Today in B2B payments: Rabbet and AvidXchange are making real estate invoice management easier, and Bank of America improves its Intelligent Receivables platform. Plus, MarketFinance raised $382 million in debt and equity in a funding round, Emirates Development Bank unveils an SMB banking app, and HCL and Lendico have paired up on SMB business banking.
Emirates Development Bank recently debuted the EDB Business Banking App to help small to medium-sized businesses (SMBs) in the UAE, Gulf News reported.
The app is part of the bank’s overall strategy to boost financial and non-financial support of UAE-based SMBs for the next five years through the use of Dh30 billion it has set aside. EDB Business Banking will reserve a business account IBAN in minutes, with accounts activated in two days, and everything free with no minimum balance.
Bank of America now allows Intelligent Receivables users to process payments in English, Simplified Chinese, Traditional Chinese, Korean and Thai across all 12 markets when BoA operates in the Asia-Pacific region and New Zealand.
Intelligent Receivables uses artificial intelligence and machine learning to organize corporate clients’ incoming payment information and associated remittance details from various payment channels and sources, then matches them to open invoices.
Real estate development management software platform Rabbet has joined forces with accounts payable (AP) and payment automation solution AvidXchange on a program to improve invoice management for real estate developers.
As part of the partnership, Rabbet’s technology will communicate with AvidInvoice, AvidXchange’s electronic invoicing solution, to eliminate duplicate invoice data. AvidXchange will help Rabbet customers improve collaboration between accounting teams and maximize efficiency.
HCL Technologies is pairing up with Lendico on a new digital platform to boost business banking to help small to mid-size businesses (SMBs) access faster, more convenient banking options.
HCL will open a tech lab in Brooklyn that Lendico will use for credit decisioning, loan collection and KYC processing, along with other solutions like API gateways and microservices.
FinTech business lender MarketFinance has announced a debt and equity fundraising round of £280 million (about $382 million), which it will use to lend to companies hurting from the COVID-19 pandemic. The company is also accredited under the Recovery Loan Scheme.
MarketFinance is also rolling out a new program, MarketFinance Flex Loans, to help almost a million small U.K. businesses solve funding gaps of up to £100,000. The loan will function like a credit card.