As we all know (and feel) there is an urgent need amongst SMEs for cash, liquidity, and for innovation in the financing and lending space which is dominated by dinosaur-like institutions like banks. Thanks to a new funding solution by Capital Aid, TradeShift will be able to fund B2B transactions on the Tradeshift platform across all of Europe with a strong focus on the UK.
The new service provided by CapitalAid will address the cash-flow problems faced by most businesses today, by offering them instant payment on their invoices with a ONECLICK solution covering the entire approval process. The aim is to disrupt the current credit market by offering instant cash against invoices — cheaper & faster than any bank can do today.
As one of the first banks to launch e-Invoicing, RBS has continued to innovate, recognising the benefits of linking e-Invoicing with Supply Chain Finance (SCF). RBS has been recognised by The Banker magazine for this innovation, winning The Banker’s Innovation in Trade and Supply Chain Finance 2013.
RBS successfully integrated their e-Invoicing and SCF offerings, allowing e-invoices to be sent directly from the e-Invoicing platform into the MaxTrad™ Global Trade Channel. The solution creates a straight-through process for clients, rapidly decreasing invoice cycle times and driving greater opportunities to utilise approved payables finance. This allows them to offer clients a seamless end-to-end solution.
Indonesia’s Directorate General of Tax (DJP), Ministry of Finance has introduced electronic billing for tax payments or e-Billing, in order to minimise human error and cut the queues.
The e-Billing service is currently available in testing mode to those taxpayers registered in regional DJP offices in Jakarta and West Java, and large taxpayers. They will need to register at sse.pajak.go.id using their Tax Identification Number (TIN). Upon registration, users can fill out their personal details which will be stored by the system, and can then obtain a billing code from the system.
Deutsche Bank announced the launch of paperless cross-border (payment) services in China as from 1 September 2013. With these services, corporates in China will be able to process their payments and foreign exchange transactions, as well as submit their supporting documents electronically directly via its electronic banking platform ? db-direct internet.
With the Bank’s electronic banking platform, corporates can also benefit from a flexible authorisation set-up for electronic document delivery. Deutsche Bank’s streamlined paperless cross-border payment services via one single platform will enable its clients to centralise their foreign exchange management and significantly improve their operational processes.
The Turkish Ministry of Finance’s has put into practice a project that has been long-awaited by the e-commerce sector. As from 1 January 2015 Turkish Dotcoms (companies that do e-commerce) are to issue e-invoices to their customers instead of paper invoices, according to the penned notification of Turkish Minister of Finance Mehmet ?im?ek.
The central hub in this plan is the e-archive application of the Revenue Administration. Once it is brought into effect, internet sales will be made faster, more secure, and with minimum cost. Moreover, online shopping can now be observed more closely, and therefore the tax loss in this area would be prevented more efficiently.
A new report from Juniper Research finds that a growing user acceptance of ‘push’ mobile banking and a sharp rise in smartphone adoption will drive users of transactional mobile banking services up from 185 million in 2011 to over 550 million in 2016.
Other key findings from the report are that triple-play solutions (i.e. SMS, Web browser, and app) experience the highest adoption rates. Also, transaction frequency will be higher in developing regions where users do not have many alternative options for bill payment, given the limited physical branch infrastructure. And, increased usage of transactional services will provide impetus to integrating other elements of mobile commerce.
With Maestro One Click Pay, we a new kid on the block when it comes to online invoicing with a payment button. So, how does it work? Step one: you receive a e-mail containing your invoice details and a pay button. Step two: you click the payment button and are directed to the online invoice page of the supplier. The invoice amount, the (IBAN) bank account number and payment references are mentioned here. Only the invoice details are prefilled. Step three: choose to pay with maestro one-click pay. You only need to validate the first payment with your bank card reader or digipass. After this verification, subsequent payments will be even easier because: just one click on the payment button.
Some key characteristics: quick, free, “one hundred percent secure”, fit for mobile payments, consult your invoices for up to two years, digitally signed e-invoices. Take a look at the video for more information.
Cash flow is stagnating for at least SME’s. And banks aren’t lending you money easily. Thus, many organisations will gladly offer a discount in return for faster payment, eliminating time spent chasing unpaid invoices as a bonus. By combining an electronic invoicing network with a buyer’s working capital and a financial institution’s funds, all suppliers can initiate early payment.
View this webinar to learn more about OB10’s exciting new supply chain finance offering, which has been developed in partnership with a global financial institution.
According to a NACHA study of 1,000 US billers, direct payment via ACH (bank transfer) is THE leading US method consumers use to pay their bills.
Read More![Ariba launches AribaPay: a PayPal for B2B payments [bonus: infographic]](https://eeiplatform.com/files/img/aribapay-an-infographic_w_528_zc_1_a_c.png)
Ariba and Discover Financial Services unveiled Ariba Pay, a new service offered by Ariba that is expected to transform B2B payments by eliminating paper transactions, providing better visibility into cash flow and producing rich remittance information that improves reconciliation processes for buyers and sellers.
So what is the problem? “It’s the classic joke: The check is in the mail. But few companies find it funny,” said Kevin Costello, president, Ariba. “Buyers are drowning in paper, and sellers have no idea when – or how much – they will be paid. AribaPay will effectively eliminate these issues.”
