Today in B2B payments, MSTS embraces a new identity, while Taulia secures a $6 billion finance facility. Plus, the latest on the ongoing Greensill Capital saga, Sage’s new collaboration with CSI and Triterras’ acquisition.
B2B Payments Firm MSTS Changes Name To TreviPay
International business-to-business (B2B) payments firm MSTS has changed its brand identity and name to TreviPay. The new branding shows the firm’s position as “the preferred B2B payment provider for leading Fortune 500 companies and small to mid-sized businesses,” according to a Thursday (March 11) announcement. TreviPay CEO Brandon Spear said in the announcement that the company has supported national and international companies for a long time throughout sectors such as retail and manufacturing “as the only business-to-business solution designed for suppliers and merchants.”
JPMorgan Leads Alliance To Provide Greensill Partner Taulia With $6 Billion In Financing
Taulia has landed an infusion of over $6 billion by an alliance headed up by J.P. Morgan, Reuters reported. The group will encompass BBVA, UBS and UniCredit, Reuters reported, citing a statement from Taulia. J.P. Morgan offered $3.8 billion of a credit facility that has a value in excess of $6 billion, an unnamed source told the newswire.
Sage, CSI Debut New B2B Automated Pay Solution
Sage, which makes cloud business management solutions, has expanded its relationship with Corporate Spending Innovations (CSI), which provides B2B electronic payment solutions, according to CPA Practice Advisor on Wednesday (March 10). The companies are working on new vector payment capabilities within the Sage Intacct financial system, which will provide a “seamless experience from bill to reconciliation for joint customers.” The new solution, called Sage Intacct Vendor Payments, is powered by CSI.
Triterras Buys Invoice Bazaar To Boost Supply Chain Finance
Triterras, which works in trade and trade finance, will acquire Invoice Bazaar, which has operations in the United Arab Emirates and offices in Dubai and India, according to a press release. The transaction is expected to close by the end of April. Invoice Bazaar will remain its own company and will be under the Triterras umbrella, the release stated. Invoice Bazaar was founded in 2016 and provides supply chain finance to the Gulf Cooperation Council markets, also operating “a leading platform for supply chain finance, accounts receivable financing and eCommerce vendor financing serving multi-national corporations and [small to medium-sized businesses (SMBs)] alike in the Middle East region.”
Greensill Collapse Prompts Credit Suisse To Freeze Four Funds
Switzerland’s Credit Suisse had to freeze four Luxembourg-based funds that invested $10 billion in supply chain finance, adding to the fallout from the collapse of London startup Greensill Capital, Reuters reported on Thursday (March 11). The second-largest bank in Switzerland was a central funding source for the startup, which was co-founded by Jason Austin and Lex Greensill, a former banker with Citi and Morgan Stanley. Credit Suisse is now having to field questions from regulators and insurers as it figures out how best to deal with Greensill’s insolvency filing.