In B2B payments today, Zomato is partnering with restaurant finance, as garment suppliers in Bangladesh struggle with canceled orders and late payments. Additionally, Wolters Kluwer is beefing up its PPP software, Sage is collaborating on retail financial solutions, and the Central Bank of Russia has a warning for SWIFT.
With the aim of providing credit facilities to its catering partners, the India-based food delivery platform Zomato would have collaborated with the firm FinTech InCred. The country’s thriving food delivery industry is among the segments most affected by the pandemic, according to a report by IBS intelligence. Zomato Sales Director Rakesh Ranjan said in the report that the food delivery industry has made a tremendous rebound, but the foodservice space as a whole is not near pre-pandemic levels. The executive said the company is working on a number of programs to strengthen its recovery. His partnership with InCred is one of those efforts, he said.
The pandemic hit Bangladeshi clothing suppliers and the country’s general economy hard when UK fashion retailers had to shut down, a report by Time mentionned. The garment sector is the largest part of the country’s economy, accounting for over 95% of it, the report says. The total canceled worldwide was $ 3.7 billion, according to the Bangladesh Garment Manufacturers and Exporters Association. This number came from 1,931 global fashion brands that refused their orders.
Wolters Kluwer Compliance Solutions Has Boosted Its Paycheck Protection Program Supported By TSoftPlus ™ Software To Accelerate Small Business Administration (SBA) Loan Applications, According To A Monday, December 28 ad. The division says it can provide an online lending platform that helps comply with SBA Schedule 8 requirements for digital loans due to its recently unveiled eOriginal purchase, according to the ad.
sage, who works in cloud business management, works with digital operations platform Brightpearl to help retailers use the cloud for their operations, a Press release said. The partnership “will leverage the best cloud finance and retail management solutions, supporting them on their digital journey,” the statement said. And under the deal, Sage will make a minority investment of around £ 17million in Brightpearl. Director of Sage Operations Lee perkins said the move would be good as businesses begin to recover from the impact of the pandemic.
Digital currencies could make FAST unnecessary global payments network, RT.com reported, citing the Central Bank of Russia (CBR). Olga Skorobogatova, first vice governor of the CBR, said 30 countries are working on their own national digital currencies, some of which could be launched in five to seven years. According to Bank for International Settlements (BIS), in July, some 36 central banks released studies on the concept of central bank digital currency (CBDC), also known as digital fiat currency, the report said.