Today in the Connected Economy: Versana Tackles $5T Syndicated Loan Market

Today in the connected economy, J.P. Morgan, Bank of America, Citi and Credit Suisse unveil their loan platform Versana, which they say will bring “transparency, efficiency and velocity” to the $5 trillion syndicated loan market.

Also, Audible signs a deal with 1Huddle to give its staff access to the company’s workforce development platform, and a new report looks at New York City’s status as the warehouse capital of the U.S.

Big Banks Launch Syndicated Loan Platform Versana

Versana, a loan platform backed by four of the biggest banks on the planet, announced its upcoming launch Wednesday (March 16), saying it wanted to bring “transparency, efficiency and velocity” to the syndicated loan market, estimated at $5 trillion.

Founded by J.P. Morgan, Bank of America, Citi and Credit Suisse and expected to launch later in the year, Versana “will aim to reduce the corporate loan market’s operational challenges by digitally capturing agent banks’ reference data directly from its source on a real-time basis,” the company said in news release.

Audible Incorporates 1Huddle Workforce Development Platform Through $1M Deal

1Huddle, a workforce technology platform that helps to onboard, upskill and develop employees, has closed a $1 million deal with Audible that makes its offerings available to the audiobook and podcast company’s employees.

Audible’s workers can now use now have access to 1Huddle’s suite of onboarding, corporate learning and development content through the partnership. The deal also makes 1Huddle content available to a handful of Newark, New Jersey-based community organizations, where both companies are based.

Chargebee Launches eInvoicing Service

Chargebee has introduced an eInvoicing service for subscription model businesses, the San Francisco-based subscription management platform announced Wednesday.

The company says the feature includes updates for Chargebee customers, including taxation and revenue recognition tools, plus as a marketplace that lets clients automate billing workflows.

Propel, emerchantpay, Team up on Card Terminal Project

Payment service provider emerchantpay is working with asset finance specialist Propel to let emerchantpay’s partners offer card terminals to merchants in the U.K., where both companies are based.

The companies said their partnership allows emerchantpay to provide financing solutions to companies for card payment terminals, with Propel’s platform ensuring optimized sales for emerchantpay sales teams and partners.

FTX Teams With AZA Finance to Advance Web3 Economy in Africa

Global cryptocurrency exchange FTX has joined forces with digital currency exchange AZA Finance to boost the adoption of Web3 and digital currencies across Africa.

Headquartered in Nairobi, Kenya, and launched in 2013, AZA Finance was founded by CEO Elizabeth Rossiello, and is both Africa’s first digital currency exchange as well as the first digital currency exchange run by a woman on the planet.

“As we built Africa’s largest platform for trading African currencies, one thing has been clear — that this continent is the future of global, digital economies. After serving these booming enterprises for years, we know that the next generation of users, creators and builders for the Web3 economy is undoubtedly African,” Rossiello said.

eCommerce Booms, Warehouses Transform New York Neighborhoods

A New York Times report Wednesday (March 16) dubbed New York City as America’s warehouse capital, with these facilities reshaping neighborhoods as they deliver the packages driven by the ongoing eCommerce boom.

In the last two years, Amazon has acquired more than 48 warehouses in the Greater New York area, while UPS is building a facility that dwarfs the 820,000-square-foot Madison Square Garden along the New Jersey waterfront in Lower Manhattan.

Meanwhile, in the boroughs of the Bronx, Brooklyn and Queens, 14 giant warehouses to facilitate eCommerce operations are under construction.