What is the likely impact of the virus on the business-to-business (B2B) payments?

As discussed in a previous blog, the dislocations caused by the COVID-19 virus and governments’ responses to it mean that counterparty risk is much more of an issue than previously. In the world of payments, the security that can be offered by a B2B services provider is more crucial than ever.

Aire, the credit insight service, today announced that it is offering free access to its range of real-time credit information services for a period of three months, to help lenders identify and engage with struggling consumers during the unfolding Coronavirus crisis.

Over 440 medical institutions from 104 countries and regions have applied to learn and share experiences in battling COVID-19 through the International Medical Expert Communication Platform.

W2, the leading provider of real-time digital solutions to simplify global regulatory compliance for mobile and digital transactions via a single platform integration today announce the appointment of Peter Murray to head up their global sales teams.

Murray previously Head of gaming at GBG and Director at Alexem Services, the Identity consultancy, comes in to support and drive business across core regulated markets with a focus on the gambling and financial services sectors.

11:FS, the challenger firm defining and building truly digital financial services, today announced that it is continuing its expansion, hiring former Forrester VP Benjamin Ensor as Director of Research.

Benjamin is a highly experienced researcher and analyst, with more than 20 years of experience advising leading financial services firms around the world about changing customer behaviour, changing market dynamics and the impact of digital technology on business strategy in financial services.

VoxSmart, the global leader in communications surveillance technology for Financial Markets, today announces a strategic funding round of £5.5m ($7.2m) from NatWest. 

Global blockchain-based investment and digital banking ecosystem Smartlands, has today launched a funding round on Seedrs to sell 2.53% of equity stake at a pre-money valuation of £15,400,000. 

Currently in private mode, early investors in the campaign will get priority access to this investment opportunity and receive a unique golden Smartee co-owner payment card - a Smartlands-powered digital banking-like service that will offer exciting possibilities for operations in fiat and digital currencies.

Every single sphere of our lives is likely to feel the harsh impact of the coronavirus as it spreads across the globe. The quarantine, as well as the need for social distancing, have already drastically affected, among other stuff, our shopping habits and the way we pay.

The spread of the coronavirus means firms relying on paper-based ID checks need to switch to electronic processes now to avoid a freeze on their business, according to anti-money-laundering experts SmartSearch.

New restrictions on movement and the fear of contamination of documents have triggered a rush to adopt electronic verification (EV) as firms wake up to the effect of the virus. Relying on documents makes it impossible to comply with regulations, which means firms will not be able to serve clients or take on new business.