Cross-Border Payments Platform Brings B2B Payments Into the 21st Century
Currencycloud, the leading international payments platform, today announced the launch of Global Collections. Through the multi-currency accounts receivable offering, banks and other payments companies can allow customers to receive payments across borders without exorbitant fees, long wait times or friction.
“Currencycloud has always been committed to building technology that enables businesses to send funds quickly and securely with a click of a mouse. Providing the second half of that equation — receivables — is the natural next step,” said Todd Latham, CMO and Head of Product. “This launch is a revolution in collections and provides the infrastructure needed to fast track B2B innovation, allowing companies to go global while acting local. Businesses can now focus on what is important — growing, scaling and staying competitive.”
In today’s economy, companies must engage in global commerce to compete, creating a complex web of transactions. While information sharing is fast and seamless, the high cost and slow pace of global payments is prohibitive to business growth. According to an Atradius survey, nearly one-third of foreign business customers of companies in both North America and Europe named the “complexity of the payment procedure” as a major factor behind foreign payment delays.
Currencycloud’s Global Collections enables businesses with customers in the U.S. or EU to pay or get paid as if they were a local business — without having a physical presence there. The new functionality allows businesses to generate international bank account numbers (IBANs) and Virtual Account Numbers (VANs) so their customers receive U.S. dollars or Euro transfers without incurring fees.
“Using Currencycloud’s beta release of Global Collections reshaped the way we approach global payments by significantly reducing the time and expense traditionally associated with it,” said Neil Ambiker, CEO of B2B Pay, a payments company that provides a virtual bank account solution for non-resident companies. “It does so much more than streamline account receivables. It has empowered us to provide customers a frictionless experience, foster trust in our brand and most importantly, grow at an international level.”
- Faster Receivables: Same day receipt of funds allows businesses to get paid faster.
- Lowered Costs: With access to Currencycloud’s competitive FX rates, companies are no longer at the mercy of the rates large banks provide. They can convert at wholesale rates and hold funds in 35 currencies, avoiding costly fees and markups.
- Easy Integration: Customers can easily build their own product on top of Currencycloud’s market-leading APIs or use its user interface. End users are not required to open a Currencycloud account, which removes friction from the process.
Global Collections will be rolled out in March. To learn more about Currencycloud, please visitwww.currencycloud.com.
Spain’s jobless hit four million for first time in five years as pandemic curbs bite
By Nathan Allen and Belén Carreño
MADRID (Reuters) – The number of jobless people in Spain rose above 4 million for the first time in five years in February, official data showed on Tuesday, as COVID-19 restrictions ravage the ailing economy.
Since the onset of the pandemic, Spain has lost more than 400,000 jobs, around two-thirds of them in the hospitality sector, which has struggled with limits on opening hours and capacity as well as an 80% slump in international tourism.
Jobless claims rose by 1.12% from a month earlier, or by 44,436 people to 4,008,789, Labour Ministry data showed, the fifth consecutive monthly increase in unemployment.
That number was 23.5% higher than in February 2020, the last month before the pandemic took hold in Spain.
“The rise in unemployment, caused by the third wave, is bad news, reflecting the structural flaws of the labour market that are accentuated by the pandemic,” Labour Minister Yolanda Diaz tweeted.
Restrictions vary sharply from region to region in Spain, with some shutting down all hospitality businesses, though Madrid has taken a particularly relaxed approach and kept bars and restaurants open.
A total of 30,211 positions were lost over the month, seasonally adjusted data from the Social Security Ministry showed. It was the first month more positions were closed than created since Spain emerged from its strict first-wave lockdown in May.
Still, the number of people supported by Spain’s ERTE furlough scheme across Spain fell by nearly 29,000 to 899,383 in February.
“These figures have remained more or less stable since September, indicating that the second and third waves of the pandemic have had a much smaller effect than the first in this regard,” the ministry said in a statement.
Hotels, bars and restaurants and air travel are the sectors with the highest proportion of furloughed workers, it added.
Tourism dependent regions like the Canary and Balearic Islands have been particularly hard hit, with the workforce contracting by more than 6% since last February in both archipelagos.
The last time the number of jobless in Spain hit 4 million was in April 2016.
(Reporting by Anita Kobylinska, Nathan Allen and Belén Carreño, Editing by Inti Landauro, Kirsten Donovan and Philippa Fletcher)
Pandemic ‘shecession’ reverses women’s workplace gains
By Anuradha Nagaraj
(Thomson Reuters Foundation) – The coronavirus pandemic reversed women’s workplace gains in many of the world’s wealthiest countries as the burden of childcare rose and female-dominated sectors shed jobs, according to research released on Tuesday.
Women were more likely than men to lose their jobs in 17 of the 24 rich countries where unemployment rose last year, according to the latest annual PricewaterhouseCoopers (PwC) Women in Work Index.
Jobs in female-dominated sectors like marketing and communications were more likely to be lost than roles in finance, which are more likely to be held by men, said the report, calling the slowdown a “shecession”.
Meanwhile, women were spending on average 7.7 more hours a week than men on unpaid childcare, a “second shift” that is nearly the equivalent of a full-time job and risks forcing some out of paid work altogether, it found.
“Although jobs will return when economies bounce back, they will not necessarily be the same jobs,” said Larice Stielow, senior economist at PwC.
“If we don’t have policies in place to directly address the unequal burden of care, and to enable more women to enter jobs in growing sectors of the economy, women will return to fewer hours, lower-skilled, and lower paid jobs.”
The report, which looked at 33 countries in the Organisation for Economic Co-operation and Development (OECD) club of rich nations, said progress towards gender equality at work would not begin to recover until 2022.
Even then, the pace of progress would need to double if rich countries were to make up the losses by 2030, it said, calling on governments and businesses to improve access to growth sectors such as artificial intelligence and renewable energy.
Laura Hinton, chief people officer at PwC, said it was “paramount that gender pay gap reporting is prioritised, with targeted action plans put in place as businesses focus on building back better and fairer”.
Britain has required employers with more than 250 staff to submit gender pay gap figures every year since 2017 in a bid to reduce pay disparities, but last year it suspended the requirement due to the coronavirus pandemic.
(Reporting by Anuradha Nagaraj @AnuraNagaraj; Editing by Claire Cozens. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers the lives of people around the world who struggle to live freely or fairly. Visit http://news.trust.org)
German January exports to UK fell 30% year-on-year as Brexit hit – Stats Office
BERLIN (Reuters) – German exports to the United Kingdom fell by 30% year-on-year in January “due to Brexit effects”, preliminary trade figures released by the Federal Statistics Office on Tuesday showed.
In 2020, German exports to the UK fell by 15.5% compared to 2019, recording the biggest year-on-year decline since the financial and economic crisis in 2009, when they fell by 17.0%, the Office said.
“Since 2016 – the year of the Brexit referendum – German exports to the UK have steadily declined,” the Office said in a statement.
In 2015 German exports to the UK amounted to 89.0 billion euros. In 2020, German they totalled 66.9 billion euros.
Imports to Germany from the UK totalled 34.7 billion euros in 2020, down 9.6 % compared to 2019.
(Reporting by Paul Carrel; Editing by Madeline Chambers)
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