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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Fintech PR
Hastee reaches profitability as Earned Wage Access solutions become the norm for top employers
LONDON, Oct. 16, 2024 /PRNewswire/ — Hastee, one of Europe’s leading providers of earned wage access (EWA) and financial wellbeing solutions, is proud to announce that it has reached profitability. This marks a significant milestone in its journey to empower employees with greater financial flexibility and control. The achievement comes amid rising demand for on-demand pay solutions, with destination employers now frequently citing these as a necessary benefit to attract, retain, and engage staff.
Founded with a mission to improve the financial resilience of workers, Hastee has grown rapidly since its launch and now has over 350 employer clients spanning nearly all sectors. Notable customers include global leaders in hospitality (such as McDonald’s, Domino’s and Taco Bell), top international retailers (such as IKEA, Mediamarkt and DIA), major healthcare organisations (such as Bupa and the NHS), and many more of the world’s leading employers (such as Unilever, PayPal, Iberia Express and EY).
Hastee operates in 4 of the 5 largest European markets for earned wage access: UK, Spain, Ireland, and Portugal. In 2020, Hastee acquired Typs, one of Southern Europe’s leading financial wellbeing solutions, enabling Hastee to build a unique multi-language, multi-currency, and flexible platform ready for further international scaling. Hastee is majority-owned by IDC, a multi-fund platform with $2.2B AUM, through its innovation vertical IDC Ventures.
Hastee’s solution is built on 3 pillars of financial wellbeing: Earn, Learn, and Grow. Employees can use the award-winning Hastee app to track their earnings, access earned pay flexibly, receive personalized bite-sized financial education and save directly from their payroll. The app is one of the most popular financial wellbeing apps in the Apple App Store and Google Play Store, with a user rating of 4.7 in each.
“We are extremely proud to be among the very first EWA providers globally to reach profitability,” commented Hastee CEO Jaime Jimenez. “The combination of rapid growth of our customer base alongside a cautious approach to spending has paid off: we have built a highly sustainable business that can service its clients without the need for further external funding.”
Jimenez continued: “Financial wellbeing has risen to the very top of the agenda among HR leaders, and we are honoured to have a role to play in supporting employees improve their financial health, while also helping our clients reach their ambitious ESG targets.”
“We are thrilled to support Hastee in reaching this pivotal moment,” shared Alejandro Rodriguez, co-founder and Managing Partner at IDC Ventures. “Hastee’s focus on financial wellbeing aligns perfectly with IDC Ventures’ mission of backing impactful companies that make a positive difference. We’re excited to be part of this journey, providing real value to both the end users and our partners. This achievement reflects the strength of Hastee’s model and the growing importance of solutions that empower individuals to take control of their financial health.”
About Hastee
Hastee is a financial wellness platform that allows employees to access a portion of their earned wages before payday, helping them manage cash flow and avoid debt. The platform integrates with employers’ payroll systems and provides users with flexible, on-demand access to their earnings. Hastee currently has over 350 employer clients spanning nearly all sectors. Learn more by visiting Hastee.com.
About IDC Ventures
IDC Ventures (IDCV) is a venture capital platform within IDC Network, a global multi-fund asset manager. Serving as the Partner of Choice for over 150 family offices across 30 countries, IDCV offers a diverse range of venture capital opportunities including proprietary funds, co-investments, and co-managed funds in collaboration with industry-leading managers. With $500M in assets under management, IDCV typically leads funding rounds and holds board seats, offering founders guidance drawn from deep expertise in entrepreneurship, banking, law, and consulting. Since its inception in 2019, IDCV has backed transformative founders from Series A to growth stages, with a primary focus on fintech and marketplaces in Europe, the US, and Latin America—particularly Brazil and Mexico. For more information, visit IDCVentures.com.
Media Contact:
Ernesto Bernado
[email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/hastee-reaches-profitability-as-earned-wage-access-solutions-become-the-norm-for-top-employers-302277028.html
OSLO, Norway, Oct. 16, 2024 /PRNewswire/ — Akastor ASA invites investors and analysts to a webcast presentation of the third quarter 2024 financial results on Wednesday, 30 October 2024.
Date and time:
Wednesday, 30 October 2024, at 15:00 CET
Presenters:
- Akastor: Karl Erik Kjelstad, CEO, and Øyvind Paaske, CFO
- HMH: Thomas McGee, CFO, and David Bratton, SVP FP&A and Operational Finance
Link to webcast:
https://akercreativehub.eventcdn.net/events/akastor-audiocast-q3-2024
Questions can be submitted throughout the streaming event. The presentation material will be published on www.akastor.com and www.newsweb.no at 07:00 CET on 30 October.
For further information, please contact:
Øyvind Paaske
Chief Financial Officer
Mob: +47 917 59 705
E-mail: [email protected]
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act
This information was brought to you by Cision http://news.cision.com
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LONDON, Oct. 16, 2024 /PRNewswire/ — Greenbrook, the specialist communications advisor, is pleased to announce the appointment of former European Commissioner and Lead non-exec director at HM Treasury, Lord Hill, and the return of the City advisor, David Trenchard, as advisors to the firm.
Lord Hill is the former European Commissioner for Financial Stability, Financial Services and Capital Markets Union. He was Leader of the House of Lords and Chancellor of the Dutchy of Lancaster from 2013 to 2014. He has been Lead non-executive director at HM Treasury and is Chairman of the Ditchley Foundation. He carried out the UK Listings Review for the then Chancellor of the Exchequer in 2021.
David Trenchard, who was an advisor to Greenbrook from 2014 to 2022, brings over four decades of experience in finance. Most recently, he was Engagement Director at Elliott Advisors. David began his career at Morgan Stanley, rising to become a Managing Director in Equity Capital Markets and Head of Corporate Broking.
Andrew Honnor, Managing Partner of Greenbrook, commented: “We are delighted to welcome both Jonathan and David to our team. Their considerable experience across policy, markets and finance will provide deep insight to our clients as they navigate the evolving challenges and opportunities in the current macro-economic environment.”
Lord Hill commented: “I’ve known Andrew for two decades, and have looked with admiration at what he has achieved at Greenbrook. I look forward to joining his team and hope I can add something to the firm’s growing success.”
David Trenchard commented: “It is a pleasure to return as an advisor to Greenbrook, a leader in complex communications issues. I look forward to working with Greenbrook’s clients across various situations.”
Lord Hill and David Trenchard join Michelle Pinggera, Simon Walker and Piers Dennison as advisors to Greenbrook. Michelle joined Greenbrook in July 2018 and is the former International Chief of Staff and Partner at Goldman Sachs. Simon joined Greenbrook in March 2017 and was previously Director General of the Institute of Directors, Communications Secretary to HM Queen Elizabeth II, advisor to former Prime Minister John Major, and Chief Executive of the British Private Equity & Venture Capital Association. Piers joined Greenbrook in July 2021 and is a former Partner and Head of Investor Relations at Park Square Capital.
Contact details:
Ksenia Galouchko / Demi Kurban
Greenbrook
+44 20 7952 2000 / [email protected]
About Greenbrook:
Greenbrook provides strategic communications advisory services to the investment industry. We work with clients across the following asset classes: private equity, venture capital, private debt, hedge funds, activist funds, infrastructure and real estate, and traditional fund management.
We advise our clients on all aspects of their business through the lens of reputation, helping to build and protect value.
Greenbrook has advised on over $58 billion of corporate and sovereign debt restructurings over the last 12 months. Greenbrook was ranked by Bloomberg as the #1 advisor in Europe for engaged shareholder communications in 2023. The firm ranked among the top #5 in Europe by Mergermarket and the #1 PR and communications firm in Europe by Private Equity Wire.
For more information, please visit www.greenbrookadvisory.com or follow Greenbrook on LinkedIn.
View original content:https://www.prnewswire.co.uk/news-releases/greenbrook-appoints-lord-hill-and-david-trenchard-as-advisors-302276721.html
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