![]() Facebook owner Meta Platforms has chosen nsKnox to validate vendor bank accounts globally, and protect outgoing B2B payments against fraud. nsKnox said its PaymentKnox™ for AP solution will help Meta provide its vendors with a more streamlined and secure process when onboarding or changing banking details. The solution protects Meta and its vendors against significant financial losses and reputational damage by validating vendor bank account ownership anywhere on the globe and preventing manipulations across every point of the payment transaction journey. “We are proud and humbled to be chosen by Meta to provide our B2B payment fraud prevention solutions globally," said Nithai Barzam, President & COO at nsKnox. "We are excited about the opportunity to collaborate with Meta in streamlining and securing the vendor onboarding experience,“ ![]() Trovata claims to be the first generative AI entrant in the fintech space with Trovata AI, which uses OpenAI’s ChatGPT technology. The company is rolling out a product beta to select customers beginning in May. In a statement, Trovata said its customers will be able to ask Trovata AI open-ended and complex questions such as, "Give me a report showing all of my company’s cash outflows by cash flow type," or "Provide me with a list of cash inflows in US$ greater than $10,000 for the past month in descending order." The company has applied for a patent on its formulation methodology for prompting that allows ChatGPT to access Trovata’s analytics and data APIs. Trovata is backed by J.P.Morgan, Wells Fargo, and Capital One and its clients include Square, Eventbrite, and Krispy Kreme. ![]() Coupa has signed a deal with Goldman Sachs Transaction Banking for a joint initiative to allow firms to make corporate payments from within the Coupa platform in 124 currencies and 167 countries. The business payments solution uses APIs to integrate Goldman Sachs's payment services with the Coupa platform. It uses SWIFT GPI to track payments from end to end. "We are collaborating with Coupa ... to provide a consumer-like user experience to our customers," said Brinda Bhattacharjee, Head of Product, Transaction Banking at Goldman Sachs. Raja Hammoud, Executive Vice President of Products at Coupa., said the collaboration, would "Further streamline and centralise payments for customers and their suppliers around the globe." ![]() Nomentia has been acquired by Inflexion, a UK-based private equity fund manager. The deal sees Inflexion pay an undisclosed sum to acquire a majority stake in the Finnish treasury technology firm from previous owners PSG Equity and Verdane. Nomentia has grown rapidly since it was formed from the merger of Opus Capita and Analyste in 2020. After buying TIPCO in 2021, it now claims more than 1,400 customers in 80 countries. Nomentia CEO Jukka Sallinen (right) said the company aims to continue its growth across Europe both organically and through further acquisitions. “Nomentia has gone through an incredible journey under PSG and Verdane’s ownership," he said. "We’ve established Nomentia as one of the leading players in the European treasury and cash Management space. Going forward, Nomentia plans to be even better at serving customers in its current markets and new ones by bringing new and innovative features to a growing client base. " ![]() Swedish construction firm NCC has chosen IUT2 from ION Treasury as it moves to upgrade its treasury management system. NCC, listed on NASDAQ Stockholm, will use IT2 for cash management, including bank connectivity to its existing platform, in-house banking, FX, interest rate and commodity risk management, debt and investments, accounting, and hedge accounting. “We look forward to closely working with the ION Treasury team, to improve the accuracy and efficiency of our treasury and financial risk management processes, " said Charlotte Lindstedt, treasurer at NCC. ![]() Coupa Software is to being bought by software investment firm Thoma Bravo in an all-cash transaction with an enterprise value of $8.0 billion. Coupa, previously listed on the NASDAQ, will become a privately held company. The transaction includes a significant minority investment from a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA). 'We're looking forward to partnering with Thoma Bravo and accelerating our vision to digitally transform the Office of the CFO,' said Rob Bernshteyn, chairman and chief executive officer at Coupa. The company will continue to operate under the Coupa name and brand. ![]() BNP Paribas is to acquire FX fintech Kantox for an undisclosed sum. The deal comes three years after the two firms signed a strategic partnership agreement. Kantox's flagship Kantox Dynamic Hedging product integrates exposure management, rules-based hedge execution, reporting and analytics into a single foreign exchange software solution. Thierry Laborde, Chief Operating Officer at BNP Paribas, said the deal "demonstrates the group’s ambition to strengthen the technology dimension of our GTS strategic plan, in particular with our ability to establish long-term partnerships with fintechs as with Nickel and FLOA." At Kantox, CEO and co-founder Philippe Gelis said: “We have been serving clients together since 2019 when our technology partnership started. During those 3 years, we spent a lot of time together in the field, getting the opportunity to understand that together we were stronger and able to bring more value to clients. It is the best of both worlds, the leading software company in the currency management automation category and the leading bank in Europe.” ![]() Treasury Intelligence Solutions (TIS) has launched its first new solution since its acquisition of cash forecasting specialist Cashforce in June. The new tool, Working Capital Insights, integrates data from multiple sources, such as ERPs, to offer working capital metrics and KPIs on one dashboard. TIS says the new solution allows corporations to review payment terms and behaviour for vendors and customers, analyse invoice and billing activity, and measure all elements of their net working capital (NWC) status and cash conversion cycle. TIS will share more details of this solution at Working Capital Forum Europe in Amsterdam on 1st December. ![]() HSBC's transaction banking services have been embedded into Oracle's NetSuite AP Automation product, allowing corporates to manage payments and automate reconciliations within the ERP itself. Barry O’Byrne, Chief Executive Officer, Global Commercial Banking at HSBC, described the integration as, 'The largest fully embedded Banking as a Service deployment into a globally recognised cloud ERP system.' NetSuite AP Automation is now available in the US as part of NetSuite’s SuiteBanking. ![]() Nomentia has signed a deal with SEB to help its corporate clients prepare for P27, the Nordic Payments Platform designed to improve domestic and cross-border payments in the Nordics. Under the agreement, SEB clients can use Nomentia to establish connections with the bank and send payments in the correct file format from their enterprise resource planning systems (ERPs) and financial systems. 'We decided to partner with Nomentia as the company has immense experience and expertise to deliver the integrations in a way that is seamless for our clients,' said Ida Blom, Partner Manager at SEB. 'Our customers can work with Nomentia to develop connectivity between their systems and our bank. Nomentia will create and maintain the integrations and handle the data format transformation." |
Treasury Technology news from the experts at Treasury Dragons.
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