Overhaul | March 25, 2022
Overhaul, the industry's first and only software-based, supply-chain visibility, integrity, and security solution for leading enterprises shipping freight globally, today announced that HSBC Bank USA has provided financing to support innovation and growth ambitions into new, global markets.
As Overhaul continues to expand within the supply chain space, the company was drawn to HSBC's global reach and the launch of HSBC Ventures, a new US-based business that provides flexible capital to growth-oriented businesses, as well as those who are developing climate tech solutions and supporting a net-zero global economy.
"HSBC has a proven track record in supporting today's wider fintech landscape, making them the perfect partner to leverage as we set our sights on additional markets worldwide. We're looking forward to further building on this partnership with HSBC."
David Broe, COO of Overhaul
"We are excited to provide transformative support and help Overhaul further scale their operations around the world," said Martin Richards, President of HSBC Ventures and Global Head of Sustainable Finance – Commercial Banking.
As global supply chains continue to be at the forefront of today's conversations, HSBC's vast experience will provide valuable insight and strategies for future Overhaul operations.
Speaking about the announcement, Alan Duffy, CEO and Head of Banking HSBC Ireland commented, "HSBC Ireland is delighted to have played a key role in this funding. It is an exciting deal from a local perspective, supporting a client with strong Irish roots and a growing business here in Ireland in their global ambitions."
Founded in 2016 and headquartered in Austin, Texas, Overhaul is the industry's first and only holistic, end-to-end solution that optimizes supply-chain visibility, integrity, and security for global enterprises. Its software-based approach offers high configurability and efficient time-to-value to supply-chain organizations without heavy tech. Additionally, Overhaul's logistics-experts team partners with each client to create a fully customized and comprehensive solution for the entire supply chain. As such, Overhaul has quickly grown to be a trusted provider for Fortune 100 companies moving freight globally across industries, such as pharmaceutical and healthcare, technology, logistics, and food and beverage. Customers include Microsoft, Bristol Myers Squibb, Gordon Food Service, and many others. For more information, visit over-haul.com and the Overhaul Blog, and follow them on LinkedIn, Twitter, and Facebook.
HSBC North America Holdings Inc. is the holding company for HSBC Holdings plc's operations in the United States. The company's businesses serve customers in the following key areas: wealth and personal banking, commercial banking, private banking, and global banking and markets.
HSBC Bank USA, National Association (HSBC Bank USA, N.A.) serves customers through wealth, personal banking, commercial banking, private banking, and global banking and markets segments. As of the close of business on December 31, 2021 it operated bank branches in: California; Washington, D.C.; Florida; New Jersey; New York, Virginia; and Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. In the United States, deposit products are offered by HSBC Bank USA, N.A., Member FDIC, investment and brokerage services are provided through HSBC Securities (USA) Inc., (Member NYSE/FINRA/SIPC) and insurance products are provided through HSBC Insurance Agency (USA) Inc.
HSBC USA Inc. ("HUSI") is a Maryland corporation and its principal business is to act as a holding company for its subsidiaries including HSBC Bank USA, N.A. Through HSBC Bank USA, N.A. and its subsidiaries, HUSI offers a full range of traditional banking products and services to individuals, including high net worth individuals, small businesses, corporations, institutions and governments. HSBC USA Inc. is a wholly-owned subsidiary of HSBC North America Holdings Inc.
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,958bn at 31 December 2021, HSBC is one of the world's largest banking and financial services organisations.
WEX | April 27, 2022
WEX, the global commerce platform that simplifies the business of running a business, announced the launch today of Flume, a digital payment platform designed to enable fast, transparent payments for small and medium businesses (SMBs). The brainchild of the company’s incubator WEX Ventures, Flume is a unique digital wallet specifically designed to support the 30 million U.S. businesses currently relying primarily on slow, analog payment methods. Unlike most payment platforms focused on digitally enabled companies, Flume aims to help close the digital divide for overlooked trade-oriented businesses initially with less than $15 million in annual revenue.
“As the old saying goes, time is money. And for a small business operating in a market that often caters to the needs of the large enterprises, time is in short supply. Flume seeks to level the playing field by offering mom-and-pop shops a personal CFO at their fingertips. Powered by an FDIC insured digital wallet, Flume will allow SMBs to focus on growing their business while enhancing productivity, saving money, and reducing costs.”
Jay Dearborn, President, Corporate Payments at WEX
Studies show that 80 percent of businesses still use paper checks for invoices. For the typical SMB that issues 450 invoices per month at an estimated cost of $15 per invoice, it costs $80,000 a year just to manually process invoices. Flume alleviates these issues by offering a transparent, digital payments platform that eliminates the need for a manual account payable (AP) and accounts receivable (AR) processes. Even without errors, it is anticipated to take 60-90 days for businesses to get paid on manual invoices, on average, depriving SMBs of income that could enable them to hire an additional 2 million employees. In industries like construction, payment delays are particularly challenging. By allowing businesses to send, store, and receive funds through a mobile and web app, Flume’s digital wallet will enable accelerated and real time payments.
“Most SMBs still rely on paper-based processes to power their businesses, which has served them well for decades. But looking ahead to the next 10 years, we’ve heard from many of our customers, particularly in the trades, that their current workflows can’t keep up amid skyrocketing demand,” said Matt Roy, Co-Founder & General Manager of Flume at WEX. “Most tools on the market today are built for more modern, technology enabled companies leaving many of these physically-grounded businesses out of focus; that’s why we built Flume. Flume puts the power of customized, accessible software in their hands so they can stay focused on growth and not the paperwork.”
In the coming months, WEX expects to roll Flume out in phases across specific, high-need industry hubs. The first phase will center on existing WEX fuel card users and new customers. Later this summer, WEX plans to release new software add-ons that will expand Flume to builders and tradesmen to increase payment speed and transparency for customers. Flume will be provided by WEX Payments, a state-licensed money transmitter, in conjunction with a partner commercial bank. To learn more about Flume please visit www.flumepay.com.
WEX is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential.
Exela Technologies | March 15, 2022
Exela Technologies, Inc. (“Exela” or “the Company”), a global business process automation (BPA) leader, announced today its launch of ExelaPay, entering the market as a 3rd party payment processor with the acquisition of all operating assets of Corduro, Inc., an omni-channel, full-stack processing, commerce, and engagement platform. Corduro delivers integrated payments, pay-by-link, intelligent routing, and digital wallet capabilities, enabling any size organization to transform their business into a seamless commerce solution to reach customers anywhere, anytime.
Corduro provides scalable payment processing and business management solutions for SAAS, franchises, billers, merchants, and ISV’s. Its customers include one of the largest networks of hospitals in the country and both large enterprises and SMBs across healthcare, retail, education and NPOs. Corduro was founded in 2008 by Robert Ziegler, who will lead the ExelaPay business unit, a seasoned payments executive with multiple patents and over 22 years in technology and payments.
“I’m excited to be part of the Exela family and the Company’s digital payments expansion,” said Robert Ziegler, “By combining the Corduro platform with XBP, we can offer an end-to-end emerging payment network, bridging client’s existing investments with the future of our omni-channel payment solutions, increasing client engagement and driving digital transformation.”
The acquisition of Corduro provides Exela with essential technology and talent to provide payment acquiring and processing services across Exela’s XBP network. ExelaPay can now insource processing fees across any transaction type, including capturing a significant portion of credit card fees with market rates based on a percentage of the transaction value.
“We are excited to expand our XBP capabilities with the acquisition of Corduro and the launch of ExelaPay. We can now serve as a complete payment processing solution, providing the lowest total transaction cost for any payment type when customers consolidate to us as a one-stop-shop. And for Exela, capturing a greater share of processing fees within the trillions of dollars of payments we touch could have monumental impact to our revenue model.”
Matt Brown, global head of business strategy at Exela Technologies
About Exela Technologies
Exela Technologies is a business process automation (BPA) leader, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. With decades of experience operating mission-critical processes, Exela serves a growing roster of more than 4,000 customers throughout 50 countries, including 60% of the Fortune® 100. Utilizing foundational technologies spanning information management, workflow automation, and integrated communications, Exela’s software and services include multi-industry, departmental solution suites addressing finance and accounting, human capital management, and legal management, as well as industry-specific solutions for banking, healthcare, insurance, and the public sector. Through cloud-enabled platforms, built on a configurable stack of automation modules, and over 17,000 employees operating in 23 countries, Exela rapidly deploys integrated technology and operations as an end-to-end digital journey partner.
Corduro combines Square’s mobile device and cardcase capabilities with the reach of Facebook, Twitter and other social networks. Corduro’s enterprise platform provides a complete Payments as a Service (PaaS) framework, supporting mobile, online and point of sale (POS) terminals. Unlike Square, which is designed for small merchants and casual use, Corduro takes a mobile first approach that provides enterprise grade support for organizations of all sizes anywhere in the world, giving Corduro a huge addressable market.
Finastra | April 13, 2022
Finastra today announced a Banking as a Service (BaaS) collaboration with Microsoft to bring new lending options to thousands of Small and Medium Enterprises (SMEs) – a sector severely underserved when it comes to accessing finance. SMEs using Microsoft Dynamics 365 will be able to access and unlock vital financing offers without leaving their business management platform.
This move will enable SME owners to access relevant and valuable business financing in a seamless and frictionless manner. Users will be able to unlock lending options within Dynamics 365. With consent from the SME, the solution will use information an SME already stores within Microsoft Dynamics 365, making it easier for them to apply for lending. The ability to provide banks with additional information, including accounts receivable and payable records, will improve lending decisions and time to cash for SMEs. Finastra's expansive network of over 5,000 financial institutions in the US will allow SMEs to access the most relevant and valuable financing options for their specific business needs.
"We are extremely excited to bring this additional finance capability to SMEs to ease the process of accessing capital, and power competitive financing offers in less time. This lending proposition for Microsoft Dynamics 365 reinforces Finastra's leadership in open and embedded finance. It demonstrates the huge benefit that embedded and contextual finance will bring to the industry and the communities within it. We look forward to continuing our long-standing collaboration with Microsoft and working closely on this and future impactful projects."
Angus Ross, Chief Revenue Officer, Banking as a Service, at Finastra
"We are proud to further expand our relationship with Finastra to drive new value for small and medium enterprises, the backbone of job creation in the world's economy," said Bill Borden, Corporate Vice President of Worldwide Financial Services at Microsoft. "By embedding secure access to key financial services in the context of Microsoft Dynamics 365, our SME customers will have a faster path to the financing options and critical capital they need to thrive."
The Finastra SME embedded finance solution on Microsoft Dynamics 365 will be integrated with open APIs through Finastra's FusionFabric.cloud platform. The solution is expected to go live in Summer this year, with initial focus on North America customers.
Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world's top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers.
FusionFabric.cloud is a scalable, open and collaborative platform built by Finastra. It brings together an ecosystem of financial institutions, core providers, developers and fintechs, as well as embedders and distributors of financial services. Financial institutions use FusionFabric.cloud to enhance efficiency, create new experiences for customers and offer services through new distributor channels as part of Banking as a Service (BaaS). Embedders and distributors can tap in to the platform to source, and integrate with, financial institutions which can quickly produce new financial products in context.