet helps a Swiss bank optimize B2B payments.
Mnuchin Pledges More Stimulus Talks for SMB Relief
After coming under fire for ending key pandemic lending programs, Treasury Secretary Steven Mnuchin on Friday (Nov. 20) pledged to work with top GOP lawmakers and their Democratic counterparts on a new stimulus package. Mnuchin said he planned to kick things off by huddling with Mark Meadows, the White House chief of staff – as well as Senate Majority Leader Mitch McConnell, R-Ky. and House Minority Leader Kevin McCarthy – to come up with ideas for a more targeted, and presumably smaller, proposal. The flurry of activity by Mnuchin comes after the nation’s finance chief came under fire for moving ahead with plans to end several critical Federal Reserve lending programs aimed at helping small businesses amid the coronavirus pandemic.
AmTrav to Use Journera for Real-Time T&E Data Exchange
Business travel agency AmTrav will now use real-time data exchange platform Journera, according to a press release. AmTrav is an “all in one” solution that aims to cut the hassle of corporate travel, the release said. The partnership will afford users several new features, including better customer service with itinerary cancellations and changes available directly from a travel supplier. There will also be more insights into trips booked away from the company’s usual booking path and policy, and real-time data like flight boarding signals and air and hotel check-in signals.
Credit Key Raises $33M Toward BNPL Services
Credit Key, which works in payments and lending, has raised $33.85 million toward its buy now, pay later (BNPL) model, a report says. The company raised the newest funds from Greycroft, Bonfire Ventures and Loeb.nyc, alongside other, unnamed investors. Credit Key offers businesses an alternative payment solution intended to give financing for purchases at the point of sale. The company takes on the credit risk and loan servicing, offering buyers a “transparent” experience with competitive interest rates, the report notes.
Danske Bank Debuts Payment Automation for Corporate Cards
Danske Bank, the Copenhagen-based retail bank, has partnered with FinTech firm Zenegy to roll out a new method for automating payments made with corporate cards, according to a report from Crowdfund Insider. The report notes that this service will first be introduced in Denmark and then rolled out to other Nordic region countries. It can be accessed through an app where users can track vouchers and outstanding payments for purchases or outlays made on their Mastercards. Niels Bang-Hansen, head of business banking for Danske in Denmark, said the new service would help to cut down on time and boost efficiencies.
CoCoNet Partners With Raifeissen on B2B Payment, Cash Management
Raiffeisen, the third-largest Swiss banking group, has joined up with software provider CoCoNet to launch a payment and cash management service for companies. According to a statement, the service, which is set to debut next spring and is marketed to businesses of any size, will come with a range of features, including “standardized data exchange (EBICS), secure payment release (remote authorization), interbank retrieval of account information (multibanking), tools for liquidity planning and management (cash pooling) and creation of payment orders.”
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