Daily news

U.S. Bank Brings Cash Flow Projection Technology to Small Business Owners

U.S. Bank Brings Cash Flow Projection Technology to Small Business Owners
By David Penn Posted on
Categories: Alumni News, Daily news, US Bank
  • U.S. Bank introduced a new tool to give small business owners the ability to see a 90-day forecast of their cash flow.
  • The new offering is the latest innovation from U.S. Bank’s Business Essential suite of banking and payments solutions.
  • U.S. Bank made its Finovate debut last year at FinovateFall 2021. At the conference, the bank demoed its Cards-as-a-Service (CaaS) technology.

U.S. Bank unveiled a new solution to enable small business owners to see a 90-day forecast of their cash flow. The tool allows users to leverage external data from their clients along with their own U.S. Bank accounts to provide more comprehensive insights. The offering is designed to address what U.S. Bank Chief Digital Officer Irv Henderson called “a top concern for today’s business owners.”

“Giving our clients the ability to forecast their cash flow outlook, including, in the future, the capability to consider various scenarios, will provide them with vital information to make smart decisions for today and the future,” Henderson said.

U.S. Bank’s new cash flow tool gives users a 90-day historical view along with its forecast of account balances up to 90 days ahead. The bank plans to introduce additional functionality to enable users to build “what if” scenarios and observe the impact of those scenarios on future cash flow.

The tool is currently available to clients of U.S. Bank from their online dashboard. Part of U.S. Bank’s Business Essentials suite of banking and payments solutions, the cash flow tool is the bank’s latest effort to “bring together digital capabilities and the power of data” to provide small businesses with actionable insights, according to Henderson.

U.S. Bank made its Finovate debut a year ago at our all-digital FinovateFall 2021 conference. At the event, the Minneapolis, Minnesota-based bank demonstrated its Card-as-a-Service (CaaS) technology that enables companies to extend corporate credit digitally. With the touch of a button, virtual cards -with precise spend limits, tokenization, and encryption – can be pushed to users’ mobile wallets in real time. The Card-as-a-Service solution also gives businesses the ability, via API integration, to build custom virtual payment experiences in their ecosystem.

The parent company of U.S. Bank National Association, U.S. Bancorp serves millions of customers through a range of businesses including consumer and business banking, payment services, corporate and commercial banking, wealth management, and investment services. The institution has $591 billion in assets as of June 2022.

Photo by Karolina Grabowska

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Lemonade Launches Digital Insurance Tool in the U.K.

Lemonade Launches Digital Insurance Tool in the U.K.
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Lemonade is expanding into the U.K. today.
  • Today’s global expansion marks Lemonade’s fourth European country. In addition to the U.S. and U.K., Lemonade is also available in France, Germany, and the Netherlands.
  • Lemonade entered the insurance sector with its flagship renters insurance offering in 2015 and now has a market capitalization of $1.54 billion.

U.S. insurtech Lemonade already has notoriety among mainstream consumers in the U.S., and today, the New York-based company is once again expanding its geographic reach by launching in the U.K.

“Insurance as we know it hails from the U.K., as do I. So both professionally and personally bringing Lemonade to the U.K. is a homecoming of sorts,” said Lemonade Co-CEO and Co-founder Daniel Schreiber. “We believe the millions of local renters will appreciate what Lemonade has to offer. After all, who doesn’t want instant, transparent, personalized, and mission-driven insurance?”

Starting today, U.K. residents can sign up for Lemonade’s personal property coverage, Lemonade Contents insurance. Coverage plans start at $4.52 (£4) a month. The Contents insurance covers individual personal items of up to $2,260 (£2,000) each, and offers total coverage up to $113,000 (£100,000). Lemonade also offers add-on coverage for theft and loss-related incidents, accidental damage to mobile devices, and expert help through legal protection.

This isn’t Lemonade’s first international expansion. The company has also launched in France, Germany, and the Netherlands. For this move, however, Lemonade is relying on the U.K.’s largest insurance carrier, Aviva, which counts 18.5 million customers across the globe.

“By joining forces we can ensure compelling propositions reach a broader range of customers, including renters, an under-served yet growing segment of the U.K. insurance market,” said CEO of Aviva U.K. & Ireland General Insurance Adam Winslow. “In our 325 year history we have adapted and thrived in a changing world and our partnership with Lemonade is a marker of our intent to continue just this.”

Lemonade entered the insurance sector with its flagship renters insurance offering in 2015, when AI-driven, digital first insurance offerings were hardly commonplace. Today, the company has expanded to offer homeowners, auto, pet, and life insurance products. Lemonade went public in 2020 and now trades on the New York Stock Exchange under the ticker LMND with a market capitalization of $1.54 billion.

Photo by J. Kelly Brito

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Digital-First Studio Bank Inks Payments Partnership with Corserv

Digital-First Studio Bank Inks Payments Partnership with Corserv
By David Penn Posted on
Categories: Daily news
  • A financial institution serving area creatives, Nashville, Tennessee-based Studio Bank has partnered with Corserv.
  • The credit card issuing program provider will enable Studio Bank to launch a comprehensive credit card program featuring virtual cards, automated credit decisioning, and more.
  • Founded in 2018, Studio Bank is the first newly chartered de novo bank to launch in Nashville in more than a decade.

Nashville, Tennessee’s Studio Bank has turned to credit card issuing program provider Corserv to give its customers a new range of card-based payments solutions.

“We are excited to launch this next level of innovation,” Studio Bank Chief Experience Officer April Britt said. “Our clients have a unique set of credit card and payment needs as business owners, leaders, and creatives. We have been able to partner with Corserv to create a program to provide an enhanced credit card user experience with all the conveniences of the modern economy.”

A digital financial institution, Studio Bank is designed to bring banking services to Nashville area creatives. And by “creatives,” Studio Bank looks to serve a variety of creative communities: from musicians and code writers to entrepreneurs, social activists, and even parents working to build better lives for their families. Founded in 2018, Studio Bank was the first newly chartered de novo bank to launch in Nashville in more than 10 years. Reaching profitability in its second year of operation, Studio Bank has assets of more than $750 million as of the end of Q2 2022.

Studio Bank’s partnership with Corserv comes less than a month after the bank announced raising $38 million in new funding. The fresh capital includes $18 million in equity issued this spring as well as $20 million in unsecured notes issued from Studio Financial Holdings, a new holding company also announced last month. “As I have always said from the founding of Studio Bank, we offer the sophistication and capability of a large, regional bank coupled with the customer service of the very best community bank we could create,” Studio Bank CEO and President Aaron Dorn said when the funding was announced. “Our growth and expansion into key communities in Middle Tennessee show we are fulfilling that promise.”

Atlanta, Georgia-based Corserv offers a turnkey credit card issuing program that gives financial institutions the ability to offer branded credit cards to consumers, businesses, and commercial customers. The company’s program includes features such as virtual card support for ePayables, automated credit-decisioning, sales and servicing portals, transparent reporting, and hosted and secure PCI compliant software.

“Our program is designed to enable banks, like Studio Bank, to own their credit card financials without the need to add expertise, infrastructure, or staff,” Corserv CEO Jerry Craft said. “We look forward to providing Studio Bank with the tools to serve their unique customer base with innovative payment solutions for their evolving needs.”

This year, Corserv has partnered with regional financial institutions such as Massachusetts-based BayCoast Bank, Madison-based correspondent bank Bankers’ Bank, and The Bank of Missouri (TBOM). In August, the company received Visa Ready Certification for its Payment Cards as a Service APIs (PCaaSA) issuer processor program.

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Societe Generale to Acquire Majority Stake in PayXpert

Societe Generale to Acquire Majority Stake in PayXpert
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Mergers & Acquisitions
  • Societe Generale will become a majority stakeholder in U.K.-based payment processor PayXpert.
  • The acquisition will help Societe Generale adapt to new consumer behavior stemming from the use of new technologies such as Buy Now, Pay Later.
  • In turn, PayXpert’s merchant clients will benefit from additional payments, financing, and insurance solutions.

France-based investment bank Societe Generale announced today it will become a majority stakeholder in U.K.-based payment processor PayXpert.

The acquisition aims to help Societe Generale adapt to new consumer behaviors stemming from new technologies and tools such as Buy Now, Pay Later and integrated insurance services. “Societe Generale constantly adapts its offering and innovates to address new customer journeys,” the company said in a blog post announcement.

Specifically, PayXpert’s technologies will help Societe Generale broaden its offering for retail and online merchants and continue in its quest to be a leading player in payment acceptance in Europe. As a result of the acquisition, PayXpert’s merchant clients will benefit from additional payments, financing, and insurance solutions.

“The acquisition of PayXpert would enhance our payment solutions offering by providing increasingly comprehensive and innovative services to our retail and online merchants,” said Aurore Gaspar Colson, Deputy Head of Societe Generale Retail Banking in France. “It reflects our determination to maintain an integrated approach to payments and is consistent with Societe Generale’s long-standing and innovative policy of cooperation with fintechs.”

Founded in 2008, PayXpert offers point-of-sale technologies for both online and in-person transactions, as well as solutions for subscription and recurring payments, data management, business intelligence, and more. Among the company’s clients are Uber, Santander, and Gucci. PayXpert was a finalist in the for the Best Mobile Payments Solution category in the 2020 Finovate Awards.

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New Acquisition Takes Billtrust Private For $1.7 Billion

New Acquisition Takes Billtrust Private For $1.7 Billion
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Mergers & Acquisitions
  • Private Equity Firm EQT has agreed to acquire B2B accounts receivable and payments company Billtrust.
  • The deal is expected to close in the first quarter of next year for $1.7 billion.
  • This move will take Billtrust back to a privately-held company, following its public debut on the NASDAQ in 2020 after closing a SPAC merger.

B2B accounts receivable and payments company Billtrust announced today it has agreed to be acquired by EQT Private Equity for $1.7 billion. The transaction is expected to close in the first quarter of 2023.

Once finalized, the deal will take Billtrust from the public markets. The company went public in 2020 in a SPAC merger valued at approximately $1.3 billion. Billtrust is currently listed on the NASDAQ and has a market capitalization of $1.52 billion.

“This transaction marks the beginning of an exciting new chapter for Billtrust, our customers and employees while providing shareholders an immediate and substantial cash value with a compelling premium,” said Billtrust Founder and CEO Flint Lane. “We believe B2B payments and accounts receivable continue to be ripe for massive disruption and innovation, and our partnership with EQT will provide us with greater resources and flexibility to build on our leadership position.”

Billtrust was founded in 2001 to offer a suite of solutions that simplify and automate B2B commerce through cloud-based software and payment processing solutions. In 2018, the company launched its Business Payments Network (BPN) that connects buyers, suppliers, and financial institutions to simplify and streamline electronic payment acceptance. The company also offers tools for credit risk managers, ecommerce solutions for wholesale distributors and manufacturing businesses, payments acceptance tools, and more.

For EQT, a Sweden-based private equity firm with $100 billion in assets under management, this marks its third fintech deal. Others in the firm’s fintech portfolio include SaaS cloud banking provider Mambu and payment acceptance company Mollie.

“The Billtrust platform features modern solutions, a compelling value proposition, and, like EQT, a commitment to innovation and transformation in the digital era,” said Arvindh Kumar, Partner and Co-Head of EQT’s Global Technology Sector Team. “Additionally, the Company operates at the intersection of software, fintech, and payments—sectors in which EQT has deep familiarity and a track record of success. With proprietary end-to-end solutions that generate value for all stakeholders and across economic cycles, Billtrust is poised to advance its leading offering in the underpenetrated accounts receivable automation space.”

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PNC Bank Turns to Blend to Digitally Optimize its Mortgage Application Process

PNC Bank Turns to Blend to Digitally Optimize its Mortgage Application Process
By David Penn Posted on
Categories: Alumni News, Blend, Daily news
  • Blend and PNC Bank announced a strategic partnership to help the bank digitally optimize its online mortgage process.
  • The partnership between Blend and PNC Bank comes in the wake of Blend’s Instant Home Equity product, launched in August.
  • Blend made its Finovate debut in 2016 and is also an alum of Finovate’s developer conference, FinDEVr.

A strategic partnership between PNC Bank and cloud banking software company Blend will help the financial institution digitally optimize its online mortgage application process. With its new mortgage application platform, PNC will enable its customers to digitally apply for a mortgage and import information such as bank and payroll data directly into the application simply by providing their credentials. Customers further will benefit from a single portal for tracking the status of their mortgage application, completing any additional tasks, as well as reviewing and electronically signing loan documentation. The portal also allows PNC’s mortgage loan officers to collaborate in real time with customers.

PNC EVP and Head of Mortgage Peter McCarthy called the partnership “an ideal combination of digital self-service technology and support for our customers as they navigate one of the biggest and most important purchases in their lifetimes.”

The strategic partnership announcement comes just over a month after Blend announced the launch of its automated instant home equity product. Integrating a range of recent enhancements to its mortgage suite, the solution provides income and identity verification, title, decisioning, property appraisal, and notarization. Lenders can use Blend Instant Home Equity to provide borrowers with a personalized offer that can be approved instantly and closed within a few days.

“Leveraging all that we’ve built on the Blend platform – for both Mortgage and Consumer Banking solutions – we’re able to deliver an instant home equity experience to help our customers ensure a seamless experience for applicants, grow their home equity businesses, and reduce costs to originate in a challenging marketplace,” Head of Blend Nima Ghamsari said.

Blend demonstrated its Data-Driven Mortgage solution at FinovateSpring 2016 and returned later that year to present its technology at our developers conference FinDEVr Silicon Valley. Founded in 2012 and headquartered in San Francisco, California, Blend enables financial services companies to process an average of more than $5 billion in transactions a day. The company leverages low-code, drag-and-drop design tools to enable developers to build new products quickly. Its platform is integrated with trusted services ranging from eSign to identity verification to help financial institutions deliver seamless customer experiences.

PNC Bank is a part of the PNC Financial Services Group, one of the largest diversified financial services institutions in the U.S. Offering retail banking to more than 12 million consumers and small businesses across the mid-Atlantic, Midwest, Southeast, and Southwest, PNC Bank also provides asset management services to affluent and ultra-affluent individuals and families, as well as corporate and institutional banking. As of June of this year, PNC Bank had $320 billion in assets under administration.

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Nova Credit Lands $10 Million from HSBC to Build Borderless, Consumer-Permissioned Credit Data

Nova Credit Lands $10 Million from HSBC to Build Borderless, Consumer-Permissioned Credit Data
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding
  • HSBC has tapped Nova Credit to integrate the company’s Credit Passport, a cross-border credit data product.
  • As part of the partnership, Nova Credit received a $10 million investment, bringing its total funding to more than $79 million.
  • HSBC deployed Nova Credit’s Credit Passport at HSBC Singapore in May and plans to expand its use of the solution later this year to cover more country bureaus.

Consumer-permissioned credit bureau Nova Credit received $10 million in funding this week. The investment, which boosts the California-based company’s total funds to over $79 million, came from HSBC Ventures.

Under the strategic partnership, Nova Credit will provide HSBC with access to Credit Passport, its cross-border credit data product. Credit Passport essentially translates consumer credit across geographical borders, providing residents who are new to a country with access to financial products that require credit, such as loans or mortgages.

By leveraging Credit Passport, HSBC will have access to a customer’s translated credit history, after receiving permission from the customer. This not only increases HSBC’s potential client base, but it also increases the speed of the bank’s decisions.

“Accessing credit in a new market can be a challenge and is something we’ve been helping customers with for years,” said HSBC Group Head of Retail Banking and Strategy, Wealth and Personal Banking Taylan Turan. “We’re excited to be partnering with Nova Credit, to improve our ability to do this even more, with its innovative digital Credit Passport. We’re proud to be the first organization to offer this to customers in Singapore.”

HSBC Singapore integrated Credit Passport in May, enabling its applicants to offer the bank permission to access their global credit record and credit score. HSBC Singapore’s implementation of the tool also marked the first use of Credit Passport outside of the U.S.

HSBC elected to launch the use of the product in Singapore because thousands of its Singapore-based clients have recently moved to the country from India, where they have credit history. The bank plans to expand its use of the solution later this year to include customers with a credit history in Australia, the U.K., and the Philippines, and plans to cover more country bureaus in 2023.

Nova Credit launched in 2016 and has since built relationships with credit bureaus in more than 20 countries. Partnering with the credit bureaus has given the company consumer-permissioned access to over one billion credit profiles. Nova Credit also has partnerships with lenders including American Express, SoFi, Yardi, and Verizon.

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Pinwheel Launches Product to Leverage Real-Time Consumer Earnings Data

Pinwheel Launches Product to Leverage Real-Time Consumer Earnings Data
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Payroll data company Pinwheel launched a tool called the Pinwheel Earnings Stream.
  • The new product offers data on past, current, and projected income.
  • According to Pinwheel, the data is most useful for earned wage access (EWA) offerings, but can also be used for financial wellness tools, underwriting, and more.

Income and employment data innovator Pinwheel announced its newest launch today. The company unveiled the Pinwheel Earnings Stream, a tool that offers up-to-date historical, current, and projected income data.

Pinwheel leverages machine learning and pay stub data to determine net earned wages for any work completed to create an accurate view of accrued and projected earnings. Earnings Stream uses analytics and intelligence to help make sense of this data.

Earnings Stream offers organizations three main benefits: accrued earnings, which shows wages a customer has earned so far in the current pay period; projected earnings, which estimates the earnings a customer will have by the end of the current pay period; and pay dates, a list of a customer’s projected pay dates.

By leveraging the projected earnings information from Earnings Stream, organizations can efficiently deploy an earned wage access (EWA) strategy. According to Pinwheel, Earnings Stream has other use cases, as well, including “financial wellness tools, educational services, cash flow underwriting, and so much more.”

“We developed Earnings Stream to support our customers’ strategies to answer the consumer demand for EWA services, while they have long wanted to offer these products, it’s been nearly impossible to execute at scale throughout the fintech industry at large,” said Pinwheel Co-Founder and CEO Kurtis Lin. “EWA is a unique product because it benefits all parties. Consumers are excited about meaningful liquidity, financial institutions are happy to acquire customers, and employers are pleased to see their workers have less financial stress. I’m proud of our team for developing what we believe will be one of the fintech industry’s keys to building truly impactful EWA products.

Founded in 2018, Pinwheel aims to create a fairer financial system with its API that connects to more than 1,600 payroll platforms and more than 40 time and attendance platforms. In all, the system covers 80% of U.S. workers and more than 1.5 million employers. 

The New York-based company aims to offer fintechs the data needed to create financial tools for underserved populations, without taking on additional risk. “Many of our customers are working on exciting use cases that we’re excited to see hit the market soon,” said Lin.

Photo by Min An

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Bank of America Unveils QR Code Sign-in for CashPro

Bank of America Unveils QR Code Sign-in for CashPro
By David Penn Posted on
Categories: Bank of America, Daily news
  • Bank of America launched a new QR code sign-in for its CashPro offering.
  • Paired with biometrics, the new sign-in option takes advantage of the trend in favor of QR code technology as a verification and log-in solution.
  • Bank of America’s CashPro has received recognition from Celent, Global Finance magazine, The Asian Banker, and Treasury Management International (TMI).

One of the surprising fintech trends of the past few years has been the deployment of QR codes as an option to facilitate payments in an increasingly wide range of contexts. Today, Bank of America announced that it has launched a new QR code sign-in for its CashPro solution. This will enable Bank of America’s 500,000 CashPro users to scan a QR code with their mobile device and use their biometric information via the CashPro App in order to access the CashPro website. The new option will also alleviate the need for users to manually enter passwords.

“QR sign-in is a technology that’s familiar to our clients from their personal lives, and now they can use it to seamlessly access CashPro,” Global Product Head for CashPro in Global Transaction Services Tom Durkin said. “The technology kicks off a schedule of enhancements we plan to introduce to CashPro over the next 18 months that will further improve the simplicity and security of our award-winning platform.”

Bank of America’s CashPro offers a complete digital platform for managing payments, receipts, investments, FX, and trade. The technology enables users to conduct their banking business from anywhere via the CashPro App, viewing balances, approving payments in less than a minute, depositing checks remotely, and making payments. Businesses can leverage the CashPro API to access a wide range of treasury activities including payments, fraud prevention, liquidity optimization, and more. CashPro also has a forecasting feature. Powered by machine learning and predictive analytics, CashPro Forecasting provides visibility across all customer accounts – including accounts at other institutions – and helps firms better manage future cash flows. The technology, embedded in CashPro and unveiled at the beginning of the year, provides customizable, machine-generated, daily, weekly, or monthly forecasts and learns over time to make predictions smarter and increasingly accurate.

“Many companies today rely on manual, repetitive work to forecast their cash needs, leaving little time to analyze the data for making strategic decisions, which is the actual objective of the forecasting exercise,” Co-head of Global Commercial Banking, Global Transaction Services for Bank of America Ken Ullmann said. “With CashPro Forecasting, companies can automate their forecasting process while improving the accuracy of their predictions, all without making any IT investment.”

Among the world’s leading financial institutions, Bank of America serves 67 million consumer and small business clients with 4,000 retail financial centers. Bank of America also provides a digital banking experience with 55 million verified digital users. Serving customers throughout the U.S. and its territories, as well as 35 countries around the world, Bank of America is a publicly traded company on the New York Stock Exchange under the ticker symbol BAC. The institution has a market capitalization of $250 billion.

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Square Taps Visa for Instant Transfers in Canada

Square Taps Visa for Instant Transfers in Canada
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, VISA
  • Visa is expanding its integration with Square’s instant transfer feature into Canada.
  • Square’s Canadian merchant clients can access their funds in real time, instead of waiting for the next business day.
  • Instant transfers are enabled by Visa Direct, a VisaNet processing capability that facilitates real-time delivery of funds.

One of the themes at FinovateFall earlier this month was how organizations can leverage real time data. When it comes to the movement of money, timing is everything. So it’s no surprise to see Visa’s announcement this week that it will expand its integration with Square’s instant transfer feature into Canada.

Under the new integration, Square’s Canadian merchant clients can now access their funds faster than the next business day. When they link an eligible debit card, Square’s Canada-based merchant clients can transfer funds instantly to an external bank account.

Used for rapid merchant settlement, Square’s instant transfers are enabled by Visa Direct, a VisaNet processing capability that facilitates real-time funds delivery directly to bank accounts. As a result, businesses experience increased cash flow, which can be a major pain point, especially for small businesses.

“Cash flow management and more immediate access to funds is critical for small businesses to survive and thrive in a rapidly evolving payments ecosystem,” said Visa Canada’s VP and Head of New Payments Jim Filice. “Together with Square, we’re committed to supporting Canadian small businesses and helping to identify solutions that can benefit them by delivering fast, reliable and secure access to funds.”

Photo by Laura Tancredi

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Ethoca and ChargebackZero Team Up to Help Merchants Minimize Chargebacks

Ethoca and ChargebackZero Team Up to Help Merchants Minimize Chargebacks
By David Penn Posted on
Categories: Alumni News, Daily news, Ethoca, MasterCard
  • Ethoca announced a partnership with India’s ChargebackZero to help merchants eliminate chargebacks.
  • The collaboration will integrate Ethoca’s chargeback alert technology into ChargebackZero’s Intelligent Dispute Prevention & Management Solution (iDPMS).
  • Ethoca made its Finovate debut in 2015 at FinovateFall. The company was acquired by Mastercard in 2019 for an undisclosed sum.

Ecommerce fraud and chargeback prevention company Ethoca has teamed up with India-based ChargebackZero to help merchants minimize chargebacks. The partnership will also bring greater transparency to consumer transactions, and make it easier for merchants to share the details of confirmed fraud and dispute incidents.

The collaboration will enable merchants to rely on a chargeback alert system that notifies them in the event of an impending chargeback. Notifications are made via the ChargebackZero dashboard, which combines a variety of alert types from card issuers with ChargebackZero’s dispute management tools. The alerts allow merchants to identify and revolve customer disputes with the customer’s issuing bank in near-real time. By preventing chargebacks, including chargebacks that occur post-authorization, the partnership will make it easier for merchants to accept more orders without increasing their exposure to potentially fraudulent activity.

Ethoca offers a suite of solutions to help merchants and issuers eliminate chargebacks, reduce card not present (CNP) fraud, recover lost revenue, and improve the customer experience with a better dispute resolution process. Ethoca’s Consumer Clarity solution connects issuers to merchant order and account history details in real time. This gives issuer call center agents with the data they need to manage real-time conversations with cardholders when disputes arise. Ethoca also offers its Ethoca Alerts technology, which provides issuers and card-not-present merchants with access to a global collaboration network that enables them to share fraud and customer dispute data in real time, rather than in weeks as is normally the case with chargebacks.

Headquartered in Toronto, Ontario, Canada, Ethoca made its Finovate debut at FinovateFall in 2015. In the years since then, the company has inked partnerships with fellow Finovate alum TSYS, as well as Pegasystems, BlueSnap, and Cartes Bancaires. Ethoca agreed to be acquired by Mastercard in the spring of 2019 for an undisclosed sum. Calling Mastercard “a natural home,” Ethoca CEO Andre Edelbrock said the acquisition would “bring our services to more places and more people, ultimately contributing to the beset possible online payment experience.”

Ethoca serves more than 5,400 merchants in 40+ countries and more than 4,000 card issuers in more than 20+ countries. Eight of the top ten North American ecommerce brands, 14 of the top 20 North American card issuers, and six of the top ten U.K. card issuers use Ethoca’s technology to eliminate chargebacks, prevent fraud, and recover lost revenue.

Photo by Pixabay

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Taulia and Standard Chartered Team Up to Collaborate on Working Capital Finance

Taulia and Standard Chartered Team Up to Collaborate on Working Capital Finance
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Standard Chartered Bank, Taulia
  • Taulia and Standard Chartered signed a Memorandum of Understanding to collaborate on working capital finance solutions.
  • The partnership will initially focus on supply chain finance and dynamic discounting.
  • The agreement will offer Taulia access to Standard Chartered’s global client base.

Supply chain finance company Taulia has inked an agreement with Standard Chartered this week. The agreement comes in the form of a Memorandum of Understanding (MoU) to collaborate across a range of working capital finance solutions.

The two will begin by focusing on supply chain finance and dynamic discounting, two solutions that Taulia offers to buyers. Taulia will use its expertise in this area, combined with Standard Chartered’s global client base, to help clients build a more resilient and sustainable supply chain.

Ultimately, the partnership aims to enable suppliers to access working capital in a more efficient and cost effective manner.

“We are excited to work with Taulia to explore new and innovative ways to support our clients’ working capital needs, as well as extending the Bank’s leading sustainable trade expertise into their business network,” said Standard Chartered Global Head of Trade & Working Capital Kai Fehr. “Taulia’s footprint also complements that of the Bank, offering greater opportunities for us to support companies in the West with their supply chain flows into Asia, Africa and the Middle East.”

Taulia was founded in 2009 to help businesses improve their supply chains by providing financing options with flexible payment terms. Used by a network of two million organizations, the company’s tools help businesses accelerate payments and free up working capital. Taulia processes over $500 billion every year. Among Taulia’s clients are Airbus, AstraZeneca, Nissan and Vodafone.

Taulia was acquired by SAP earlier this year and today’s agreement marks the first MoU that Taulia has signed with a banking institution post-acquisition. Taulia anticipates that having the backing of SAP will help it access further opportunities across SAP’s ecosystem and deliver a differentiated experience for both buyers and suppliers.

“We believe that all CFOs should focus on their cash strategy to ensure growth during these turbulent times and our partnership with Standard Chartered will deliver cash when and where it is needed, especially in emerging markets,” said SAP Head of Working Capital Management CoE and member of the Taulia Leadership Team Thomas Mehlkopf.

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