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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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Rice’s Biotech Launch Pad to lead commercialization of bioelectrical implant treatment for obesity, type 2 diabetes

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$34.9M ARPA-H project aims to disrupt therapies’ market and radically improve treatment options

HOUSTON, Oct. 2, 2024 /PRNewswire/ — Rice University is part of a multiuniversity research team that has secured an award of up to $34.9 million from the Advanced Research Projects Agency for Health (ARPA-H) to accelerate the development of a bioelectronic implant designed to improve adherence for obesity and type 2 diabetes (T2D) treatment while reducing development and manufacturing costs.

Rice University’s Biotech Launch Pad will lead the commercialization effort for “Rx On-site Generation Using Electronics” (ROGUE), a self-contained, durable implantable device that houses cells engineered to produce T2D and obesity therapies in response to patients’ physiological needs.

Carnegie Mellon University leads the team of researchers driving the accelerated development and testing of ROGUE, which functions as a “living pharmacy” designed to make biologic drugs, or biologics (a rapidly expanding group of therapies derived from living cells), accessible in the body on demand. With a target cost of goods below $1,000 for at least one year of therapy, ROGUE aims to significantly lower the costs of biologics-based treatments.

ROGUE uses closed-loop bioelectronics to support, monitor and adjust drug production and dosing as well as communicate with patients. The implant will be recharged using a wearable device weekly or even less frequently, eliminating the need for managing daily, weekly or monthly medication administering, storage and restocking. This technology is designed for rapid and cost-effective deployment via a minimally invasive procedure in an outpatient clinic.

“ROGUE’s innovative design combines efficient biological manufacturing, long-term durability and patient-friendly features that have the potential to transform the landscape of biologics delivery,” said Omid Veiseh, professor of bioengineering and faculty director of the Rice Biotech Launch Pad. “With the Rice Biotech Launch Pad leading the clinical translation and commercialization efforts, this funding will allow us to expedite the development and clinical trials of this groundbreaking technology, making it accessible to patients sooner.”

In-house entrepreneur and executive director of the Rice accelerator, Paul Wotton, will be involved in every step of the process to ensure the evolution of this technology from research to clinical translation to an independent company.

“With the Biotech Launch Pad, our goal is venture creation in parallel to the groundbreaking research at Rice and its collaborating institutions,” Wotton said.

Including backing for ROGUE, the team of researchers developing the project has received over $100 million through cooperative agreements from ARPA-H and the Defense Advanced Research Projects Agency (DARPA) for two other “living pharmacy” projects — THOR and NTRAIN.

“This level of support speaks volumes to just how transformative these innovations could be, and therefore how important it is to facilitate their translation,” Wotton said.

“I am absolutely thrilled by ARPA-H’s strong support for the Rice Biotech Launchpad’s efforts in accelerating breakthrough bioelectronic technology transition from the bench to the bedside,” said Paul Cherukuri, Rice’s vice president for innovation and chief innovation officer.

Carnegie Mellon materials science and bioengineer Tzahi Cohen-Karni said that ROGUE’s bioelectronic integration represents a revolutionary advancement in biologics production.

“Our approach enables on-demand production of therapeutics in a highly energy-efficient manner,” said Cohen-Karni, who serves as primary investigator on the ARPA-H award. “This technology not only simplifies the delivery of life-saving medications but also enhances patient comfort and adherence. ROGUE’s precision and adaptability offer a much-needed improvement in both treatment efficacy and patient experience.”

Jonathan Rivnay, a professor of biomedical engineering at Northwestern University, said that biologics, including antibodies, hormones, growth factors and cytokines, are expensive and account for a significant portion of health care expenses.

“ROGUE’s ability to produce glucagon-like peptide 1 receptor agonist (GLP-1 RA) on site will address these high costs and improve patient adherence by eliminating the need for frequent injections,” Rivnay said. “GLP-1 RAs have proven effective in enhancing insulin secretion, reducing glucose levels and promoting significant weight loss, making them a first-line therapy for diabetes and obesity.

“Our collaborative efforts are paving the way for the ROGUE platform to become a revolutionary force in the field of biologics. This technology not only addresses the limitations of current biologics but also offers a sustainable, long-term solution for managing chronic diseases.”

GLP-1 RAs are a leading class of drugs for treating patients with T2D and obesity. Unlike other T2D therapies, GLP-1 RA-based drugs are also effective against obesity. Despite their efficacy, GLP-1 RAs are expensive and often inaccessible to many patients. ROGUE’s sustainable, on-demand production system will mitigate these challenges by providing a cost-effective, widely available solution, according to the research team. The ROGUE device is expected to offer the same benefits as traditional GLP-1 RAs, including the prevention of cardiovascular and kidney disease progression in high-risk patients.

This pioneering project was rigorously assessed as a potential project for ARPA-H, a federal funding agency established in 2022 to support research that has “the potential to transform entire areas of medicine and health.” This effort is funded under ARPA-H’s REACT program and includes funding for a first-in-human clinical trial for patients facing obesity and T2D. The trial preparation is slated to begin in the fifth year of the six-year project.

Other Rice co-principal investigators include Jacob Robinson, a professor of electrical and computer engineering and bioengineering who leads integration efforts for the project in line with the focus on clinical translation and commercialization; and Oleg Igoshin, a professor of bioengineering and chemistry and associate chair of the bioengineering department who oversees pharmacokinetics and pharmacodynamics modeling. 

ROGUE is a collaboration between multiple institutions, including Rice, Carnegie Mellon, Northwestern, Boston University, Georgia Institute of Technology, University of California Berkeley, the Mayo Clinic and New York City-based Bruder Consulting and Venture Group. The consortium brings together experts in biomedical engineering, synthetic biology, materials science, electrical engineering and related fields to co-design and develop the implant technology.

Download associated media assets:
https://rice.box.com/s/qc0a3wq29oyw9wobiipwnz1rxrirlo5m

About the Rice Biotech Launch Pad 

The Rice Biotech Launch Pad is a Houston-based accelerator focused on expediting the translation of Rice University’s health and medical technology discoveries into cures. This initiative is designed to help advance internally discovered platform technologies from concept to clinical studies and commercialization. The Rice Biotech Launch Pad will identify and support highly differentiated projects while driving the expansion of Houston as a world-class medical innovation ecosystem. The accelerator will bring together local researchers with a network of industry executives. For more information, please visit https://biotechlaunchpad.rice.edu/

About Rice University

Located on a 300-acre forested campus in Houston, Rice University is consistently ranked among the nation’s top 20 universities by U.S. News & World Report. Rice has highly respected schools of architecture, business, continuing studies, engineering, humanities, music, natural sciences and social sciences and is home to the Baker Institute for Public Policy. With 4,574 undergraduates and 3,982 graduate students, Rice’s undergraduate student-to-faculty ratio is just under 6-to-1. Its residential college system builds close-knit communities and lifelong friendships, just one reason why Rice is ranked No. 1 for lots of race/class interaction, No. 2 for best-run colleges and No. 12 for quality of life by the Princeton Review. Rice is also rated as a best value among private universities by Kiplinger’s Personal Finance.

Media Contacts: 

Chris Stipes
713-348-6778
cs216@rice.edu

Silvia Cernea Clark
713-348-6728
silviacc@rice.edu

 

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SOURCE Rice University

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Barna and Gloo Announce State of the Church Initiative

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Church-wide initiative will equip ministry leaders with research and common metrics to better measure human flourishing and church thriving

BOULDER, Colo., Oct. 2, 2024 /PRNewswire/ — Gloo, the leading technology platform dedicated to connecting the faith ecosystem, and Barna Group, a visionary research and resource company, announced a new initiative called State of the Church 2025. The initiative seeks to equip ministry leaders and their communities with regular research findings and measurement tools to better advance human flourishing and church thriving. 

“State of the Church 2025 is a new vision, a new way of thinking about the oldest work that we could be called to — building Jesus’ work in the world,” said David Kinnaman, CEO of Barna Group. “As we listen to church leaders and analyze the data, it’s clear that leaders need new methods and resources to advance their mission. That’s why we’re excited to share regular research, stories, and measurement tools that help Christian leaders understand the current social and spiritual trends in the Church and in their own contexts.”

The initiative will include monthly research releases, success stories from the faith community, and practical content. It will also include the “State of Your Church,” a suite of tools — including assessments and dashboards to help network leaders and local church leaders see the state of their own church.

“The big C Church has gone too long without a common way to measure what really matters,” said Scott Beck, CEO of Gloo. “Using a common set of metrics like human flourishing and church thriving helps church leaders and their people know and be known — so that every person can become all they were born to be.”

About the measures:

Human Flourishing: Work from Barna Group and Harvard University points to seven dimensions of flourishing that provide a holistic view of well-being and quality of life. These areas include finances, physical and mental health, vocation and purpose, relationships, contentment, and spiritual formation.Church Thriving: Decades of research from Barna Group surface 15 unique areas that provide a framework for understanding the health of ministries. These include dimensions such as prayer culture, trusted leadership, and resource stability, to name a few.

The State of the Church was first launched in 2020, just weeks before the COVID-19 pandemic was declared, and was primarily focused on research. Gloo and Barna pivoted quickly to serve the needs of church leaders by providing tools to help them stay close to the needs of their people while navigating the changing landscape.

“Our goal, then and now, with this research and these common metrics, is to help leaders be even more effective at knowing and discipling their people so that the Church can thrive in our complex and fast-changing culture,” said Kinnaman.

The initiative kicks off with early research releases and a free church toolkit in October, followed by regular research drops, new content, tools, and two major events in January and March of 2025.

Key Highlights From State of the Church

Monthly research based on key themes released throughout the yearSurveys and assessments based on common metricsResults dashboards, insights and next steps to help leaders know and serve their peoplePersonalized results and next steps for congregantsMonthly stories from the faith community on what’s workingPractical application content

“The initiative tools — whether it’s the research, the assessments and dashboards, or the content — are all designed to be used within the context of relationships, because that’s where people grow best,” said Beck. “But no single organization could support these growth journeys on their own. That’s why partners from across the faith community have come together to provide help to church leaders and their people in the form of content, resources, services and more. It’s really a Church-wide initiative.”

Learn more at stateofthechurch.com.

Gloo is the trusted tech platform that releases the collective might of the faith ecosystem. Gloo connects ministry leaders to resources, people, insights, and funding so their people and communities flourish and their organizations thrive. Gloo does this with the highest standards of trust and scalable economic models. Gloo serves over 75,000 churches and more than 1,000 resource partners. 

Barna Group is a leading research organization focused on the intersection of faith and culture. Since 1984, Barna has conducted more than two million interviews over the course of thousands of studies and has become a go-to source for insights about religion, leadership, vocation and generations. Barna is an independent, privately-held, nonpartisan organization based in Dallas–Fort Worth, Texas.

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SOURCE Gloo

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Republic Services Launches Circularity Index to Help Businesses Improve Sustainable Practices

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Online tool helps companies understand and advance their circularity journey

PHOENIX, Oct. 2, 2024 /PRNewswire/ — Circularity, the concept of maintaining the value and use of materials as long as possible to minimize waste and resource consumption, is critical for businesses to reduce their environmental impact and achieve sustainability goals. Republic Services, Inc. (NYSE: RSG), a leader in the environmental services industry, today launched the Circularity Index, a no-cost online tool to help businesses understand and optimize their circularity journey to positively impact the environment and their bottom lines.

According to the U.S. Environmental Protection Agency, more than 300 million tons of waste is generated each year in the U.S., and over 60% of it is either landfilled or incinerated. Companies can mitigate increasing environmental and consumer concerns by shifting from a linear “take-make-dispose” model to a circular approach, optimizing resource use and diversion opportunities to minimize waste generation and advance sustainability.

“Companies have set ambitious sustainability goals, but many need additional knowledge or tools to effectively achieve them,” said Amanda Hodges, chief commercial officer at Republic Services. “We developed the Circularity Index to help companies assess their circularity initiatives and provide a roadmap to help them achieve their goals.”   

Republic Services, in partnership with The Harris Poll, asked 1,200 sustainability leaders at companies across 10 U.S. industries to rate their organization on 21 aspects of circularity. The research showed that 87% of companies plan to invest more in circular initiatives over the next two years, but most lack the needed expertise, tools and prioritization. Republic Services developed the Circularity Index to benchmark companies by industry on their circularity journey and help them accelerate their efforts.  

The Circularity Index places companies on a five-point maturity curve, from Novice to Expert, to help them understand the maturity of their circular initiatives relative to peers across three categories:

Commitment: to what extent are leadership, resources, goals and budget aligned with circularity-related initiatives

Execution: how well an organization plans, implements and measures progress to achieve its circularity goals

Recovery: the degree to which circularity programs are achieving waste minimization and diversion, and increasing material reuse and recycling

The research shows that many companies are still in the early phases of their circularity approach and initiatives: 45% of all companies fall into the lower Novice and Emerging categories. On the high end, only 12% of companies have achieved Expert status. Industries that are more advanced in their circularity efforts include consumer packaged goods, manufacturing and energy/utilities/environmental services, while government has the most opportunity to drive circular initiatives.

Other findings include:

65% agree that everyone wants to advance sustainability, but few know how:75% lack the necessary tools.83% want senior leadership to grant more room to prioritize initiatives.

“Most companies acknowledge the need to take action to improve circularity, but many do not know where to start or how to advance their initiatives in a way that provides both environmental and economic benefit,” added Hodges. “We are committed to helping companies further their circularity journey.”

Companies can use the Circularity Index to assess and benchmark current initiatives versus industry peers and follow the tool’s guidance and roadmap to set goals and enhance the circularity of their operations. 

The Circularity Index builds on Republic Services’ expertise in waste diversion and circular solutions. For more information about the Circularity Index and to take a brief circularity assessment, visit RepublicServices.com/Circularity.

Circularity Index Webinar
A webinar will be held at 1 p.m. Eastern Time on Wednesday, Oct. 16 to provide an overview of the Circularity Index and industry-specific results, and answer questions about the tool. Webinar Registration Link: info.republicservices.com/circulatorywebinar2024.

About Republic Services
Republic Services, Inc. is a leader in the environmental services industry. Through its subsidiaries, the company provides customers with the most complete set of products and services, including recycling, solid waste, special waste, hazardous waste and field services. Republic’s industry-leading commitments to advance circularity and support decarbonization are helping deliver on its vision to partner with customers to create a more sustainable world. For more information, please visit RepublicServices.com.

Republic Services Media Relations
Media@RepublicServices.com
(480) 757-9770

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SOURCE Republic Services, Inc.

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