B2B Payments Today: Airbase On Breaking Spend Management Silos; Telefónica, IBM Tap Blockchain For Supply Chain Monitoring

Today in B2B payments, Airbase discusses breaking down spend management silos. Plus, Telefónica Tech and IBM harness blockchain to bolster the monitoring of supply chains, a regulator probes an accounting firm in the U.K. over an audit of Greensill Capital (UK) Limited and the Commercial Bank of Dubai (CBD) has teamed with Dubai Multi Commodities Centre (DMCC).

Smashing ‘Spend Management’ Silos Gives SMBs Holistic Digital View Of Finances

There could be anywhere from five to six different systems operating simultaneously at a company to handle expense requests and approval processes. However, better financial infrastructure can help break down the silos and make it possible to centralize spend management, Airbase Founder and CEO Thejo Kote told PYMNTS. Airbase unveiled a $60 million Series B fundraising round that valued the company at $600 million.

IBM, Telefónica Tech Tap Blockchain To Bolster Supply Chains

Telefónica Tech, a division of European telecommunications firm Telefónica, and IBM have revealed new hybrid cloud products that will make use of artificial intelligence (AI) and blockchain technology and will aid in fueling “enterprise digital transformation,” according to an announcement. In one case, the firms have built out a new offering that harnesses the IBM Blockchain Platform to improve the way companies keep watch over their assets throughout the supply chain.

Regulator Probes UK Accounting Firm Over Greensill Audit

The private British entity that regulates actuaries, accountants and auditors has begun an investigation into U.K. accounting firm Saffery Champness over its audit of Greensill Capital (UK) Limited’s financial statements for the year that wrapped up Dec. 31, 2019. The Financial Reporting Council (FRC)’s Enforcement Division will investigate “under the Audit Enforcement Procedure,” according to a statement.

CBD To Provide Digital Banking For DMCC-Licensed SMBs In UAE

The CBD created a partnership with DMCC that is designed to help those who own companies and foster entrepreneurship. Business owners that have DMCC trade licenses will now be able to harness CBD’s banking offerings to boost their business capabilities. That includes “exclusive digital business accounts, which can be opened instantly with zero balance options, and a wide range of exclusive services tailored for all business needs,” as per the CBD in an announcement.

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