Spring update to support tax, revenue recognition and regional compliance mandates to help customers expand globally

Fresh off its recent round of funding, Chargebee, the leading subscription management platform, today announced the industry’s first e-invoicing service for high-performing SaaS and subscription-model businesses as the centrepiece of its Spring 2022 Product Release. The release includes updates geared towards enabling growth and efficiency for Chargebee customers, including taxation and revenue recognition features, and a new Marketplace to automate billing workflows through a library of customisable integrations. 

E-Invoicing

Countries across the world, including Brazil, France, Finland, Germany and India, are already mandating e-invoicing for Business to Government (B2G) transactions as a way of modernising and simplifying tax reporting and payment, and several countries, including Poland and France, will join Italy, Mexico and Chile in mandating e-invoicing for B2B transactions as early as 2023. Chargebee’s e-invoicing service will allow businesses seeking to expand operations globally to easily comply with local e-invoicing mandates and serve B2G and B2B customers in new regions. 

“Chargebee has solved a huge problem for us,” said Gabriele Proni, co-founder and CTO of Voxloud, an Italian-based communications company. “Italy has some of the strictest e-invoicing mandates in the entire world, and without Chargebee’s e-invoicing service, we would have had to spend countless hours sending them out manually. Chargebee came in and helped automate the process, saving our team from spending unnecessary time and power, and allowed us to focus on doing what we do best.”

Marketplace 

Automation is key to ensuring that modern billing systems are able to remain flexible and adaptable for businesses to succeed, especially for SaaS and subscription-models, and is taking on a large role in Chargebee’s 2022 Spring Product Release. 

Chargebee’s Marketplace enables businesses to build their billing systems on top of Chargebee, allowing for more and better integrations by connecting merchants with a wide catalogue of available integrations to choose from. Marketplace improves integrations with other apps end-to-end, from discovery to sign-up, automating billing workflows and use cases.

Taxation and Revenue Recognition 

In addition to e-invoicing and Marketplace, Chargebee adds taxation and revenue recognition capabilities to handle real-time changes based on customer demands. Through automation, Chargebee is providing subscription businesses with a new way to sync billing information and improve an organisation’s financial efficiency and enabling them to meet the growing list of compliance requirements, including Value-Added Tax (“VAT” in Europe) and Tax Deduction at Source (“TDS” in India). 

Compliance

As Chargebee continues to support expansion into new and different geographies, customers need not worry about the growing list of regional and local compliances they will face. Chargebee is now certified as HIPAA compliant with the “Privacy Rule”, “Security Rule” and “Breach Notification” as per the HIPAA Portability and Accountability Act to support customers in the healthcare industry. In addition, Chargebee is also compliant with PCI and GDPR standards and adheres to ISO, SOC1, SOC2 and MFA standards.

Global Growth 

“Global and product expansion is a big part of Chargebee’s 2022-and-beyond roadmap, and we know that our customers are always looking to scale up, increase capabilities and enter new territories,” said John Pearce, Vice President of Product Management at Chargebee. “There are tons of constantly changing rules and regulations that could inhibit growth, and our new offerings are designed to help our customers offload these concerns and focus on building and maintaining business.”

The Chargebee Spring 2022 Product Release full list of features includes:

• E-invoicing for India and the European Union
• Tax Withholding (TDS)
• Subscriptions Marketplace
• New Salesforce Integration UX
• GST Breakdown (Australia)
• Revenue Recognition through acquisition of RevLock
• Retention through acquisition of Brightback
• Receivables through acquisition of numberz
• HIPAA Compliance
• SOC-2 Compliance

These latest product enhancements come on the heels of a $250 million funding round that valued the company at $3.5 billion and was geared towards Chargebee’s global expansion. Recent acquisitions of Brightback (customer retention), RevLock (revenue recognition) and numberz (receivables) will also strengthen Chargebee’s offerings to enable end-to-end management of subscriptions and revenue data.

To learn more about Chargebee’s Spring 2022 Product Release, please visit https://www.chargebee.com/blog/spring-release-2022. 

•        By partnering with leading gaming, entertainment, webtoon, metaverse, art and service companies, LINE NEXT aims to grow NFT markets

•        Partnerships will launch NFT collections and support trading on LINE NEXT's global NFT platform DOSI

LINE’s venture dedicated to developing and expanding the global NFT ecosystem, announced today that it is forming 26 partnerships with a range of leading companies to create NFTs based on their popular IP content and enable consumers to buy and sell NFTs using familiar payment products. Partners will include SoftBank Corp., NAVER, LINE Taiwan Limited, NAVER Z, LINE studio, LINE Games, CJ ENM, YG PLUS, Hashed, K Auction, SHINSEGAE, Visa, Crypto.com, Afun Interactive, AI Network, J&John, KMCA, LoadComplete, LOTTE WORLD, Mythical Games, Pangea, Peaches., 111%, Rich Alien, and WOW POINT.  

Through these strategic partnerships with a diverse range of international companies in gaming, entertainment, webtoons, the metaverse, art, and services, LINE NEXT aims to lead the expansion of the NFT ecosystem and establish a global NFT value chain. Based on LINE’s blockchain technology and NFT platform, LINE NEXT and our partner companies aim to develop NFTs featuring famous IP content, the work of renowned artists, and more, designed to make the NFT experience more familiar to users. For Mythical Games, the two companies will cooperate on developing a blockchain mainnet.

In addition to helping to produce NFTs based on popular content, LINE NEXT will help build markets and support trading on its upcoming global NFT platform DOSI.

"By combining LINE’s infrastructure and blockchain know-how, LINE NEXT aims to build the world's No. 1 NFT ecosystem and innovate communication toward the Web3 environment," said Youngsu Ko, CEO of LINE NEXT. “These partnerships are the start of many more to come in accelerating the global NFT ecosystem."

LINE NEXT plans to launch its global NFT platform DOSI in the first half of this year, to support companies and creators around the world as they build markets and create communities and ecosystems for general users to buy and trade NFTs. In addition, an NFT service is scheduled to be introduced in Japan this spring by LVC, the LINE subsidiary that operates LINE's cryptocurrency and blockchain-related businesses in Japan.

GLMX Technologies LLC (“GLMX”), a comprehensive technology solution for trading money market instruments including repurchase agreements (repo) and securities lending, has announced the appointment of two senior executives: Gareth O'Loughlin as VP of Engineering and Joseph Russo as Director of Money Market Sales. Based in New York, they will support GLMX in its next phase of growth and play an important role in the firm’s development of a fully integrated digital ecosystem for trading front-end products.

O’Loughlin joins from Gagosian, the largest commercial gallery in the art world, where he was the Chief Technology Officer with global responsibility for all technology.  He will focus on scaling GLMX’s engineering team to accelerate innovation and product development.  

Glenn Havlicek, CEO and co-founder of GLMX, said, “Gareth brings a wealth of experience in managing software development and delivering technology to clients.”

Russo has extensive experience in money markets having previously held various senior management roles at leading exchanges and global tier-one banks, such as CME, BNY Mellon Capital Markets, and BBVA. He will be responsible for cultivating client relationships and will provide strategic direction when building new products.

“Joe’s deep knowledge of issuing, trading and investing in money market instruments combined with his unwavering advocacy of digitizing trading workflows for these products make him well positioned to consult with clients, distill their requests and to help GLMX develop innovative technology,” said Sal Giglio, COO of GLMX. 

“Hiring these talented individuals is a significant step towards fulfilling our client’s demand for a global, integrated, cross-product money markets trading solution,” added Havlicek.

Over the past 12 months, GLMX has experienced significant growth with many market participants looking to digitize their securities finance workflows given the weight of regulations, market conditions and a long list of industry initiatives.

December 2021 card spending data from UK Finance reveals that the average amount spent per contactless card transaction rose by almost 30 per cent following the contactless spending limit increasing from £45 to £100 in October last year.  

In September, prior to the contactless limit increase, the average spend per contactless payment was £11.86, which increased to £15.30 in December.  

The increased limit came into effect on 15 October, but it took a period of time for retailers and payment providers to update their systems and offer the new £100 limit, which means the increase in the average payment took time to show up. 

The table below shows how the average transaction amount increased: 

For 2021 as a whole, the card spending data shows a total of 13.1 billion contactless payments were made in the year – equivalent to 415 transactions every second. This is up 36 per cent compared with 2020 and 52 per cent higher than pre-pandemic levels in 2019.  

The total value of contactless transactions in 2021 also increased, reaching £165.9 billion. This is 46 per cent higher than in 2020 and 106 per cent more than 2019.  

The proportion of card payments that were contactless continued to increase in December 2021 and reached its highest recorded level, accounting for 69 per cent of all debit card transactions and 56 per cent of all credit card transactions.  

Lee Hopley, Director of Economic Insight and Research at UK Finance, said:  

"These figures show the continued popularity of contactless payments, as well as the fact people are making higher value payments. From October last year the new £100 limit was rolled out and it gives customers greater choice about how they pay for things like their weekly shop or a tank of fuel. For 2021 as a whole there were over 13 billion contactless transactions, which was a significant increase on the previous year, and in December a record 69 per cent of all debit card payments were contactless purchases.” 

The new solution, ITP Data Analytics, enables firms to research and optimize the timeliness and accuracy of their trade processing and compare it against peers while gaining operational insights as they prepare for T+1 in the U.S. and to meet regulations such as CSDR in Europe

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced the launch of its enhanced Institutional Trade Processing (ITP) service, ITP Data Analytics. The new service includes powerful analytical tools that enable Broker/Dealers and Investment Managers to measure and compare their operational performance against counterparties, industry standards and peers. 

ITP Data Analytics, which replaces DTCC’s legacy Benchmarks service, consumes underlying daily transaction activity from CTM, DTCC’s post-trade central matching service. Firms’ data is aggregated and analyzed across multiple metrics and dimensions, providing insights on operational performance across asset classes as well as comparisons to industry averages, counterparty timeliness and efficiency. The data is displayed on a graphical, dynamic dashboard that provides customizable functionalities, and the reports are available for direct download.

The new service also provides dedicated metrics and analyses on data points that can assist firms in preparations for the proposed move in the U.S. to a T+1 settlement cycle, and in the prevention of failed trade penalties under regulations such as Europe’s Central Securities Depositories Regulation (CSDR). Trade lifecycle metrics including Same Day Entry, Same Day Agreement and Touch Rate help firms assess their readiness for T+1 and the proposed mandate for Trade Date Affirmation in the U.S. and their ability to comply with CSDR. With ITP Data Analytics, firms gain new insights to drive no-touch processing, increase client satisfaction, reduce costs, and identify firm-specific operational competitive advantages.

“The new, modernized ITP Data Analytics service comes at a critical time for the financial industry, when firms must begin preparing for the U.S. market’s move to T+1, and also comply with regulatory changes like CSDR,” said Matthew Stauffer, Managing Director, Head of Institutional Trade Processing, DTCC President & Chief Executive Officer, DTCC ITP LLC. “We are pleased to provide this comprehensive analytical tool to enable firms to gain new insights into their operational performance to gain a competitive advantage, while also prioritizing their clients’ needs.”  

The service provides unique functionality, such as:

• Time Period: Provides clients with access to dynamic metrics and reports highlighting operational performance metrics and the ability to monitor historical performance across a week, month, or quarter.

• Peer & Counterparty Benchmarking: Provides clients with aggregated reporting, anonymized peer comparisons and counterparty breakdowns across asset classes and markets.

• Data Feeds: Provides clients with the ability to access and download their underlying transaction data, metrics and reports for in-depth analysis. This is offered via a GUI and CSV file download.

• Dynamic Data Visualization: Includes modernized User Interface with interactive charts and graphs to better analyze your key metrics and identify areas of improvement.

• Personalized Customization: Offers flexible data filtering along with highly customizable sorting options within data grids. Customizable reports can be organized at the aggregate or individual counterparty level, regionally, or by identifier. It also supports customization by market, financial instrument type, currency, and more. 

Current ITP Benchmarks subscribers are invited to begin their migration to ITP Data Analytics, and all CTM users are invited to sign up for the new service today.

Solution significantly lowers Financial Institution settlement costs by up to 90% for international brokerage account transactions

Nium, a global leader in modern money movement, today introduced a new brokerage payments solution that offers international financial institutions (FIs) a faster and more cost-effective method of settling transactions to select U.S. brokerages enabling customers to easily invest in U.S. equities. When compared to transactions settled via the SWIFT International Payments Network, Nium lowers settlement costs for Financial Institutions by up to 90% for international brokerage account transactions.

Global brokerage firms are seeing increased retail investor interest in overseas equities markets, particularly in the United States. Until now, transaction settlement for financial institutions serving these brokerages over legacy payment networks was costly and slow. Now, with Nium, FIs get the chance to dramatically lower costs and pass those costs to customers, or increase their revenue.  The best part, existing Nium customers need no additional technology integrations to take advantage of this solution.

“At Nium, we are constantly seeking to empower growing businesses with global reach to move money in smart, fast, and safe ways. Our new payments solution for FIs that send money to brokerages allows their retail customers to invest in U.S. equities - fast and simple. Nium’s new solution dramatically lowers the expense of these transactions, allowing FIs to either share cost savings with their customers or re-invest profits in the business,” says Frederick Crosby, Chief Revenue Officer at Nium. 

Banks and financial institutions integrating with Nium’s global payments network and new brokerage solution will now enjoy the following benefits:

• Cost savings of up to 90%: Global financial institutions leveraging the Nium brokerage solution can save up to 90% on each transfer, and use those savings to drive P&L gains or increase volume by offering customers lower cost transfers.
• Improved customer satisfaction: Decreasing friction associated with investing in the U.S stock market for international investors drives customer loyalty and brand affinity.
• Increased demand for new partnerships: By leveraging Nium’s network to optimize payments to U.S. brokerage accounts, global FIs can reach new customers by taking advantage of Nium’s low-cost transfers to drive new brokerage partnerships.

As retail investors increasingly diversify their investments across global markets, banks and FIs hoping to compete in the global market must continuously innovate, iterate and improve on their technology stack and user experience. Today, integrating with the Nium global payments network enables these global businesses to maintain competitive advantage and differentiate themselves within the industry.

For more information, visit https://www.nium.com/nium-brokerage-transfer.

 Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), announces today that it has partnered with Ledger, the leading hardware wallet provider, to enable direct on-ramps for 125+ cryptocurrencies with all the leading fiat funding options via its Simplex by Nuvei solution. Through Ledger Live, Ledger users will be able to purchase cryptocurrencies through Visa, Mastercard, SEPA, SWIFT and over 100 other fiat funding options for various global currencies.

The integration enables Ledger users to seamlessly purchase cryptocurrencies without having to go through external exchanges and fiat-to-cryptocurrency payment gateways. This is key to maximizing security and ease of use for hardware wallet users, as it skips the additional steps of interacting with exchanges and temporarily abandoning the security of the device.

Integrating with Nuvei’s platform vastly expands the range of available funding and purchase options for Ledger users, who can now choose against a list of the most widespread combinations of local currencies and digital assets. Simplex by Nuvei guarantees protection against chargebacks, fraud and other inconveniences of servicing cryptocurrency purchases, while Ledger can focus on acquiring additional users and providing value for Ledger and Ledger Live users.

Ledger Live is the companion app of Ledger hardware wallet products, available on Desktop and Mobile. With the app, users have a simplified interface that enables them to safely interact with their hardware wallet. From Ledger Live, it’s possible to place assets in staking to verify transactions and earn a passive income, use DeFi platforms, manage NFTs and buy cryptocurrencies. With Simplex by Nuvei, Ledger Live becomes a one-stop shop for all of the users’ potential needs.

“We’re excited to partner with Ledger to let more and more users easily acquire crypto with maximum security,” said Philip Fayer, Chair and CEO of Nuvei. “With the number of possible verified uses of crypto in the ecosystem ever increasing, having easy onramps within the wallet is key for the continued growth of the sector.”

“Ledger Live is the gateway for digital assets and Web3, and we're excited to broaden the on-ramp offering on Ledger Live. Simplex by Nuvei is bringing more choice to Ledger customers and focuses on making it easier to enjoy all of the benefits of crypto without centralized custodians.” said Jean-François Rochet, VP of International Development at Ledger.

Community bank invests in AI-powered technology to become more client focused, automated and agile

nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced that Huntingdon Valley Bank (HVB) is live on nCino’s Commercial Pricing and Profitability on the nCino Bank Operating System®. The Pennsylvania-based bank’s previous labor-intensive, offline profitability model was unable to provide accessible data for real-time, optimized profitability models, limiting transparency and the speed to execute. Powered by nCino IQ (nIQ), nCino’s Commercial Pricing and Profitability solution provides increased efficiency, transparency and real-time data insights for the institution’s business banking and commercial lending divisions.

“Previously, we were using manual-processes – like much of the banking industry – to understand loan pricing and profitability models, which is a completely outdated approach. We believed adding an automated model that leveraged artificial intelligence would better position our institution to grow and scale for the future,” said Hugh Connelly, EVP & Chief Lending Officer at Huntingdon Valley Bank. “Implementing nCino’s Commercial Pricing and Profitability has been one of the very best projects I’ve worked on at HVB. Along with nCino’s Commercial and Small Business solutions, these industry-leading features will streamline our employees’ work and our clients’ financial lives.”

HVB is now one of many customers to be live on nCino’s Commercial Pricing and Profitability on-platform solution, which will enable smarter pricing decisions for these institutions throughout the entire commercial deal lifecycle, maximizing profitability based on policies and financial targets individualized to each institution. Disconnected systems and processes have created many inefficiencies in the past, limiting awareness into which loans were profitable for any institutions. nCino’s single platform solved for these issues, providing relationship managers and lenders a connected interface to price with confidence and capitalize on business development opportunities with optimized pricing and real-time insights.

Video: nCino helps FIs maximize profitability based on policies and financial targets.

“Providing financial institutions with solutions that can connect data and intelligence seamlessly to align strategy with execution is essential to transforming our customers’ ability to provide a premier experience for their clients. HVB has embraced our single platform infrastructure for quite some time, and this is just the next step on their digital transformation journey,” said Will Cameron, Senior Vice President of Community and Regional Banking at nCino. “We’re excited for our continued partnership with HVB and providing them a single platform that can capture deeper customer insights to provide better decisions for their clients.”