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BofA Unveils Virtual Payables Solution to Support the Booming B2B Market

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Product Allows Buyers to Make GBP or EUR Payments by Virtual Card to Suppliers That Prefer Bank Transfers

LONDON, Oct. 2, 2024 /PRNewswire/ — Bank of America, a global leader in commercial cards, has expanded its Virtual Payables capabilities in EMEA1 with the launch of Virtual Payables Direct. The business-to-business (B2B) payment solution provides buyers with the usual working capital advantages of a card transaction – such as extended payment terms – in addition to a new enhancement that allows suppliers to be paid via a direct bank transfer. This comes at a time when the global B2B payments market is growing rapidly and is projected to reach over US$2.4 trillion by 20312.

“Virtual Payables Direct offers our clients in EMEA greater flexibility as they can make card payments to any supplier in the region, regardless of whether the supplier typically accepts card payments,” said Chris Jameson, head of Product Management for Global Payments Solutions (GPS) EMEA. “The payments are made much earlier in the procurement cycle, thereby helping to improve important supplier relationships and allowing the buyer to take advantage of any prompt payment discounts.”

Watch video message from Chris Jameson.

A key advantage of Virtual Payables Direct is that it helps businesses manage working capital, one of the top priorities for corporate treasurers3 which has been brought to the fore over the past year. The solution provides greater flexibility for buyers as it allows for large, one-off or last-minute payments. Suppliers can also receive a fast payment through a bank transfer. These benefits allow all parties to manage their cashflow more effectively and enable greater operational efficiency.

Benefits of Virtual Payables Direct

Helps corporate treasurers and buyers optimise working capital.Provides greater flexibility for large or last-minute purchases.Eliminates the need for suppliers to perform a technical set-up to process card payments.Buying organisations enjoy extended payment terms as part of their card programme.Suppliers receive prompt payment through bank transfer.

“We’re pleased to expand payment options for our clients with this new capability,” said Duygu Tasdelen-Stavropoulos, Senior Product Manager – B2B and Payables, GPS EMEA. “Virtual Payables Direct will contribute to the considerable benefits of virtual card payments, such as streamlining and automating processes, and reducing payment acceptance complexity, risk and costs.”

The rollout of Virtual Payables Direct in EMEA1 will continue in 2025, with the addition of product enhancements and expansion to other regions.

Visit the bank’s website for more information about the bank’s Card and Comprehensive Payables solutions.

Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters may contact:
Megan Pearson, Bank of America   
Phone: +44.20.7995.6977
megan.n.pearson@bofa.com 

1.

SEPA and the UK

2.

Straits Research, B2B Payments Market Size, Share and Forecast to 2031..

3.

The European Association of Corporate Treasurers (EACT), Journeys To Treasury 2023/24 Report.

 

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View original content:https://www.prnewswire.co.uk/news-releases/bofa-unveils-virtual-payables-solution-to-support-the-booming-b2b-market-302264714.html

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Gurucul Report Finds Complex IT Environments Are Main Cause of Insider Threats

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Insider Risk Management teams stress the need for unified visibility amidst rising insider attacks 

LOS ANGELES, Oct. 2, 2024 /PRNewswire/ — Gurucul announced today that its 2024 Insider Threat Report revealed the drivers of insider attacks, with growing IT complexity ranking first. The report from Gurucul and Cybersecurity Insiders is based on the insights of more than 400 IT and cybersecurity professionals to capture the latest trends, challenges and best practices in managing insider threats. It provides a comprehensive overview of how organizations are addressing these critical security challenges today. The report is available for download.

The landscape of insider risk management continues to evolve rapidly, driven by increasing complexities in IT environments, the adoption of hybrid work models, and knowledge workers’ increased adoption of sophisticated GenAI tools. Organizations need the right tools, processes, and resources to quickly, accurately and ethically identify insider threat risks. Many platforms don’t provide the complete data visibility and high-fidelity threat detections needed.

Gurucul’s report unearthed these key points:

What drives insider attacks: Complicated IT environments (39%), newly adopted technologies (37%) and poor security (33%) are the top three factors responsible for the skyrocketing number of insider attacks. These insights reveal the areas companies must address.Attacks are expensive and more frequent: 48% of companies said they’ve had more insider attacks in the previous 12 months, and 51% of respondents had six or more attacks in that time. For 29% of companies, the average remediation cost surpassed $1 million.The price tag for cyber-attacks: 32% of organizations estimated the average cost to remediate an insider attack was $100,000 to $500,000; 27% set this cost at $500,000 to $1 million. Another 21% noted their cost was $1-2 million, with 8% estimating the cost to exceed $2 million. Just 12% said their cost was under $100,000.Tools Gap: While 50% of respondents have a partially integrated solution, 28% of organizations still rely on limited integration, managing visibility through separate, non-integrated tools, 17% have altogether insufficient tooling, and 20% use disparate systems for monitoring users, applications, and devices, revealing a significant tools gap

Saryu Nayyar, CEO and founder, Gurucul, said: “From increasingly sophisticated cyber threats to rapid changes in the market and in technologies, organizations today face a myriad of cybersecurity challenges. Our report revealed that organizations are struggling with an increasing number of insider attacks, which can devastate a business. A strong cybersecurity strategy that incorporates next-generation threat detection, investigation and response technology is a key component in winning the battle against these and other threats.”

Methodology: In conjunction with Cybersecurity Insiders, Gurucul’s 2024 Insider Threat Report is based on a comprehensive online survey of 413 cybersecurity professionals, conducted in August 2024, to gain deep insight into the latest trends, key challenges, and solutions for insider threat management.

About Gurucul

Gurucul is a security analytics company founded in data science that delivers radical clarity about cyber risk. We analyze enterprise data at scale using machine learning and native, secure artificial intelligence. Instead of useless alerts, you get real-time, actionable information about true threats. Our cloud-native platform is open and flexible, so it accommodates your environment and processes. Deploy it anywhere, use any data lake, and integrate it with any security tool. To learn more, visit gurucul.com and follow us on LinkedIn and Twitter.

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SOURCE Gurucul

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NIKOLA RECORDS SALES OF 88 HYDROGEN-POWERED CLASS 8 TRUCKS FOR NORTH AMERICAN CUSTOMERS IN Q3 2024; 200 TOTAL SOLD THIS YEAR

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PHOENIX, Oct. 2, 2024 /PRNewswire/ — For Q3 2024, Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, wholesaled 88 Class 8 Nikola hydrogen fuel cell electric trucks, firmly within truck sales guidance of between 80 and 100 fuel cell units for the quarter.

For the first three quarters of 2024, Nikola wholesaled 200 hydrogen fuel cell trucks, and 235 total since the truck went on sale in Q4 of last year.

“This is a record sales quarter for Nikola, with 88 hydrogen fuel cell electric trucks wholesaled to our dealers for end customers, as well as the addition of a first-ever U.S. dealer-based HYLA modular refueling station,” said Nikola CEO Steve Girsky. “Despite overall market headwinds, Nikola remains focused on our mission to pioneer solutions for a zero-emission world, and we’re doing it one truck at a time.”

All Nikola trucks are assembled in Coolidge, Ariz.

NOTE: Nikola has not completed its quarterly review process or the preparation of its financial statements for the third quarter ended September 30, 2024.

ABOUT NIKOLA CORPORATION
Nikola Corporation’s mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming transportation and over-the-road freight services. With our Class 8 vehicles, including battery-electric (BEV) and hydrogen fuel cell electric trucks (FCEV), and our energy brand, HYLA, we are driving the advancement of the complete hydrogen refueling ecosystem. This encompasses supply, distribution, and dispensing, reflecting our commitment to sustainable practices and a cleaner future.

Nikola is based in Phoenix, Ariz. with a manufacturing facility in Coolidge, Ariz. 

Experience our journey to achieve your sustainability goals at nikolamotor.com or engage with us on social media via Facebook @nikolamotorcompany, Instagram @nikolamotorcompany, YouTube @nikolamotorcompany, LinkedIn @nikolamotorcompany or Twitter @nikolamotor.

FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the “Company”), including statements relating to: the belief that the Company is pioneering solutions that will help transition to a zero emission future; the first ever dealer based hydrogen fueling station; and making progress one truck at a time despite market headwinds. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: completion of the Company’s review of its third quarter results; changes to assumptions underlying vehicle sales; the ability of the Company to access sufficient capital to meet its requirements and fund its business; manufacturing delays and difficulties; risks related to the rollout of the Company’s hydrogen fueling infrastructure and the timing thereof; construction risks and delays; the availability of access to hydrogen refueling facilities; the level of and cancellation of customer orders; risks associated with manufacturing batteries and fuel cell power modules; variations in and characteristics of the hydrogen fueling location, including but not limited to fueling hardware and software protocol, fuel amount, and fueling conditions, any of which may affect refueling times; and the factors, risks and uncertainties described in the “Risk Factors” section of the Company’s annual report on Form 10-K for the year ended December 31, 2023 filed with the SEC, in addition to the Company’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

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SOURCE Nikola Corporation

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PlanHub to Take Center Stage at NAHICA’s ExpoContratista 2024 event this October

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PlanHub, the premier cloud software platform for commercial construction entrepreneurs, will be a featured participant at NAHICA’s ExpoContratista 2024 event in Atlanta, GA on October 4th and 5th. They will be hosting highly-anticipated seminars on both days of the event, as well as answering questions and offering live demos at booth #3602.

WEST PALM BEACH, Fla., Oct. 2, 2024 /PRNewswire-PRWeb/ — PlanHub, the premier cloud software platform for commercial construction entrepreneurs, has announced a major presence at NAHICA’s upcoming ExpoContratista 2024 event, taking place in Atlanta, GA on October 4th and 5th.

The Hispanic construction community plays a crucial role in the growth and success of our industry,” said Ro Bhatia, PlanHub CEO.

As an extension of the company’s ever-growing synergy with NAHICA, PlanHub will present two highly-anticipated workshops (beginning at 3 pm EST on both days) focusing on sharing invaluable strategies for growing your business.

Additionally, PlanHub will be present and available throughout the event at booth #3602 to chat with attendees and showcase the platform’s latest tools. Team members will field questions, conduct live demos, and offer booth visitors a unique in-person opportunity to learn how they can save time and increase revenue by using PlanHub’s all-in-one platform.

“The Hispanic construction community plays a crucial role in the growth and success of our industry,” said Ro Bhatia, PlanHub CEO. “We’re proud to strengthen our partnership with NAHICA, connecting more deeply with this community, understanding their challenges, and providing the tools they need to succeed. We’re excited to meet everyone at this year’s ExpoContratista and explore how PlanHub can help save time and grow their businesses.”

PlanHub’s presence at ExpoContratista Atlanta 2024 is the latest chapter in the groundbreaking collaboration between the two organizations, aligned with the mutual goal of equipping Hispanic contractors with the tools and resources they need to thrive in the competitive construction landscape.

For more information about ExpoContratista Atlanta 2024, visit expocontratista.com.

About PlanHub:
PlanHub is the cloud software platform that empowers commercial construction professionals to expand their businesses by building their networks, optimizing workflows and streamlining collaboration. Our user-friendly tools assist contractors and suppliers throughout the preconstruction journey, including finding more projects to bid on, connecting with the right people to get the job done right and building better proposals to win more business. For more information, visit planhub.com.

About NAHICA:
The National Hispanic Contractors Association (NAHICA) is a leading organization dedicated to empowering Hispanic contractors and subcontractors in the construction industry. With a strong commitment to diversity and professional growth, NAHICA offers resources, networking opportunities, and advocacy to foster success within the Hispanic construction community. For more information, visit nahica.org.

For any media-related inquiries, please contact;
Jesel Silva,
jsilva@planhub.com
PlanHub
1-866-752-6482

Media Contact

Jesel Silva, PlanHub, 1-866-752-6482, jsilva@planhub.com, https://planhub.com/

View original content:https://www.prweb.com/releases/planhub-to-take-center-stage-at-nahicas-expocontratista-2024-event-this-october-302265186.html

SOURCE PlanHub

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