Afternoon Coffee: Coupa to Launch Coupa Payments, BMW Hints at Production Moves Ahead of Brexit Talks

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Coupa announced Tuesday it will launch Coupa Payments, a cloud e-payables solution designed to streamline cross-border payment systems and automate accounts payable processes, according to a press release. Coupa Payments digitizes the payment processes in 170 countries in 140 different currencies, and standardizes the process with the same payments workflow to provide visibility across the payment lifecycle, the company said.

"Before we started using Coupa Payments with Nvoicepay, only 30% of our payments were automated. Now almost 100% of our payments are automated," said Brad Goodson, CFO at Kauffman Tire, in the release. "This has freed up resources within the corporate office to spend more time helping our retail and wholesale locations better serve our customers as opposed to wasting time on administrative tasks and paper shuffling."

BMW Flexes Muscle

Negotiations between the U.K. and the European Union over Brexit are getting a close look from BMW, which hinted in its annual meeting recently that it could abandon production in the U.K. without the free movement of workers, IndustryWeek reports. BMW employs around 18,000 people in the U.K. and claims its presence supports a further 46,000 workers.

Local Suppliers Get Boost in Vietnam

Vietnamese carmaker Thaco is increasing its use of local suppliers to boost its output as a supplier to Western automakers, Nikkei Asian Review writes. It now procures 20% to 50% of parts from domestic suppliers, which has allowed the company to keep production costs low enough to undercut competitors.

Cotton Futures

And finally, a commodities update: Cotton futures soared to their trading limit by 9:30 a.m. ET Monday, up 2.5% at 84.26 cents a pound on the ICE Futures U.S. exchange, the Wall Street Journal reports.

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