Today In B2B, U.K. challenger bank Tide runs dry of SMB loan funds, while Payer launches an ID verification service for B2B eCommerce platforms. Plus, Just Cashflow collaborates with Railsbank, and HashCash streamlines its B2B payments offering.
Payer Financial Services has developed a new registration product to improve online customer relations through better identity verification services, according to a press release. The new product will let eCommerce merchants verify new customers as trustworthy to ease some of the difficulties of making new transactions, the release stated. The yet-to-be-named product will be tested with several B2B merchants.
Numerous British firms are at risk of losing access to bounce-back loans (BBL) after the U.K. FinTech Tide withdrew from the program citing inadequate funding, according to a report in The Guardian. Owners of small and mid-size businesses (SMBs) who borrowed under £50,000, or 25 percent, of the “turnover limit for BBLs” were eligible to apply for top-up loans as Europe works through its second pandemic lockdown.
U.K.-based specialist lender Just Cashflow, working with FinTech Railsbank, is rolling out its own business banking account program for small to medium-sized businesses (SMBs), according to a report from AltFi. The program will focus on the features usually expected from such a product, including a sort code, debit cards, quick payments standing orders, and data sharing with accountancy pages from Xero, Sage and A3, the report stated. There will also be other features like auto-logging of expenses and a “tight integration with its credit facility.”
HashCash Consultants has integrated its HC Corporate Payment features with the existing infrastructure for B2B payments, according to a press release. With the new upgrade, HashCash customers will now have access to real-time document sharing, automation and reconciliation, available instantly through B2B payments, the release stated. The key features include invoice exchanges and creation and online purchase orders; shipping documents and sharing trade security through encryption; the ability to expand and include other banks and trading partners; and instant settlement and verification for payments.