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Tech Lowdown: Revolut, IBM, EY and Oracle NetSuite

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This week’s roundup features public Bitcoin withdrawals from Revolut, EY and IBM’s centre of excellence and Oracle NetSuite’s Release1.

12th May 2021
Staff Writer AccountingWEB
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Revolut launches public beta for Bitcoin withdrawals

Revolut has launched crypto withdrawals, allowing customers to transfer Bitcoin to their personal wallets outside of the Revolut ecosystem.

Revolut customers can choose where to store their Bitcoin – Revolut, or hot or cold storage. To begin with, Revolut will give exclusive Beta access to UK Metal customers. They will be able to add three external addresses and withdraw up to £500 a day and £1,000 a month. For extra safety and security, Revolut has introduced two-factor authentication, so customers can be 100% sure every time. 

“Crypto withdrawals have been a heavily requested feature within Revolut’s crypto community,” said Revolut CEO and founder Nik Storonsky. “This is just the start of a long list of new crypto features we plan to launch so we can offer customers one of the best crypto products on the market.”

Customers can upgrade to Metal for more features like stock trading, savings vaults and Revolut Junior. The fintech plans to roll crypto withdrawals out to other paid plans and markets in the near future, as well as launching more crypto features. 

IBM and EY create centre of excellence

IBM and EY’s centre of excellence is focused on helping financial institutions accelerate their digital transformations with hybrid cloud solutions.

The centralised virtual hub houses offerings in areas like regulatory compliance, digital trust, and security to help clients use the cloud at scale.

Available on IBM Cloud for Financial Services and built with Red Hat OpenShift, the hybrid cloud solutions leverage IBM technology and EY teams’ experience working with financial institutions.

“As part of the Centre for Excellence, we’re helping financial institutions modernise their systems by integrating EY industry and regulatory experience with IBM’s open hybrid cloud and cognitive technologies, to ultimately fuel customer digital transformation,” commented IBM Hybrid Cloud Platform head Howard Boville.

NetSuite 2021 Release 1

NetSuite 2021 Release 1 seeks to inject intelligence and automation with the following updates:

Smart Financials & Operational Automation

  • The introduction of centralised subsidiary purchasing and billing consolidates purchases across multi-subsidiary organisations and generates vendor payments from a single location. This can reduce purchase order volume and automate corresponding cross-charges. The payoff: better spend management and increased productivity.

  • New expense commitments and budget validation functionality prevent overspending by validating purchase requests and orders against an organisation’s available budget, ensuring that budgets are closely followed.

  • SuiteApprovals now provides email approval which makes it possible to review, approve or reject transactions on the go by simply clicking on email links. Staff can use the accompanying email approval log to review and audit email approval actions before they are updated in the system. This leads to more flexible and quicker transaction approvals.

  • With the latest global bank feeds feature, companies can now use the Bank Feeds SuiteApp to automate the importing of financial data from banks in Asia, Australia and New Zealand, increasing efficiency and simplifying tedious reconciliation tasks.

Optimising the Project Lifecycle

  • NetSuite 2021 Release 1 brings the debut of SuiteProjects, a professional services automation solution built natively on NetSuite. SuiteProjects combines capabilities in project management, resource management, project budgeting and project accounting, providing complete visibility into, and control over projects and billable resources. When combined with NetSuite CRM, financials and SuitePeople, SuiteProjects becomes the finishing touch on a comprehensive single platform for running a services business.

  • Project purchase automation and visibility functionality lets project managers initiate purchases directly from projects, providing project views of purchase transactions and enabling the routing of purchase approvals. Purchasing and project management staff can collaborate more effectively, and the simplified user experience lets project managers easily view how purchases are affecting projects.

  • Expense report policies can be expanded to set limits for each expense line in a project, and additional filters allow for control of policies based on billable line items. The combination of controls and notifications ensures alignment with company policies and client contracts.

  • By clicking the new “retract” button, employees can easily correct weekly timesheets before they’re approved, saving time for employees, approvers and administrators alike.

Automated Inventory Management

  • The NetSuite Pack Station is a new touchscreen packing solution that can be used to consolidate shipments, pack multiple cartons simultaneously, manage multi-level packing and scan weights from scales. This provides an extra layer of verification before orders are shipped, potentially preventing customer dissatisfaction and avoiding the cost of having to reship an incorrectly packed order. 

  • Warehouse management system (WMS) enhancements in NetSuite 2021 Release 1 include wave automation (for taking advantage of off-peak wave processing), tally scans (which improve picking by making bar code scans quicker and more reliable), cart put-away, bulk picking, added support of mobile status changes and automatic label printing.

  • Channel allocation and reservation functionality enables order allocation by channel and lets you enter inventory reservation in advance of the sales order. This leads to better tracking of sales and operations activities. The new order management dashboard and enhanced sales reports provide improved insight into channel sales operations, and improved allocation and fulfilment translates to increased customer satisfaction.

  • Finally, with the new supply allocation against blanket PO feature, location assignments are now based on earliest availability and required-by date. This means orders can be promised more accurately by using the best location recommendation to match those timeframes.

Platform and Analytics

  • New application performance management (APM) dashboards monitor and analyse the health of REST web services-based integrations. Support for REST web services has also been enhanced.

  • With new internationalisation and localisation tools and processes, the NetSuite user and administrator experience can feel local for global businesses operating in any country. There is now native language support for SuiteAnalytics workbooks, a wide range of fields that can be localised, and the ability to extend support for analytics development and automation.

  • SuiteScript APIs have been made more powerful and easier to use for application development and account customisation projects, and the new secrets management feature set enables developers to securely manage authentication information.

  • Developers are now able to work with significantly larger data sets by virtue of asynchronous coding techniques. They can also use native Chrome debugger support for SuiteScript to test and debug applications without leaving browser context.

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