Today in B2B payments, Credit Suisse suspends Greensill Capital investment funds, and Atradius acquires B2B collections firm Gestifatura. Plus, DailyPay integrates into payroll platforms, VTB launches a blockchain airline fuel payments solution, and Citi releases a new bitcoin report.
Credit Suisse Suspends Investment Funds Linked To Greensill Capital
Credit Suisse Group AG has frozen $10 billion in investment funds that have powered Greensill Capital, which focuses on supply chain finance, a kind of cash advance. The asset management division of Credit Suisse said it would not let backers purchase or sell four private investment funds that only depend on securities made by the finance upstart, The Wall Street Journal reported.
Atradius Buys Portuguese B2B Collections Firm Gestifatura
Atradius Collections has purchased Gestifatura, the Portuguese collections company, and has grown its footprint to 34 nations, according to a Monday (March 1) announcement. Atradius Collections has grown its international presence into Portugal on the heels of opening new offices in Indonesia, Morocco and Dubai in the last two years. The purchase backs Atradius Collections’ long-term aims of continually furthering its understanding of local markets and its existence in them.
DailyPay Debuts On-Demand Pay Tool For Payroll, HCM Companies
On-demand pay firm DailyPay has rolled out a new product, ExtendPX, for human capital management (HCM) and payroll service providers, according to a press release. ExtendPX will enable payroll, HCM and time management software (TMS) companies to help implement on-demand pay services to be embedded in the services they offer to customers, the release stated.
VTB Rolls Out Blockchain Airline Fuel Payments
VTB Bank is rolling out a new way for airlines to pay for fuel via blockchain, according to a Monday (Mar. 1) press release. Users will be able to connect to the blockchain platform Smart Fuel and will be able to reduce transaction time. What initially took around four to five days can now be done in minutes, according to the release. Gazpromneft-Aero, operator of Gazprom Neft’s aviation refueling business, runs Smart Fuel, according to the release.
Citi Report: Bitcoin Could Become The Main Global Digital Currency
A new Citi report indicates that bitcoin is at a “tipping point” and could become the “currency of choice” for global trade, CNBC reported on Monday (Mar. 1). “Bitcoin’s future is thus still uncertain, but developments in the near term are likely to prove decisive as the currency balances at the tipping point of mainstream acceptance or a speculative implosion,” Citi wrote in a research note, per CNBC.
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