Fintech PR
Frost & Sullivan: It Has Become Critical for B2B Businesses to Adopt Automated A/R Collection Solutions
An advantage in securing cash flow is the difference between ensuring business growth and a gradual decline in market share. B2B businesses are using Automated A/R Collection Solutions to gain this very advantage and navigate the risks of today’s market.
An Automated A/R Collection Solution engages clients in order to collect their overdue invoices. Imagine having an intelligent and automatic tool that reminds your customers to pay, that can deal with high invoice volumes, and that makes it a priority to strengthen your relationship with your customers.
Today, this solution is critical because of the economic reality created by the international pandemic and because we are now entering into an automated era in financial management that has gained exponential traction across industries. Companies providing this solution such as Gaviti are creating true resilience for their customers.
Atradius, a leading credit risk firm, states in its latest U.S. payment practices report that “U.S. firms show a business environment strained by cash flow and liquidity issues”, as well as “a significant deterioration of B2B customer credit risk with a staggering 72% year-over-year increase in invoice payment defaults.” Furthermore “suppliers polled reported that 43% of the total value of B2B credit sales is overdue. This rise is in large part attributable to an increase in the amount of long overdue invoices (still unpaid after 90 days past their due date), the total value of which rose to 16%, up from 10% one year ago.” In addition, firms surveyed report “a fourfold increase in the total value of write-offs of uncollectable receivables, rising to 4% from 1% last year.” Concurrently, there is a “year-over-year 32% increase in businesses stating they needed to delay payment to their suppliers due to late payments from their customers” and a “41% increase in respondents who said their B2B customers use outstanding invoices as a form of short-term finance.”
All of these factors have increased day sales outstanding or DSO by a number of weeks and it has become clear that companies are sacrificing investment in their own growth and instead using their capital to make up for cash flow that is not coming in on time from customers or not coming in at all.
There is a great call to remedy this issue. Andreessen Horowitz, one of the most well-known VC firms in Silicon Valley, released an article stating that “in the current economic crisis, businesses have been forced to make difficult decisions around resource allocation and cash flow planning. Now, as fintech and enterprise entrepreneurs team up to tackle these long-standing pain points, software innovation is finally reaching the finance suite.”
Andreessen Horowitz contends that “Data is stale, limited, and hard to access. An enterprise resource planning (ERP) system, the central repository for financial data, is primarily designed around accounting. As a result, it only gives finance teams a backward-facing view, typically two or more weeks after the month’s end. With that lag, the CFO often has difficulty assessing cash burn, revenue, or expenses in real-time. It goes without saying that, particularly now, most companies can’t afford to wait six weeks to figure out when they are going to run out of cash.”
Due to their ability to answer this call, automated A/R collection solutions such as Gaviti have exponentially increased their customer base and are strengthening SMEs and enterprises leveraging their solution. Due to their holistic and sophisticated approach, Gaviti is an exemplar of the type of partner that can successfully propel B2B companies into this new era. Their solution offers a crisp and clear picture of all receivables so that businesses can stay efficient and resilient into the future. They are backed by a strong engine that takes advantage of the enormous amounts of proven collections workflows that are constantly being tested and improved so that you do not need to try what methods work best to get paid. Collections methods are efficient and automatic from day one.
This type of sophistication, transparency, and automation is what allows companies to stop dealing with monotonous collections procedures and to evolve to the next level. The corporate finance team at the TWE Group shared that “The automated workflow has reduced our workload and made our communications with our customers more consistent. Even in the midst of the worldwide pandemic, our collections and aging have improved.” In 6 months, the Burwood Group was able to reduce its receivables at risk or RAR by 77% and the number of overdue invoices by 60% – a huge accomplishment in a very short time. We consistently see DSO falling significantly for the Gaviti customer base.
Frost & Sullivan is witnessing strong adoption of Automated A/R Collections Solutions across a huge variety of B2B industries from manufacturing and logistics to consulting and accounting and all the way through to technology companies. Adoption leads these businesses to get paid way earlier than they would otherwise, which creates a stronger more stable business that can invest in itself and that will be able to withstand the challenges and risks of tomorrow. Frost & Sullivan believes that the adoption of Automated A/R Collection Solutions is an essential component in managing receivables and ensuring stability.
Frost & Sullivan is a global strategic and financial consulting firm. Over the past six decades, Frost & Sullivan has become world-renowned for its role in helping corporate leaders, investors, and governments navigate economic changes and identify disruptive technologies and new business models resulting in a continuous flow of growth opportunities to drive future success. Today, more than ever before, companies must innovate, not only to survive, but thrive in the future. We provide service to 10,000+ clients worldwide, including emerging companies, SME, the Global 1000 and the investment community.
Fintech PR
CCTV+: From Silk Road Gateway to Global Innovation Hub: Xi’an Advances Industrial Upgrades and International Cooperation
XI’AN, China, Nov. 2, 2024 /PRNewswire/ — Xi’an, an ancient capital and starting point of the Silk Road, is growing rapidly into a cosmopolis of technological innovation, industrial transformation and international cooperation. The city is becoming a global hub for innovation and economic cooperation and a destination that converges historical heritage with modern creativity. By leveraging initiatives in New Quality Productivity, the Internet of Things, high-tech industries, culture, and international business services, Xi’an showcases its dynamic blend of past and future.
Industrial Development: Technology and Innovation Drive Emerging Industry Clusters
Aiming to establish itself as an international hub with rapid scientific and technological innovation, Xi’an is now building a comprehensive national science center and a center for science and technology innovation.
The Silk Road Technology City is now home to more than 4,000 companies and has fostered two major industry clusters, in optoelectronics and automobiles, each worth tens of billions. Leading industry giants like BYD and Samsung have established themselves here, taking advantage of Xi’an’s robust policy support for innovation-led growth. LONGi, a world leader in solar technology, is actively building Shaanxi’s 100-billion-grade silicon-based solar PV industry innovation cluster, driving industry-wide growth through R&D and supply chain expansion; while BYD’s comprehensive new energy vehicle industry chain has also positioned Xi’an as a key base for new energy technology and electric vehicles.
Belt and Road Hub: Connecting Development Across Borders
As a central hub along the Belt and Road, Xi’an recently hosted the Belt and Road Forum for International Think Tank Cooperation, fostering collaboration and advancing connected, networked development through the trans-Eurasian transport corridor. With growing trade opportunities, Xi’an is also expanding its reach into international markets, particularly in Central Asia, exporting specialty agricultural products like kiwi fruit.
Through conventions and conferences, Xi’an has demonstrated its significant potential for international economic cooperation, establishing stronger ties in Central Asia and Belt and Road countries.
New Quality Productivity: Smart Technologies and Advanced Manufacturing Fuel Growth
New Quality Productivity is driving Xi’an’s high-quality development leveraging smart technologies and intelligent manufacturing. Local enterprises like SUNNYIT are promoting innovative applications of IoT technologies to tackle industry bottlenecks, Xi’an Chinastar M&C Limited is supporting real-time urban management with products including smart manhole covers and parking monitoring systems to support urban safety and municipal services.
Industrial robots and intelligent manufacturing are also accelerating Xi’an’s industry transformation. Xi’an Aerospace Automation’s 4,000-kilogram robot, designed for warehouse logistics, highlights the city’s advancements in high-load, high-precision applications.
High-Quality Development: Digital Technology Empowers Xi’an’s Smart City Ambitions
Xi’an is progressing in smart city development, enabling companies to utilize big data and AI for comprehensive traffic analysis, enhancing traffic management efficiency, and establishing a “transportation+” multi-scenario service system to improve travel experiences.
Xi’an looks to cooperate with more companies and research institutions in fields of environmental protection, water-related affairs, education, and urban management with the goal of promoting technological breakthroughs in areas such as intelligent video analysis and large-scale AI models, empowering city management and services through digital technologies and support the development and innovation of companies in the city.
Opening Up to the World: Xi’an Shares Its Story and Strengthens Business Environment
The newly established Xi’an International Communication Center shares Xi’an’s story in multiple languages, promoting Chinese culture and positioning Xi’an as a major platform for cultural exchange. Additionally, a legal service center in Xi’an Chanba International Port now offers comprehensive legal support, fostering a fair and just international business environment.
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View original content:https://www.prnewswire.co.uk/news-releases/cctv-from-silk-road-gateway-to-global-innovation-hub-xian-advances-industrial-upgrades-and-international-cooperation-302294686.html
DUBAI, UAE, Nov. 2, 2024 /PRNewswire/ — KuCoin, a global leader in the cryptocurrency exchange arena, is thrilled to announce its active participation at this year’s premier TON community event, The Gateway. The annual conference, renowned for uniting key players in the TON ecosystem, aligns perfectly with KuCoin’s mission to democratize cryptocurrency and expand its reach across the globe.
Representing KuCoin at the event was Alicia, who took part in the insightful panel discussion on “Perspective Sectors on TON for VCs and Exchanges.” Her presence underscored the vibrant potential of the venture capital market within emerging blockchain technologies, particularly the TON ecosystem. Alicia’s discussion highlighted how TON’s seamless integration with Telegram presents unique opportunities for innovation and user engagement, resonating with KuCoin’s strategic initiatives to bridge social connectivity with financial transactions.
“TON’s integration with Telegram not only simplifies the user experience but also amplifies it, making it a gateway for millions to engage with Web3 technologies,” Alicia stated. She emphasized KuCoin’s commitment to leveraging this synergy to enhance secure, user-friendly trading experiences, thus furthering its mission of putting crypto in every pocket.
KuCoin’s participation in The Gateway event reinforces its dedication to fostering a secure, robust, and accessible trading environment, paving the way for a new era of crypto and blockchain integration.
About KuCoin
Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 800 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 36 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.
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View original content:https://www.prnewswire.co.uk/news-releases/kucoin-shines-at-the-gateway-event-advocating-for-blockchain-innovation-through-ton-302294685.html
Fintech PR
UBS Asset Management launches its first tokenised Money Market Fund, available through DigiFT
SINGAPORE, Nov. 2, 2024 /PRNewswire/ — UBS Asset Management, launches its first tokenized investment fund “uMINT”, made available through authorized distribution partner, DigiFT.
With DigiFT, investors can subscribe to uMINT using their preferred custody wallet solution, gaining access to real-time redemption capabilities via DigiFT’s platform. uMINT, a Money Market investment underpinned by high quality money market instruments based on a conservative, risk-managed framework, is built on Ethereum distributed ledger technology and issued under UBS Tokenize, UBS’s in-house tokenization service, a full service offering for digital asset services, that seeks to open the door to the world of decentralized finance to a broader range of market participants.
“We’re honoured to be an authorized distribution partner for UBS Asset Management in launching their first tokenized money market fund. This is a significant milestone in the world of Web3, and a testament of our ability to transform capital markets. Not only does this partnership bridge traditional finance with digital and decentralized technologies, it also demonstrates our ability to deliver next-generation investment solutions on an open network – for a new generation of global investors,” said Henry Zhang, Founder & Chief Executive Officer of DigiFT.
As part of the partnership, DigiFT will provide infrastructure for managing and monitoring on-chain distribution activities and transactions for the new tokenized money market fund. Enabled by blockchain technology, DigiFT’s best-in-class, open infrastructure ensures all transactions are stored and recorded on an immutable ledger, providing real-time operational and audit visibility. Beyond streamlining administrative processes, DigiFT is able to leverage smart contracts and facilitate automated compliance and operational efficiencies, further allowing investors to invest and explore new financial Web3 use cases.
DigiFT is the first exchange deploying smart contract methods and processes, with an automatic market-making mechanism, to be recognized as a Recognised Market Operator (RMO) and awarded the Capital Markets Services (CMS) license by the Monetary Authority of Singapore.
Disclaimer: This article is not an advertisement making an offer or calling attention to an offer or intended offer
About DigiFT
DigiFT is the first exchange for on-chain real-world assets to be licensed by the Monetary Authority of Singapore. Find out more www.digift.sg
For media enquiries, please contact [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/ubs-asset-management-launches-its-first-tokenised-money-market-fund-available-through-digift-302294683.html
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