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Demica achieves new milestone in quest to transform supply chain finance
Demica , a leading FinTech in supply chain finance , whose platform is used by some of the world ’ s leading trade banks and corporates to power global working capital programmes , has announced that assets under administration ( AuA ) have surpassed US $ 40 billion , representing over US $ 240 billion of invoice flow over the course of the year .
Compound annual growth of assets on the Demica platform over the last eight years ( since 2016 ) is over 40 % – reflecting the global demand for Demica ’ s supply chain finance solutions , the success of the banks using Demica ’ s platform to grow their assets and the increase in corporates turning directly to Demica for a flexible source of liquidity .
The platform manages over 52 million open invoices at any point in time , enabling the delivery of large complex programmes across the full spectrum of supply chain finance products , including trade receivables finance and securitisation , payables finance and dynamic discounting .
Government launches its Fair Payment Code
The new Fair Payment Code has been launched by the UK Government to encourage businesses across the UK to pay promptly . Businesses may now apply for the award tier which best suits them : Gold , Silver or Bronze . The tiered system of awards is aimed at awarding best practice and driving improvements in payment performance . The three award tiers are :
• Gold Award – for those firms paying at least 95 % of all invoices within 30 days
• Silver Award – for those paying at least 95 % of all invoices within 60 days , including at least 95 % of invoices to small businesses within 30 days
• Bronze Award – for those paying at least 95 % of all invoices within 60 days
In addition , every business granted an award agrees to abide by the Code ’ s principles of being Clear , Fair and Collaborative with their suppliers . The new Fair Payment Code replaces the Prompt Payment Code .
AI and rise of deepfakes signals increased cyber-risk to SMEs
Following the release of Ofcom data on the dangers of AI and deepfakes , new research from workers in UK SMEs reveals that almost two-thirds ( 63 %) are not confident they could spot an issue , highlighting a growing cyber and business threat . According to insights commissioned by Sharp Europe , the vast majority ( 86 %) of UK employees say that they are more concerned about business cyber-risks than last year – with AI being the biggest reason for this .
The research , conducted by Sharp Europe , a leading provider of business technology products and services , of over 11,000 employees in 11 markets across Europe including over 1,000 in the UK , found that despite these increasing concerns , not enough is being done by employers .
Many agree that AI will make it more difficult to spot a potential cyberattack and growing fears are also due to issues such as cybersecurity incidents experienced by friends or family members over the last 12 months .
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