Today In B2B Payments: Walmart Chile Faces Supplier Lawsuit; Pleo Expands Expense Management Offering
Today in B2B payments, Walmart’s Chile unit faces legal action from a group of suppliers, while supply chain financing firm Greensill Capital struggles to find an auditor. Meanwhile, Pleo introduces a new expense management solution, and Radius Bank launches an API platform for business banking.
The Chilean unit of Walmart Inc. has been sued in Chile by suppliers alleging anti-competitive practices, Reuters reported. The suit was filed in the Tribunal for the Defense of Free Competition by a trade association that represents companies including Coca-Cola and Unilever, the report said. The suit alleges that Walmart undermined free competition because it “exploited in an abusive manner its dominant position in the supermarket supply market, by imposing on its suppliers the contracting of certain services and establishing arbitrary values associated with them,” according to the news outlet.
Pleo is offering new services bundled under the brand Pleo Pocket that will make it easier for businesses to centralize financial information, according to a blog post. The new tool streamlines employee spending data, like mileage costs, employee reimbursements and ATM withdrawals, according to the post. It also allows businesses to set limits on employee spend. Pleo’s introduction of the new product comes 10 months after the company announced it was pivoting to offer business credit cards from its prior business focus of offering pre-paid corporate cards.
A number of large accounting groups have turned down requests to audit Greensill Capital as the SoftBank-backed firm mulls a stock market listing, the Financial Times reported. The U.K.-based organization has become one of the most highly valued private finance firms in the nation as of its 2011 establishment. But FT reported that the firm’s auditor has been Saffery Champness instead of one of the Big Four accounting groups — Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers. In recent times, Saffery Champness agreed with Greensill that the company’s balance sheet had become too large and intricate for the accounting firm’s offerings, FT reported, citing unnamed sources.
Radius Bank has advanced in its relationship with application programming interface (API) firm Treasury Prime with the rollout of its Commercial API Banking Platform and sandbox testing technology, according to a Thursday (Oct. 29) announcement. Radius has grown its Banking-as-a-Service (BaaS) online platform with API Banking by providing corporate customers with state-of-the-art technology to assist in facilitating and streamlining their business banking requirements, according to the announcement. For its part, the sandbox lets programmers look into Radius’ APIs for their given scenarios and see how those APIs would function in their programs.