Afternoon Coffee: Wirecard fraud case sends shockwaves; Icertis’ tips for contract resiliency; India-China battle and U.S. supply chains; new Vendor Analysis format

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The scandal of the missing $2 billion has led to the German payments firm Wirecard filing for insolvency and it has had a ripple effect — like calls for investigations against the accounting firm EY, a possible lawsuit from Wirecard investors like SoftBank, and the UK watchdog agency forcing Wirecard Card Operations to cease all regulated activity, freezing customer funds, CNBC reports.

And the Financial Times reports that EY didn’t directly check a Singapore bank’s records where the $1 billion was said to reside.

Also, what about the Wirecard customers?

Visa and Mastercard are considering cutting ties with Wirecard so it couldn't use their networks to process payments, according to a Bloomberg News report.

Wirecard has thousands of large- and medium-size merchants and many thousands of small-size merchants worldwide to help them take online, mobile and point-of-sale payments. Stay tuned as the fallout from this scandal develops.

Contract resiliency tips from Icertis webinar

The coronavirus disruption has highlighted gaps in contracting. Icertis, a provider of contract lifecycle management (CLM), has tips on “contract resiliency,” much like supply chain resiliency. Join a webinar with Spend Matters Chief Research Officer Pierre Mitchell and Icertis experts Vivek Bharti, General Manager — Product Management, and Bernadette Bulacan, Vice President — Lead Evangelist, as they discuss trends and give real-world examples of how businesses are future-proofing their organizations through CLM to face uncertainty and complexity. Listen to the webinar on-demand here.

India's standoff with China may disrupt U.S. supply chains

After India and China had a deadly border clash, a decision by Indian customs officials to stop clearances of industrial consignments coming into India from China has raised concerns among U.S. manufacturers based in the country, according to a letter written to India’s Department for Promotion of Industry and Internal Trade, reports Bloomberg News.

“We are concerned about the repercussions an unanticipated embargo on the import of goods from neighboring countries will have on the supply chain and manufacturing,” said Mukesh Aghi, president of the U.S. India Strategic Partnership Forum in the letter sent to the government department.

Vendor Analysis redesign

To better facilitate readers’ tech selection needs, Spend Matters’ analysts are trying out a new format on how they roll out their insights in our three-part PRO Vendor Analysis posts. We still deliver in-depth details from demos, research and market comparisons — but in a different order.

The “strengths and weaknesses” section will now be in Part 1 instead of Part 2. The second installment will provide a company SWOT and a market analysis of competitors, which was typically in the last part. Now, Part 3 will focus on the detailed solution overview, giving readers who are interested in the vendor very specific details and capabilities. (Our one-part Vendor Analysis pieces on newcomers and niche firms, like Monday’s PRO on Teampay, analyze the same topics but in the shorter format.)

Check out the proposed format and send any feedback to us at jpmorris@spendmatters.com:

Xeeva: Vendor Analysis (Part 1) — Company Background, Solution Strengths/Weaknesses

Xeeva: Vendor Analysis (Part 2) — SWOT, Competitors & Market Overview, Tech Selection Tips

Xeeva: Vendor Analysis (Part 3) — In-Depth Solution Overview

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