Today In B2B: Acuant CFO Talks Digitization; Flo Eyes SMB Loan Bait-and-Switch
Today in B2B payments, Acuant's CFO discusses easing the back-office digitization journey, while Flo explores the small business lending bait and switch. Plus, Sokin debuts enterprise payment services, Santander plans the launch of a trade finance fund and Starling Bank collaborates on small business finance.
Taking Friction out of Back-Office Digitization
Sokin to Launch Enterprise Platform for X-Border Payments
United Kingdom-based global currency account provider Sokin will soon roll out its Sokin Enterprise payment platform, according to a Thursday (April 8) announcement. Sokin Enterprise lets organizations make limitless immediate payments and foreign exchange transfers for a fixed charge. The offering is set to launch on April 16. Sokin is bringing its first tranche of corporate clients on board, including the Fulham Football Club, the announcement stated.
Avoiding the Bait-and-Switch of Small Business Finance
Santander Plans Launch of Trade Finance Fund
Santander’s asset management arm will roll out a new fund aimed at institutional and accredited investors that will let clients invest in trade finance receivables, Reuters reported. This will be Santander Asset Management's first move into finance funds, according to Reuters. The fund will primarily serve as a way to buy assets created by the group’s trade finance business through transactions with its large corporate clients.
Starling Bank, Funding Options Team on SMB Finance
Starling Bank will be working alongside Funding Options in order to deliver access to finance for small to medium-sized businesses (SMBs) in the U.K., according to a UKTN report. Starling Bank is the newest member of the Funding Options lending panel, which has more than 120 members. Starling has 5 percent of the U.K. SMB market, the report stated. There were 5.98 million private businesses that participated in the economy throughout 2020 and the pandemic. SMBs accounted for around 52 percent of turnover and 60 percent of jobs, which came out to 16.6 million jobs.