Fintech PR
WaveBL Completes a New Groundbreaking Network Connectivity Proof of Value (POV) with Swift, the Participation of Five Global Banks, and Leading Ocean Carrier eBL Issuer MSC
POV demonstrates efficiency gains using existing infrastructure and Swift’s secure and trusted global network
WILMINGTON, Del., Oct. 15, 2024 /PRNewswire/ — WaveBL, the leading blockchain-based electronic Bill of Lading (eBL) platform, has completed a groundbreaking Proof of Value (POV) with Swift and the participation of five global banks: Lloyds, Emirates NBD Bank, Federal Bank Limited, and other banks, as well as MSC Mediterranean Shipping Company (MSC), a leading ocean carrier acting as an eBL issuer on WaveBL. The POV successfully demonstrated the transfer of a series of structured electronic document presentations (including eBLs) originated on the Platform and sent to and between Swift members, and back to the Platform, all as part of a Letter of Credit (LC) transaction. The process was executed utilizing a series of Swift FIN messages and FileAct transfers from WaveBL to the different banks while maintaining possession and title management of the electronic trade documents on the WaveBL’s ledger of issuance.
Describing the Flow of the POV:
The POV involved two eBLs—one straight and one negotiable—both issued by MSC on the WaveBL platform. The eBLs were first sent to an exporter on the WaveBL platform, where commercial documents like a packing list, invoice, and certificate of origin were added. These were then sent to the advising bank by the Platform over the secure and resilient Swift network, using an MT message and a FileAct document transfer. In turn, the advising bank and the issuing bank exchanged the presentation between them while WaveBL’s ledger maintained the tracking of possession and title of the contained eBLs. Ultimately, the issuing bank released the documents to the LC applicant, who is the importer, including the endorsement of the negotiable eBL from the issuing bank to the order of the importer on the Platform, all of which was instructed to the Platform through a Swift MT message. This streamlined process allows for payments to be received within hours, rather than days – as is often the case with transactions that involve the physical transfer of documents. Similarly, with the eBLs surrendered back to MSC on the Platform, the importer was able to collect the goods at the port of destination without delay.
Strengthening the Supply Chain-Trade Finance Connectivity: The WaveBL Swift Gateway
This groundbreaking POV underscores WaveBL’s dedication to making its network fully integrated with the financial system, allowing customers to seamlessly interact with Swift members and among participants themselves. For Swift members, electronic trade documents could soon be exchanged via WaveBL using their existing Swift infrastructure, and without requiring the installation or use of any specialized software or service.
WaveBL anticipates that the concept led through this POV will further its mission of creating seamless connectivity between the supply chain and financial markets, driving the shift towards 100% adoption of eBLs, as outlined in the FIT Alliance Declaration of September 2023. WaveBL is also looking forward to becoming the first electronic trade document provider to achieve full connectivity with the entire Swift community, allowing all banks a simple, standardized way to receive and send electronic bank presentations originated on the platform.
Innovative Approach by Leading Banks
The Participating Banks have all previously demonstrated exceptional innovation by using WaveBL as their entry point to the eBL market, gaining experience by exchanging electronic trade document presentations in live commercial transactions. As part of the POV, WaveBL, Swift and the Participating Banks established a joint working group aimed at analysing the methodologies and structure of the Swift MT messages and the electronic presentations proven during the POV. Their involvement highlights a joint commitment to advancing trade finance through digitization and embracing cutting-edge technologies for document exchange. WaveBL is eager to continue working with the joint working group as its expected integration with the Swift network unfolds.
Quotes:
- Boaz Lessem, Chief of Legal Regulation and Partnerships, WaveBL:
“As the eBL market continues to grow, this POV solidifies our vision of seamless connectivity between WaveBL and Swift, providing a new, standardized solution for banks that prefer not to use the platform’s interface directly. By leveraging Swift’s trusted infrastructure, banks will now be able to exchange electronic trade documents with ease, enabling greater flexibility and efficiency in trade finance. I believe this connectivity will lead the way to an increased value proposition for the electronic transformation to eBLs. I thank the Swift team for its ongoing leadership and support as part of this POV, driving forward this important initiative in trade finance digitization.” - Ofer Ein Bar, Head of Financial Institutions, WaveBL:
“We are excited to continue working with Swift and the distinguished banks that participated in this POV, unlocking new liquidity opportunities and enhancing operational efficiency through this innovative collaboration. We are particularly grateful to the participating banks for their contribution and ongoing efforts working with us hand in hand making this POV a robust proposition to allow the transition to a digital trade product.” - Miguel Suarez, Trade and Consumer Payments Innovation Lead, Swift:
“Creating a truly digital trade ecosystem will require a collaborative effort from across the industry. This POV has successfully demonstrated the value of the Swift network in removing friction from global trade while enabling banks to make use of their existing infrastructure, while pushing boundaries to increase speed and certainty for the parties involved.” - Andre Simha, Global Chief Digital & Innovation Officer, MSC:
“MSC is committed to achieving full digitalization of our bills of lading by 2030. This involves much more than streamlining processes. It embodies an ambitious vision that requires collaboration across both the shipping and finance sectors. We are delighted to have been able to partner with industry leaders like Swift and WaveBL on this POV. This collaboration represents a pivotal milestone that propels us one step closer to achieving our goals.” - Gwynne Master, Managing Director, Trade & Working Capital, Lloyds, UK:
“Lloyds is an early adopter of the eBL and digitising this important document is essential for UK and global businesses, regardless of size. This POV sets out a compelling way of increasing bank adoption of digital solutions, enabling financial institutions to connect to WaveBL via SWIFT. We look forward to the implementation of this solution and to the continued collaboration across the industry to deliver on the FIT Alliance’s ambitious eBL targets.” - Sanjay Borade, VP and Head of Trade Sales, Federal Bank India and Mohammed Vaseem Sheikh Dy VP and Head – Financial Institutions Group (FIG) & Institutional Sales, Federal Bank, India:
“The successful completion of this POV reinforces the importance of digital transformation in trade finance. By leveraging WaveBL’s supply chain platform in conjunction with Swift, we’ve been able to simplify the complexities of cross-border trade and improve overall efficiency.” - Anith Daniel, Group Head of Transaction Banking Services, Emirates NBD, UAE:
“In today’s rapidly evolving financial landscape the integration of WaveBL with SWIFT, for the exchange of trade documents, marks a significant step forward in modernizing Trade Finance. Our participation in the POV is a testament to our commitment in exploring innovative solutions that improve customer experience.”
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Lending revenue dips against backdrop of record-high indices
NEW YORK, Jan. 2, 2025 /PRNewswire/ — The global securities finance industry generated $9.64 billion in revenue for lenders in 2024, according to DataLend, the market data service of fintech EquiLend. The figure represents a 10.3% decrease from the $10.74 billion generated in 2023.
Global broker-to-broker activity, where broker-dealers lend and borrow securities from each other, totaled an additional $2.57 billion in revenue for 2024, a 9.9% decrease from 2023.
Equity lending revenues fell 13% globally, with North America revenue declining 15% and EMEA revenue dropping 24%. In North America, the cause for the revenue decline was a 19% decrease in average fees, while in EMEA, fees and balances decreased 16% and 11%, respectively. Equity lending revenues in APAC were largely flat year-over-year.
Global sovereign debt revenue increased by 8% over 2023, with U.S. treasuries making up the lion’s share of the gains. Treasuries were up 16% year-over-year, driven by a 14% growth in balances.
In corporate debt lending, global revenue declined by 21% as a regression from a record 2023 continued. Fees were the main culprit, with a steep 29% decrease driving the year-over-year decline in revenue.
The top five earning securities in 2024 were Sirius XM Holdings (SIRI US), Lucid Group (LCID US), Beyond Meat Inc. (BYND US), Tempus AI Inc. (TEM US) and Trump Media & Technology Group (DJT US). The five securities in total generated $644 million for lenders over the course of 2024, a significant dip from the $1.11 billion generated by 2023’s top five earners.
Bloomberg Terminal users can subscribe to EquiLend’s exclusive Orbisa securities lending data by entering terminal shortcut APPS ORBISA About DataLend About EquiLend Logo – https://mma.prnewswire.com/media/1060364/EquiLend_Logo.jpg
DataLend, the market data service within EquiLend’s Data & Analytics Solutions group, tracks daily market movements across more than 200,000 securities, covering $35 trillion in lendable assets and $2.6 trillion in on-loan assets for the securities finance market. www.datalend.com
EquiLend is a global financial technology firm offering Trading, Post-Trade, Data & Analytics, RegTech and Platform Solutions for the securities finance industry. EquiLend has offices in North America, EMEA and Asia-Pacific and is regulated in jurisdictions around the globe. www.equilend.com
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NEW YORK, Jan. 2, 2025 /PRNewswire/ — In a dynamic and increasingly complex business environment, small businesses across the USA are experiencing a growing need for expert financial management solutions. Bookkeeping in USA, a critical yet often overlooked business function, is proving essential for companies striving to stay competitive, compliant, and efficient.
Recent studies highlight the importance of tailored bookkeeping solutions to address challenges such as fluctuating tax laws, rising operational costs, and stringent compliance requirements. The demand for professional bookkeeping services in USA has surged, showcasing their role in fostering small business resilience and growth.
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The Role of Bookkeeping in Small Business Success
Bookkeeping in USA offers small business owners’ clarity and control over their financial health. As the business landscape evolves, it is becoming a strategic necessity rather than just a support function. Challenges like tax compliance, cash flow management, and accurate financial reporting require dedicated expertise, which many small business owners find daunting to handle independently.
Insights from Industry Experts
“Small businesses are the backbone of our economy, and they deserve tools that empower them to succeed,” says Ajay Mehta, CEO of IBN Technologies. “Bookkeeping services enable entrepreneurs to focus on their strengths while ensuring their financial bases are secure.”
IBN Technologies has positioned itself as a leader in this space, offering streamlined bookkeeping services that align with industry standards and leverage cutting-edge technology. The company’s solutions are designed to help businesses avoid costly financial missteps, manage cash flow effectively, and maintain compliance with ever-changing regulations.
Modernizing Bookkeeping with Technology
The adoption of cloud-based bookkeeping solutions marks a transformative step forward for small businesses. Real-time access to financial data, enhanced security, and seamless collaboration between business owners and financial experts have made these tools indispensable. IBN Technologies integrates state-of-the-art technology into its services, ensuring clients can monitor their finances anytime, anywhere.
Addressing Tax Compliance and Financial Challenges
One of the most significant challenges for small businesses in the USA is navigating the complex web of federal and state tax laws. IBN Technologies specializes in offering tax-ready to serve bookkeeping in USA that not only mitigate the risk of audits but also identify potential tax savings. This dual approach has enabled many businesses to achieve better financial outcomes while reducing stress.
About IBN Technologies
IBN Technologies LLC, an outsourcing specialist with 25 years of experience, serves clients across the United States, United Kingdom, Middle East, and India. Renowned for its expertise in RPA, Intelligent process automation includes AP Automation services like P2P, Q2C, and Record-to-Report. IBN Technologies provides solutions compliant with ISO 9001:2015, 27001:2022, CMMI-5, and GDPR standards. The company has established itself as a leading provider of IT, KPO, and BPO outsourcing services in finance and accounting, including CPAs, hedge funds, alternative investments, banking, travel, human resources, and retail industries. It offers customized solutions that drive efficiency and growth.
Contact Details:
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India: Global Delivery Centre
IBN Technologies Limited
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Fintech PR
CUBE COMPLETES ACQUISITION OF THOMSON REUTERS REGULATORY INTELLIGENCE AND ODEN BUSINESSES
- Acquisition delivers an expanded customer base with a deep global subject matter expertise network that further powers CUBE’s RegBrain AI across its industry proven SaaS RegPlatform™
- CUBE continues to see strong organic customer growth in its well-established enterprise sector whilst also accelerating growth across the mid-market sector
- 2024 was a year of strategic milestones for CUBE including the partnership with Hg, expanding its global footprint across six main hubs, the acquisition of Reg-Room and Thomson Reuters Regulatory Intelligence and Oden businesses, together with pivotal board and executive appointments
LONDON, Jan. 2, 2025 /PRNewswire/ — CUBE, a global leader in Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM), has today formally announced the completion of its acquisition of the Thomson Reuters Regulatory Intelligence and Oden businesses on 31 December 2024.
The acquisition of these global businesses is another step forward in CUBE’s growth plans as a leader in regulatory intelligence. It will supplement and enhance CUBE’s ability to deliver significant scale across many of the world’s leading and systemically important financial institutions. CUBE’s global customer base will expand to total approximately 1,000 customers in banking, insurance, asset and investment management, payments and adjacent regulated industries.
CUBE’s Founder and CEO, Ben Richmond, said: “The completion of this acquisition is a major milestone for CUBE in a year that has seen many important milestones including our strategic partnership with Hg, the acquisition of Reg-Room, and the acquisition of Thomson Reuters Regulatory Intelligence and Oden businesses.”
“Thomson Reuters is best known in the industry for providing regulatory analysis and subject matter expertise combined with world-leading journalism and news,” said Ben Richmond. “The powerful combination of CUBE’s AI and the years of human generated content curated by Thomson Reuters Regulatory Intelligence and Oden subject matter experts sets us apart in the industry. This new dimension at CUBE will accelerate innovation and drive further growth and opportunity in 2025 and beyond.”
Following the announcement of its strategic partnership with Hg in March 2024, CUBE has now completed two transformational US-based acquisitions across three businesses whilst continuing to assemble a highly experienced executive team. CUBE’s continued impressive growth saw its presence in the enterprise sector surpassing 200 customers and now represents around 40% of Tier 1 financial institutions globally. In the mid-market sector, serving small and medium sized enterprises, CUBE now has near 800 customers.
With this growth CUBE solidified its global footprint by establishing offices across its six main hubs focused on customer support and implementation; with the number of employees at CUBE doubling to near 700 and a comparable increase in the number of countries where CUBE’s employees are located, which now totals 15 countries.
Ben Richmond said: “We are excited to welcome all of our new colleagues to CUBE – 2025 promises to be yet another significant year for the business as we continue to deliver further innovation focused on automating regulatory compliance and risk management for our customers.”
The definitive agreement was originally announced in May 2024 and terms were not disclosed.
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View original content:https://www.prnewswire.co.uk/news-releases/cube-completes-acquisition-of-thomson-reuters-regulatory-intelligence-and-oden-businesses-302341226.html
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