Today in B2B payments, Raiffeisen Bank International and FinLync team on cash management services, Roxe and Motoverse partner on cross-border remittance payments, and DHL and BigCommerce aim to help U.S. businesses grow their global sales. Plus, SPS Commerce buys InterTrade Systems from mdf commerce.
Raiffeisen Bank International, FinLync Team on Cash Management
Raiffeisen Bank International (RBI) has partnered with treasury FinTech FinLync on providing cash management services for corporate customers in Austria and Central and Eastern Europe (CEE) using application programming interfaces (APIs) and other collaborations. FinLync’s services aggregate global banking APIs to help with embedded real-time payments and cash management, and RBI’s offerings will become more easily available through a plug-and-play approach.
Roxe, Motoverse Partner on X-Border Remittance Payments
Blockchain payments and digital commerce company Roxe has partnered with global remittance company Motoverse to ease cross-border remittance payments for clients in Mexico, Brazil, Vietnam and the Single Euro Payments Area (SEPA). Roxe President Maodong Xu said in a press release, “Blockchain technology is the ideal solution to ensure people all over the world can receive the best possible rates and services.”
DHL, BigCommerce Partner to Help US Businesses Sell Worldwide
International express shipping service DHL and eCommerce platform BigCommerce have partnered to help owners of online businesses in the United States sell their products worldwide. DHL said in a press release that with the new partnership, BigCommerce merchants can receive discounted rates from DHL as well as special access to shipping and logistics professionals who can “take the mystery out of shipping internationally.”
SPS Commerce Buys InterTrade Systems, Expands Retail Network
Retail cloud services provider SPS Commerce has acquired supply chain collaboration solution provider InterTrade Systems, which was a wholly owned subsidiary of mdf commerce, for $65.8 million Canadian dollars (about $48.5 million). The customers of InterTrade will join SPS Commerce’s trading network of 105,000 trading partners in 80 countries.
Citi Extends Cash Concentration Capability to Non-Business Days
Saying it’s meeting the growing demand for real-time treasury management, Citi has launched a new cash concentration capability that automatically transfers funds seven days a week. Citi said in a press release that this new offering for institutional clients — which is dubbed 7-Day Sweeps — eliminates the need for these clients to manually transfer funds on weekends and holidays, when automated sweeping has historically not been done.
VC Firm Newion Opens $128.3M Investment Fund for B2B Software Startups
Amsterdam-based venture capital firm Newion has opened its fourth investment fund with an initial closing of 130 million euros (about $128.3 million) and said it aims to invest in about 20 new early-stage startups focused on B2B software over the next five years. “The industry needs to become more and more digital, and we’ve been supporting software companies facilitating this transformation since our foundation,” Newion Co-founder and Managing Partner Patrick Polak said in a press release.
Quadient Launches Automated Invoice Preparation, Delivery Service
Business communications solutions provider Quadient has launched a Software-as-a-Service (SaaS) solution for small and medium-sized businesses (SMBs) that automates the preparation and delivery of invoices. Quadient Chief Solutions Oficer Intelligent Communication Automation Chris Hartigan said in a press release: “Impress Invoice also helps SMBs eliminate the hours spent manually preparing and delivering invoices, so employees can focus on higher-value tasks.”
CFOs With a Taste of Digitization Want Even More
Many businesses that rushed to embrace digital payment solutions during the pandemic ended up experimenting with other new solutions as well, such as online accounting solutions. Jo Jagadish, executive vice president of innovation at TD Bank, told PYMNTS’ Karen Webster in a recent interview that small businesses were especially enthusiastic about solutions that could offer them payment in five days rather than the traditional “27 to 41 days.”
CFOs Say Collections Need Balance of Automation and Personal Touch
Like most chief financial officers, LightRiver CFO Bryan Hasegawa wants to use automation to avoid “throwing more bodies to do manual entries or utilizing band-aids” to patch up a flawed system. At the same time, he told PYMNTS in a recent interview, some manual processes need to stay in place. For example, reaching out to a delinquent customer to remind them to make a payment.
Xplor Technologies Names Pamela Joseph as CEO, Justin LaChance as CFO
Embedded payments and commerce tech company Xplor Technologies has promoted Pamela Joseph to CEO and has named Justin LaChance as chief financial officer. Joseph will transition into the CEO role from her current position as executive chairperson, while LaChance joins the company from Refinitiv.
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