Payhawk, which provides spend-management solutions, is integrating with Mastercard to offer real-time visibility of card transactions to commercial clients in the United States and Canada.  

Through the integration, which has been in the works since early August, eligible Mastercard corporate and business cardholders will have access to real-time controls through PayHawk’s platform, according to a Nov. 14 release from Payhawk.  

Via Payhawk, corporate clients have access to:

• Streamlined month-end closing; 

• Synced card transaction data in real time; and 

• Automated categorization and coding of transactions. 

Mastercard is the latest card giant to offer Payhawk’s capabilities to clients, following American Express, Payhawk Chief Executive Hristo Borisov told Bank Automation News. 

Through the integration “customers can improve the time to gather receipts, processes and reconcile expenses,” Borisov said. “This is done through [Payhawk’s] proprietary OCR, which automates the whole expense coding, and all that’s left to the accounting [and] finance team is to review and ensure the information is correct.” 

SoFi, BlackRock launch robo-adviser platform

The $34 billion digital bank SoFi and asset manager BlackRock have teamed up to offer a new robo-adviser to improve automated investment and saving capabilities. 

Built together with BlackRock, the robo-adviser adds to Sofi’s existing robo-adviser platform, according to a Nov. 12 release. The addition allows investors access to new strategies and funds. 

Nikhil Sharma, executive director and U.S. head of digital wealth management at tech consultancy Capco, told BAN that “By incorporating alternative assets into its robo-advice platform, SoFi is providing clients with more options — a strategy that appeals to investors wanting diversified exposure and avoiding the ‘fear of missing out’ on alternative investments.”  

Live Oak, Warrior Rising, Parlay streamline veteran loan processes

The $12.6 billion Live Oak Bank is teaming up with AI-powered loan fintech Parlay Finance and veteran-focused nonprofit Warrior Rising to improve access to small business lending for veterans.  

Under the agreement, Live Oak Bank provides capital access to veterans while Parlay Finance automates the application process and Warrior Rising offers veterans technical assistance, according to a Nov. 12 release. 

“Parlay provides the onboarding interface designed to empower small businesses within the Warrior Rising ecosystem to seamlessly generate loan inquiry documentation,” Parlay founder and CEO Alex McLeod told BAN.  

“The generated documentation enables efficient ingestion, increased approval rates and enhanced capital access,” he added. 

Parlay is a software-as-a-service AI-powered loan intelligence system that works with card giant Mastercard. 

FIS, Oracle to launch BillerIQ

Tech provider FIS is offering utility companies an electronic bill-pay solution called BillerIQ built on Oracle Cloud Infrastructure (OCI). 

Today, 75% of organizations still use paper checks for bill payments, according to a Nov.12 FIS release.  

BillerIQ simplifies the bill payment process by “allowing for straight-through processing and automated reconciliation,” Seamus Smith, group president of global automated finance at FIS, told BAN. 

“Running BillerIQ on OCI is achieved through a series of APIs, ensuring real-time synchronization across both platforms,” he said. 

Wings Credit Union selects Finzly to modernize payments infrastructure

Apple Valley, Minn.-based Wings Credit Union on Nov. 6 announced it has tapped payments and financial solutions provider Finzly to modernize its payments processing capabilities. 

“Payments continue to be a challenge for banks,” Finzly Chief Executive Booshan Rengachari told BAN. 

The $9.3 billion credit union will bring all of its payments rails onto one platform with Finzly, Rengachari said, noting that includes Fedwire, ACH, FedNow and Real-Time Payments. 

Bringing payments onto one platform lets Finzly reduce the need for human intervention in the payments process, he said. For example, one Finzly bank client has a team of just four supporting its infrastructure; meanwhile at institutions without the tech in place, upwards of 40 people would be required, Rengachari added. 

Wings Credit Union is Finzly’s first credit union client. Other Finzly clients including $40 billion EverBank.   

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