Today in B2B payments, American Express rolls out small business loans in Canada, and First Abu Dhabi Bank collaborates with Mastercard on corporate cards. Plus, REPAY partners up for accounts payable, Tungsten teams up on invoice finance and the U.K. unveils its latest small business support measures.
American Express Brings SME Loans To Canada
American Express is rolling out business loans in Canada in an international extension of its current corporate financing offerings. American Express, which is working with ODX, will provide unsecured business loans ranging from $5,000 to $250,000 CAD (approximately $3,950 to $196,900) to some of its small and medium-sized business (SMB) clients in Canada, according to a Thursday (Feb. 11) announcement. Paul Roman, vice president and general manager of global commercial services of American Express Canada, said the card remains an important B2B payment method for SMB clients, although the company is aiming to develop a collection of products to support business owners aside from the card.
First Abu Dhabi Bank Teams With Mastercard On Corporate Cards
First Abu Dhabi Bank (FAB) has inked a five-year strategic partnership arrangement with Mastercard for corporate cards and payment offerings. The two companies seek to jointly streamline B2B payments for firms in the country, making them smoother, safer and more accessible, according to an announcement. Mastercard’s corporate cards and payment platforms will be made accessible to the financial institution’s clients, in addition to a host of product benefits for companies and employees.
REPAY Teams With PN3 On Automated AP Payments
REPAY, which works in vertically integrated payment solutions, will be integrating with PN3 Solutions to automate outbound payments through the use of a virtual card or ACH, according to a press release. The integration will help customers access seamless payment capabilities to their procurement and accounts payable (AP) workstreams, the release stated.
Tungsten Network, Orbian Offer Expanded Invoice Financing
Global business transaction hub Tungsten Network will extend a partnership with Orbian, a global supply chain finance provider, to boost invoice financing efforts, according to a press release. Orbian partner Roger, which works in the Czech Republic, will provide the financing services in that country along with Slovakia, the release stated. Roger has been working since 2013 and specializes in the financing of digital invoices.
UK Unveils Fund To Help SMBs Navigate Brexit
The U.K. government has created a fund of 20 million pounds to help SMBs navigate Brexit’s new trading rules. The SMB Brexit Support Fund aims to assist smaller businesses as they adjust to changes in customs, rules of origin and VAT regulations for trade with the EU. The fund, announced by Chancellor of the Duchy of Lancaster Michael Gove on Thursday (Feb. 11), will also help businesses prepare for the implementation of new import controls that are set to go into effect starting in April. Gove also serves as chairman of the Brexit Business Taskforce.
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