Surecomp Unveils Fastrade Tool to Automate Trade-Finance Procedures for Small-Medium Businesses

Surecomp | June 19, 2020

  • Surecomp has rolled out its Fastrade front office product.

  • The Fastrade technology now comes with application programming interface (API) connectivity and as an out-of-the-box software-as-a-service (SaaS) product.

  • It provides support trade services along with workflows that are constructed ahead of time to keep the duration of setup to a minimum, according to the company.


To let financial institutions provide trade finance functions to their small and medium-sized business (SMB) customers, Toronto-based Surecomp has rolled out its Fastrade front office product. The company said the technology lets trade-finance providers bolster customer service with an “easy-to-deploy, intuitive and scalable multi-bank channel” to automate trade-finance procedures, according to an announcement.

“We have responded to demand from our customers to help them better address” the SMB market, Surecomp Executive Vice President of Global Delivery and Operations Gadi Komet said in the announcement. With Fastrade, she added, Surecomp is using “the knowledge and expertise” it has gained over the years with large corporations to help SMBs “process trade-finance activities directly with their banks.”

The Fastrade technology now comes with application programming interface (API) connectivity and as an out-of-the-box software-as-a-service (SaaS) product. It provides support for the most used trade services along with workflows that are constructed ahead of time to keep the duration of setup to a minimum, according to the company. The infrastructure, for its part, can be used at the customer’s location or through the cloud.


Read More: SBA And Treasury Deliver A Simpler Loan Forgiveness Application For The Paycheck Protection Program


The company said that Fastrade alleviates the risk of mistakes by individuals and elevates trade finance “to a new level of digital banking.”

In separate news reported by PYMNTS, LiquidX recently said it is launching a white-label installation of a “next-generation” LiquidX 360 platform to aid banks in strengthening their trade finance work with business customers. The network noted that its LiquidX Partner Program (LPP) allows business bankers to offer multiple services such as trade credit insurance, receivables and supply chain finance that has their own branding in a single application.

Chief Revenue Officer Ali Hackett said at the time the firm offers options via “multiple flavors” of its LPP offering. The company’s modular product is geared toward customers that already have trade finance operations.


Read More: House Investigates Bank Procedures For PPP Loan Processing


About Surecomp

Surecomp is the market leader in global trade finance solutions for banks and corporations. An industry pioneer for over thirty years, we provide an innovative portfolio of digital trade finance, supply chain finance and treasury solutions, streamlining the transaction lifecycle to enhance operational efficiency, ensure compliance and drive growth. With a global footprint of eight offices in Toronto, New York, Santiago, Buenos Aires, London, Hamburg, Tel Aviv and Singapore, we serve a prestigious customer base in over eighty countries across the world.

Spotlight

BOLT Insurance Agency started as a better way for Small Business Owners to choose and buy their insurance by using the unique BOLT Insurance platform. The success of the BOLT Insurance Platform has produced customer ratings that place BOLT in the top 1% of all US businesses; in other words, our customers love us.


Other News
BUSINESS STRATEGY

SetSchedule Announces New Innovative App Tools for Small Businesses

SetSchedule | December 18, 2021

SetSchedule, a technology company that has had great success in the real estate business development space, is releasing an update to its app. This update will add onto the app’s current features, and is set to be a place where entrepreneurs and solopreneurs can network, market their business, and collaborate on projects with other professionals from any industry. “I’m extremely excited to challenge and disrupt an industry of social networks that produce a lot of garbage content and non valuable connections for professionals. Tie that with the newly created software as a service tools, I believe SetSchedule is positioned to grow very fast and support solopreneurs in a totally new innovative way." CEO Roy Dekel, SetSchedule Features such as “Ask the Pro” allows users to ask questions geared towards certain professions to connect qualified professionals. By having users select areas of professional expertise this will connect users with experts that are outside of their personal network. The “Broadcast” feature is meant for users to conduct digital marketing locally by selecting a geographic area and geo targeted location, connecting solopreneurs with their target audience.. The Irvine based company has experienced rapid growth, going from under 50 to over 200 employees, winning numerous awards, and has been featured on the INC 5000 for three consecutive years. About SetSchedule: SetSchedule is an American technology company which disrupts the real estate industry by leveraging SAAS and consumer cloud communication products, artificial intelligence, and autonomous business flow applications to eliminate the struggle behind establishing a connection. SetSchedule's goal is to innovate the real estate industry with cutting-edge tools that allow for better connections, easier communication and stronger relationships between consumers and their local experts.

Read More

TECHNOLOGY

Foxquilt Launches eCommerce Insurance Product to Support Modern Small Business Owners

Foxquilt | April 20, 2022

Foxquilt, a leading North American insurtech focused on empowering small businesses with customized insurance products uniquely matched to their needs, announced the launch of a new eCommerce insurance product. Business owners will be able to secure coverage tailored to their specific needs, entirely online, on their own time and at better prices than they are used to. Foxquilt's eCommerce product is evolving insurance to meet the needs of the modern small business owner by providing an easy, all-online solution specifically designed to help new and existing e-commerce business owners quickly access insurance and fulfill compliance needs. Until now, the average eCommerce business was met with trepidation if US sales volumes were high or if they were a dropshipper who sold products from overseas. Foxquilt's new offering provides reliable coverage no matter the percent of US sales or where the products come from. Not to mention the improved affordability of this product, starting at $500 annually. The pandemic vastly accelerated the rise of eCommerce as the primary channel for shopping, and businesses have evolved to meet this new need. As such, more small businesses and entrepreneurs are turning to eCommerce and online marketplaces to meet customers where they are, changing the landscape in direct-to-consumer buying behaviors. With this shift, large eCommerce marketplaces such as Etsy, Shopify, and Amazon, now require sellers to purchase their own insurance policies. "Innovating insurance solutions for our small business customers has always been the epitome of our business at Foxquilt. That's why we're proud to introduce this new product offering to ensure that eCommerce business owners can secure insurance online and on-demand while protecting them from exposures where they trade." Mark Morissette, CEO and Co-founder of Foxquilt Foxquilt affords small business owners in over 500 professions to quote, buy and instantly receive their business insurance online. This is more efficient and cost-effective than other solutions available in the market. The company is committed to building technology that empowers small business owners, enabling them to have more control of their insurance buying experience, instead of being restricted to long wait times, extensive paperwork and a lack of autonomy. Foxquilt's business insurance products are specifically built to support business owners' entire insurance journey online, while providing a tailored, customized product. The platform is complemented by unique data and machine learning underwriting infrastructure, that suggests coverages based on a user's individual profile. As a North American insurance provider, Foxquilt is looking forward to launching the eCommerce product within the US later this year. Foxquilt also has leading partnerships and is excited to expand this roster with eCommerce marketplaces and online stores to provide top-quality coverage and a slick experience. About Foxquilt Foxquilt is a leading North American Insurance technology company focused on providing small businesses insurance. Foxquilt develops, underwrites and distributes a complete line of its own commercial insurance products in the United States and Canada. The company uses a combination of data analytics and artificial intelligence to recommend the best insurance coverage and price to meet the individual needs of its small business customers.

Read More

FINANCE

Wells Fargo Expands Adoption of nCino to Transform Small Business Banking Experience

nCino | April 01, 2022

nCino, Inc., a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced that Wells Fargo & Company will expand its use of the nCino Bank Operating System® to accelerate digital transformation within its Consumer and Small Business Banking division to deliver a premier, cutting-edge technology experience. Previously, Wells Fargo selected nCino as the technological foundation to transform its commercial lending operations. “The pandemic has certainly changed the way our customers want to work with us,” said Derek Ellington, Head of Small Business Banking at Wells Fargo. “Providing more access to digital banking options that are fast, safe and convenient is important and has spurred additional investments in technology. Collaborating with nCino is expected to provide our customers with a more streamlined lending experience, reducing the sometimes tedious back and forth that sometimes occurs when applying for and obtaining a loan, and it provides our employees a single view of each customer, making the end-to-end lending experience quicker and more efficient.” For Wells Fargo, a leading financial services company that proudly serves one in three U.S. households and more than 10% of small businesses in the U.S. and is the leading middle market banking provider in the U.S., a key component to its digital transformation strategy was selecting an end-to-end, flexible, cloud-native platform that could scale as the business required. As small business owners increasingly seek quicker access to capital, as well as digital experiences without having to visit a branch, nCino's Small Business Banking Solution offers a single platform to streamline the entire lending process for origination, underwriting and portfolio management. “We’re incredibly proud to expand our relationship with Wells Fargo two quarters after they first selected nCino to transform their commercial lending operations. Wells Fargo clearly sees the value of the cloud as an enabler in their continued evolution and transformation, and we are confident our best-in-class cloud platform will help drive additional efficiencies and unlock even more value for their employees and small business clients.” Pierre Naudé, CEO of nCino About nCino nCino is the worldwide leader in cloud banking. The nCino Bank Operating System® empowers financial institutions with scalable technology to help them achieve revenue growth, greater efficiency, cost savings and regulatory compliance. In a digital-first world, nCino's single cloud-based platform enhances the employee and client experience to enable financial institutions to more effectively onboard clients, make loans and manage the entire loan life cycle, and open deposit and other accounts across lines of business and channels. Transforming how financial institutions operate through innovation, reputation and speed, nCino is partnered with more than 1,750 financial institutions of all types and sizes on a global basis. About Wells Fargo Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy.

Read More

MARKETING AND NETWORKING

Breef and Newity Partner to Help Small Businesses Grow With Easy Access to Vetted Marketing Service Providers

Breef | March 07, 2022

Breef (www.breef.com), the world’s first online agency marketplace, has announced a partnership with NEWITY, the small business marketplace dedicated to supporting equitable access to SBA loans and trusted business service providers. As NEWITY’s official Marketing Services Partner, Breef is helping NEWITY’s growing community of 115,000 small business members more easily access marketing agency resources and extend their growth opportunities. Breef provides brands with access to more than 6,000 vetted, boutique agencies that deliver more than 40 project types. From brand creative and public relations to digital marketing, web development, and design, Breef connects companies with vetted agency partners in under seven days, simplifying the marketing outsourcing process to drive measurable business outcomes. Businesses using Breef have reported savings on average of 35% per project compared with traditional agency spend — allowing small businesses to get more out of their advertising and marketing budget. “We are committed to introducing our community to resources that will help their businesses grow and become more profitable,” said Luke LaHaie, Co-CEO and Co-Founder at NEWITY. “Breef allows us to fulfill this commitment by providing access to essential marketing tools and relationships that in the past have been reserved for only the largest companies with significant marketing budgets.” Through this partnership, NEWITY members will gain access to Breef’s innovative platform and dedicated expert support to help guide their marketing project planning, budgeting, and scoping processes. “At Breef, we give users both the tools and technology to make outsourcing to agencies accessible and affordable. We’re thrilled to be a dedicated resource to NEWITY’s community and help guide its small businesses to marketing success.” George Raptis, Co-Founder at Breef In a step to provide integrated services that help small businesses via this partnership, Breef plans to roll out NEWITY’s suite of loan offerings to its community. Breef will start with the SBA 7(a) loan — a core component of NEWITY’s offering — which commenced initially with PPP loans during the early phase of Covid. ”By providing equitable access to SBA 7(a) loans via our simplified online application, small businesses are able to quickly obtain the inexpensive working capital they desperately need to grow their businesses,” said LaHaie. “By spending these funds on growth initiatives, such as marketing and advertising, our small business members can grow their market share and profitability without having to contribute more equity to their businesses.” About Breef Founded in 2019 by Emily Bibb and George Raptis, Breef is redefining the future of work by taking the agency online. The company’s technology is the first of its kind to streamline the agency outsourcing process and facilitate high-value, high-consideration projects. Breef’s proprietary platform allows brands to manage and service all agency projects, pitches, and payments, facilitating efficiencies within today’s distributed workforce. The platform hosts more than 6,000 vetted agencies and is used by hundreds of world-leading brands, transacting millions of dollars in projects each month. Breef operates from its headquarters in New York City. About Newity NEWITY is America's Small Business Marketplace, focused on empowering entrepreneurs with access to trusted service providers and affordable loan solutions — all in one place. NEWITY was founded in 2020 to better service Paycheck Protection Program loans. Today, NEWITY uses leading technologies to help small businesses access services that make running their business more efficient and more profitable.

Read More

Spotlight

BOLT Insurance Agency started as a better way for Small Business Owners to choose and buy their insurance by using the unique BOLT Insurance platform. The success of the BOLT Insurance Platform has produced customer ratings that place BOLT in the top 1% of all US businesses; in other words, our customers love us.

Resources