for Q112 showing that both total funding and turnover from companies using
invoice finance remain broadly positive with year-on-year growth, reports the
Asset Based Finance Association (ABFA). UK and Irish firms, however, still
remain cautious and are not accessing all of the funding available to them.
ABFA says that turnover from companies using invoice finance grew by 6% in both
Q112 and over the same period last year, with total client sales rising from
£59.2bn against £55.6bn for Q111. Funding by the ABFA’s members to businesses
also rose 4% year on year, with £15.4bn outstanding in advances at the end o f
March. The Association adds that while this figure is 1.9% down on last
quarter’s total advances the fall was fully expected with Q112 figures
traditionally showing a slight drop and annual growth remaining positive.
Sharp, chief executive officer (CEO) of the ABFA, said: “The new figures show a broadly
positive picture, with both total funding and turnover from companies using
invoice finance rising year on year, plus the number of clients increasing.
However, the new figures also show a conservative approach to accessing funds
from firms, with their appetite for new investment and maximising growth
potential being muted. With the economy back in recession perhaps this is not
surprising, but equally it does mean there will probably be missed
Treasurers are more interested in cross-border payments and automation than real-time payments, as they are consistently asked to do more with less, argues Rick Burke, head of corporate payments at TD Bank in an exclusive interview.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
The EU and US’ shift in accounting standards may bring balance sheet losses and increase credit risk, according to James Elder, director of risk services at Standard & Poor’s (S&P) Global.
Today the bank of England announced it would base interest rates from 0.25% to 0.5%. We have collated some initial comments from the industry on how this will impact the markets: