Today in B2B payments, HSBC announces a new platform for trade finance, while Paystand upgrades its Sage Intacct integration to boost cash velocity. Plus, ECI Software Solutions completes its acquisition of ES Tech Group, and Tiger Global looks to raise $6 billion to invest in internet-enabled enterprise software, FinTech and consumer companies.
HSBC has announced HSBC Trade Solutions (HTS), a new platform that allows clients to manage all their trade finance products online. The bank has launched HTS in its two largest markets — the U.K. and Hong Kong — and intends to deploy it in additional markets in which it operates. HSBC said in a press release that “HTS will form the backbone of HSBC’s market-leading trade offering — supporting [$800 billion] of global trade per year.”
Blockchain-enabled B2B payments company Paystand has announced numerous upgrades to its Sage Intacct integration to boost cash velocity and add more automation. Paystand CEO Jeremy Almond said in a press release: “The upgrades to our Sage Intacct integration allows us to enable finance teams to step into the future of B2B payments — one that is cashless, feeless and frictionless.”
Cloud business technology company ECI Software Solutions has completed its takeover of ES Tech Group, a U.K.-based B2B eCommerce software and services business. ECI CEO Trevor Gruenewald said in a press release: “Offering our collective customers the ability to run a superior online presence while driving data-driven decisions through their back-end ERP solution strengthens ECI’s position as a one-stop-shop for all business management needs.”
Hedge fund Tiger Global is looking to raise $6 billion in a new fund that will focus on internet-enabled enterprise software, FinTech and consumer companies, according to published reports. The fund will invest in startups, “largely in enterprise themes and in India,” the New York-based firm reportedly said in a letter to investors.
As most companies have learned, training, leading and managing people working remotely is a challenge. But there’s tech that can help. Kapitus Chief Financial Officer Anthony Rose told PYMNTS in a recent interview: “You kind of discover that you don’t need everybody in a room to close the books. There are some tools that you have there as well that help a close management process.”
Today’s macroeconomic challenges are forcing financial executives to think hard about the “new normal.” In a recent conversation with PYMNTS, DigniFi CFO Mariana Coontz, Joor CEO Kristin Savilia and CarParts CFO Ryan Lockwood said they’ve discovered ways to use new digital options to help their customers contend with the cash crunch — and boost incremental top-line results in the process.
Walmart has agreed to acquire Alert Innovation, a firm with which it has been working over the past five years to customize Alert’s material-handling technology for use in Walmart’s market fulfillment centers. David Guggina, senior vice president of innovation and automation at Walmart U.S., said in a blog post: “Further investing in this technology will enable us to leverage our store footprint — 4,700 stores located within 10 miles of 90% of the U.S. population — for storage and fulfillment.”
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