Morning Brief 6.9.20: BNP Paribas pushes virtual cards to automate supply chains
The information you need to start your day, from PaymentsSource and around the web:
BNP Paribas has launched an integration with Coupa Pay to address supply chain payment challenges with a virtual card.
Coupa's spend management platform will support the virtual cards, which the bank's business clients can automatically send to suppliers. That will automate invoice matching, reconciliation and tracking.
The bank hopes to benefit from increased attention on supply chain automation, particularly during the coronavirus outbreak, which has disrupted supply chains. The pandemic's economic fallout has also stressed B2B payments, causing demand for technology that can digitize processing and improve visibility into cash flows.
Point of sale credit
Paytm has extended its instant credit to include more merchant chains and higher limits as payment companies globally push installment payment and other alternatives to traditional credit cards to boost spending during the coronavirus outbreak.
The limit for Paytm Postpaid has been increased to about $1,300 for monthly spend, with the hope of financing furniture, consumer electronics and other household goods, reports Financial Express.
Splitit, Affirm and Klarna have all reported fast uptake of their point of sale credit programs during the pandemic, and other firms such as Circle have begun testing the concept.
Spanish challenger bank Bnext has updated its rewards program to enable direct purchases from stores to trigger cash back rebates.
By partnering with e-commerce technology firm Button, Bnext hopes to remove navigation steps such as redirects to store sites and multi-step redemption, TechCrunch explains.
Initial retail partners include AliExpress, Booking.com, eDreams, Europcar, Nike and Just Eat. Bnext will retain a share of the revenue from each transaction.
Open banking store
The U.K.'s Open Banking Implementation Entity has opened an app store for consumers and firms to spot financial products that can tie to bank accounts.
Regulators set up OBIE to create standards and guidelines for information sharing between fintechs and banks. The number of firms that offer open banking has grown so quickly, the OBIE decided to develop a space to browse and find out information about products available, reports Finextra.
Business categories include payments, borrowing, budgeting, tax, accountancy, and others. The OBIE reports the use of open banking in the U.K. has doubled in the past six months. The OBIE app store currently contains over 45 listings, with new products added every week, a pace uninterrupted by the pandemic.
From the Web
Bankrupt Retailers Stand to Pocket Millions From Unused Gift Cards
THE WALL STREET JOURNAL | Tue June 9, 2020
Bankrupt retailers that are closing their stores are in line to pocket millions of dollars in prepaid gift cards that might never be redeemed.
Congress To Hold Hearing On Digital Dollar Options For Stimulus Payments
FORBES | Mon June 8, 2020
The House Financial Services Committee will be holding a hearing to discuss the use of digital tools to improve the delivery of stimulus payments.
Halal fintech startup Wahed closes $25M led by Saudi Aramco’s investment arm
TECHCRUNCH | Mon June 8, 2020
New York-based fintech startup Wahed, which describes itself as a digital Islamic investment platform and as the world’s first “halal robo adviser,” has now closed a $25 million investment round.
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