News Platforms 

Morning Brief 10.3.19: Tencent, Citi highlight $585 million Indian B2B e-commerce investment

“The company has appointed Ted Bilke to be chief technology officer and promoted Gred Adelson to chief operating officer” writes John Adams Is for paymentssource.com. Forbis’ career at Jack Henry dates to the 1980s, and was named chief technology officer in 2006.How far will consumers go to get a metal payment card?. Western Union Expands Real-Time Cross-Border Payment Service Western Union Co. has made available its real-time cross-border platform.Payment and financial services technology company Jack Henry will reorganize its executive team as Mark Forbis, executive vice president and chief technology…

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News Platforms 

[Funding Alert] Udaan raises investment of $585 M led by Tencent, Altimeter, Footpath Ventures …

“Udaan, the Bengaluru-based B2B ecommerce platform has raised funding of $585 million led by Tencent, Altimeter, Footpath Ventures, Hillhouse, GGV Capital, and Citi Ventures” writes Sindhu Kashyaap for yourstory.com. Udaan platform enables small businesses in India to finally benefit from the power of internet and technology. Source: yourstory.com

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Markets News 

Cloud and clear: Tencent draws on gaming tech to lift B2B cloud ambitions

“However, Alibaba Group Holding Ltd continues to dominate with 43% of China’s cloud market, according to data from market researcher Canalys” writes Midwest Communications Inc for 95kqds.com. He said the firm is also expanding its cloud business internationally and seeking partners in South Korea and Southeast Asia to offer cloud-based games.Tong declined to comment on growth targets for his business unit, whose financial results form part of Tencent’s FinTech and Business Services category.Restructuring last year included the creation of the stand-alone unit from Tencent’s small, six-year-old cloud operation. Source: 95kqds.com

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Crypto News 

We went to Mastercard’s tech showcase, which featured biometric sensors and shrimp-tracking blockchain. It’s part of a push to embrace a future without cards.

“This redesign signaled a desire to be seen as more of a fintech firm, as opposed to simply a payments company” writes Shannen Balogh for businessinsider.com. Mastercard’s new partnership with blockchain software company R3, meanwhile, appears aimed at catching up with Visa in the digital B2B payments space.Mastercard is testing out blockchain technology to give businesses and consumers transparency into product supply chains.The company unveiled two new initiatives just ahead of the event: the launch of Mastercard Track Business Payment Service, and a partnership with blockchain software company R3. Source: businessinsider.com

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News 

Mastercard Strengthens Ties With Finexio For Supplier Payments

“Mastercard and B2B payment network Finexio are entering into a strategic partnership to strengthen their supplier payment offering” reports pymnts.com. Its expanded relationship with Mastercard demonstrates Finexio’s virtual card push in the supplier payment arena.Their innovations, such as Mastercard Track and the B2B Hub, are in total alignment with our goal of creating impactful efficiencies within the business payments space.” Mastercard debuted Mastercard Track last year, a digital platform designed for small and medium-sized businesses to connect buyers and suppliers and facilitate payment. Source: pymnts.com

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News 

BigCommerce Takes On B2B eCommerce

“The company said in a press release Tuesday (March 12) that, along with a slew of partners, it has launched BigCommerce for B2B to provide B2B sellers with resources to more efficiently sell online” reports pymnts.com. The collaborators include trade credit solution provider Apruve, which will integrate its payment term management and payment receipt tools, as well as Bundle B2B, which leverages BigCommerce’s API to provide eCommerce tools for corporate buyers and sellers.BigCommerce is also working with retail operations platform Brightpearl, machine learning shopping experience company Nextopia, B2B order process…

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News 

Why Construction Payments’ Friction Has Nothing To Do With Payments

“It is perhaps unsurprising, then, that the construction sector is no stranger to delayed and late B2B payments” reports pymnts.com. A B2B transaction in an industry like construction, where what triggers a payment isn’t a single, simple invoice.CEO Will Mitchell told PYMNTS’ Karen Webster that construction firms suffer some of the hallmarks of lengthy B2B payments, including the continued use of paper checks.Indeed, PwC research says that with an average of 54 days sales outstanding, the U.S. construction and engineering industry has the longest B2B payment times of any other…

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News Platforms 

WorldFirst’s CurrencyVue Takeover Signals B2B Payments Push

“In a press release, WorldFirst announced it has acquired Australia-based CurrencyVue, a takeover that WorldFirst said will help expand its cross-border trade and payments solution for businesses” reports pymnts.com. The takeover will see WorldFirst integrate CurrencyVue’s platform into its own offering, linking small business clients to a solution that combines global payments with tools to assess and manage their FX exposures.CurrencyVue offers a foreign exchange risk management platform that integrates with companies’ existing ERP and accounting systems. Source: pymnts.com

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News 

Alibaba’s opening an online store with Office Depot, as the 2 companies work to beat out Amazon …

“Since Smith took over, Office Depot’s B2B business has grown to 61% of Office Depot’s business, up from 49%” writes Kate Taylor for businessinsider.com. “I think there is not a clear, trusted, friendly source for small businesses today,” Office Depot CEO Gerry Smith told Business Insider.”Office Depot has an amazing brand that’s trusted by small business here in the United States …Office Depot is teaming up with Chinese e-commerce giant Alibaba, as both companies hope to benefit from the other’s strengths to win over American small business owners.Office Depot and…

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News 

Enterprise Security Returns To Top Of B2B Investment Mountain

“Cybersecurity returned to the top of the B2B startup investment list as three companies in the enterprise security realm landed nearly half of the $246 million in B2B venture capital this week” reports pymnts.com. The company announced a $70 million Series C funding round this week, reports said, with Bain Capital leading the round.The company plans to develop new solutions to integrate Splice Machine’s AI technology into new verticals to link corporates with enhanced business intelligence.Also operating in the enterprise security space is Cequence Security, based in California.Another California cybersecurity…

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