Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Tesla’s quarterly vehicle deliveries fell short of market expectations, dashing hopes for a strong rebound on the back of a recovery in Chinese car demand.

The company delivered 462,890 vehicles globally in the three months to September, up 6.4 per cent from a year earlier. The increase was first of the year but missed Wall Street expectations for 463,000 vehicles. That pushed down its shares by more than 3 per cent on Wednesday.

But Tesla retained its position as the top electric-vehicle maker. This week, China’s BYD reported that third-quarter deliveries of EVs totalled 443,426 — a 2.7 per cent rise from the previous year.

The gain in battery-powered cars was modest for BYD but the group reported a 75.6 per cent increase in the sales of plug-in hybrids after it unveiled its latest hybrid technology in May.

Growth in EV sales has slowed globally but prospects in China, the world’s largest car market, have improved after Beijing in July doubled the subsidies offered to consumers who switched from a petrol vehicle to an EV or a plug-in hybrid.

Analysts had hoped that a boost in Chinese demand would bolster the momentum for the Austin-based company. For much of the year, Tesla has wrestled with increased competition from Chinese rivals, forcing it to slash prices on some of its models including lease prices.

Tesla is expected to unveil its first “robotaxis” — a fleet of self-driving taxis — next week as Elon Musk has made a radical strategic pivot towards autonomous driving, artificial intelligence and robotics.

Today’s quick business environment greatly depends on the optimization of financial processes to secure a competitive edge. Technology has substantially redefined the methods of accounts payable management. Organizations in multiple sectors—including telecoms, IT, manufacturing, education, healthcare, and many others—are implementing accounts payable software to improve their payment workflows, raise accuracy, and heighten overall efficiency. Organizations such as Quadient are leading the way in bringing to market innovative AP solutions that cater to different sector requirements.

Key Features of Accounts Payable Software

Organizations in sectors like distribution, logistics, financial services, and government can revolutionize their payment management by having sufficient AP software in place. Some key features include:

1. Automated Invoice Processing: Software designed for accounts payable automates the procedure for both capturing and handling invoices. The software can retrieve essential data from invoices sent via email, PDF, or worse yet, paper, and start the approval flow.

2. Approval Workflows: All invoices must go through approval before making a payment. The workflow for approval is completely automated with accounts payable software, so the right people can review and authorize each invoice before it receives payment. This lowers bottlenecks and assures that approvals happen on time.

3. Payment Automation: After invoices get approval, the software can program and carry out payments to vendors. Depending on the vendor’s choice, this can be done using checks, electronic transfers, or different payment methods.

Benefits of Accounts Payable Software Across Different Industries

1. Telecoms, IT, and Technology

In the swiftly changing atmosphere of telecommunications and technology, managing payments efficiently is important for providing service and fulfilling supplier obligations. The software from AP allows businesses to deal with considerable amounts of invoices promptly, confirming that payments occur on time and free from errors or delays. Thanks to automating these processes, technology firms are able to focus their energy on innovation, rather than getting bogged down by administrative work.

2. The process of manufacturing and distribution.

For sectors including manufacturing and distribution, accounts payable software keeps supply chain processes operating smoothly. In these sectors characterized by high invoice and payment volumes, AP software can manage it effectively, thereby helping to prevent pricey delays that might disrupt the production process. With automation of payments, both manufacturers and distributors can sustain good supplier relationships and improve cash flow optimization.

3. Healthcare and Education

In sectors such as healthcare and education, where adherence to compliance and maintaining accuracy is vital, accounts payable software serves as a means to ensure financial transactions are carried out with exactitude. Hospitals, clinics, schools, and universities can take advantage of AP software to oversee payments to vendors, control budgets, and maintain transparency in their financial practices. This is of particular significance for non-profit organizations, which count on accurate accounting to preserve trust with their stakeholders.

4. Professional Services and Legal

Prompt payments to vendors and partners are fundamental for legal and accounting firms to run efficiently. Accounts payable software enables a reduction in the time needed for manual invoice processing, so professionals have the opportunity to focus on client service. In areas of the law, where the process of documentation and approvals tends to be particularly tedious, automating these steps can greatly enhance efficiency.

5. Retail, Supermarkets, and Wholesale

The high volume of invoices and payments that retailers, supermarkets, and wholesalers handle makes accounts payable software necessary for improving these processes. The solutions from AP enable retailers to meet payment deadlines, dodge late fees, and make sure suppliers get paid on time, all the while lowering the chance of errors.

6. Government, the Public Sector, and Utilities

Maintaining transparency and accountability in financial transactions is of greatest importance for government agencies and public sector organizations. Accounts payable software gives the capabilities to manage payments safely and effectively, making sure public funds are managed properly. By offering enhanced workflows, AP software can help utilities and energy companies, which typically deal with complex vendor relationships.

Why Choose Quadient for Accounts Payable Solutions?

Quadient has created industry pioneering accounts payable software that meets the specific requirements of different sectors. For medical, educational, telecoms, and retail industries, the AP solutions from Quadient deliver the necessary flexibility and scalability to address multiple financial workflows. Quadient’s AP software offers features including automated invoice capture, payment processing, and ERP integration to provide a thorough solution that boosts efficiency and lowers costs.

Organizations that choose Quadient’s accounts payable software can optimize their payment procedures, reduce manual problems, and fulfill all financial commitments on time. This gives rise to improved relations with vendors, improved cash flow management, and augmented operational efficiency.

Conclusion

Across various sectors, including manufacturing and healthcare, accounts payable software has turned into an important tool for the management of financial workflows. The ability to automate extensively, produce reports efficiently, and integrate seamlessly allows AP software to help businesses enhance their efficiency, lower costs, and guarantee timely payments. Those businesses looking to enhance their financial operations and maintain a lead in a competitive environment can find a powerful platform through Quadient’s accounts payable solutions.

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

The writer is the foreign minister of Saudi Arabia

In the face of the ongoing tragedy in Gaza, it is imperative that we recognise the need for an immediate ceasefire. The relentless cycle of violence must end. Making war as the region devolves into a dangerous escalatory cycle is easy. De-escalating and finding the path towards a lasting peace amid the ruin and despair requires courage and leadership. It is time to embark on an irreversible road to resolution, one that culminates in two independent Palestinian and Israeli states living side by side.

Saudi Arabia has a long-standing commitment to seeking a just resolution to this conflict. Crown Prince Mohammed bin Salman recently reaffirmed our commitment to creating an independent Palestinian state. He emphasised that “the Palestinian issue is at the forefront of [Saudi Arabia’s] concerns” and strongly condemned Israel’s crimes and disregard for international law. Saudi Arabia will tirelessly work towards establishing an independent Palestinian state with East Jerusalem as its capital and will not establish diplomatic relations with Israel without this condition. It is the establishment of an independent Palestinian state that will deliver the dividends we seek: regional stability, integration and prosperity.

A two-state solution is not merely an ideal; it is the only viable path to ensuring Palestine, Israel and the region’s long-term security. Uncontrolled escalatory cycles are the building blocks of wider war. In Lebanon, we are witnessing this first hand. Peace cannot be built on a foundation of occupation and resentment; true security for Israel will come from recognising the legitimate rights of the Palestinian people. By embracing a solution that allows both peoples to coexist in peace, we can dismantle the cycle of violence that has entrapped both sides for far too long.

It is essential to understand that the true obstacles to peace are not the Palestinians and Israelis who yearn for stability and coexistence, but rather the radicals and warmongers on both sides who reject a just resolution and seek to spread this conflict across our region and beyond. These extremists should not dictate the future of our peoples or force war upon them. The voices of moderation must rise above the din of conflict, and it is our collective responsibility to ensure that they are heard.

We have witnessed the perseverance of the Palestinian Authority in maintaining calm in the occupied West Bank despite unrelenting obstacles. Its commitment to non-violence and co-operation must be supported. A lasting resolution cannot be achieved without both Gaza and the occupied West Bank being under PA control.

Conversely, it has been clear for too long that self-defence is not Israel’s primary goal in this war. Instead, it seems the objective is to eliminate the conditions for life with any modicum of dignity for decades to come. By continuing the assault on Gaza that has killed over 40,000, according to Palestinian health officials, and displaced almost 2mn, expanding settlements in the occupied West Bank and imposing movement restrictions, Israel creates a reality that diminishes prospects for a sovereign Palestinian state. Its intransigence only exacerbates tensions and erodes trust, making diplomatic negotiations increasingly difficult, prolonging the suffering of both sides and pushing the region ever closer to wider war.

Self-determination is an inalienable right that the Palestinian people not only deserve but are entitled to. Our diplomats have worked tirelessly alongside others to secure recognition of Palestine as a sovereign state globally. To the nations that have privately expressed their willingness to do this, I urge you to take this crucial step publicly. Now is the time to stand on the right side of history.

But merely recognising Palestine is not enough. We must demand more accountability in line with International Court of Justice opinions. This includes the implementation of UN resolutions, the imposition of punitive measures against those that work to undermine Palestinian statehood and incentives for those who support it.

A global alliance of UN members and international organisations now support diplomatic efforts for a permanent ceasefire, the release of hostages and detainees, and addressing the humanitarian suffering of those in Gaza. This alliance will seek to advance concrete measures to uphold international law, end the occupation and realise the two-state solution with a clear timeline.

Palestinian statehood is a prerequisite for peace, rather than its byproduct. This is the only path that can lead us out of this cycle of violence and into a future where both Israelis and Palestinians can live in peace, with security and mutual respect. Let us not delay any longer.

You’ve likely already seen countless headlines proclaiming how artificial intelligence (AI) is poised to revolutionise our lives.

If you were to judge the future based on Nvidia’s soaring market capitalisation, you might wonder whether AI is truly the next big revolution or just a speculative bubble waiting to burst.

The flood of news, ranging from fears of massive job losses to claims of overhyped promises, seems endless.

So, I hope you’ll forgive me for adding my perspective to the burgeoning choir of voices.

In my view, the conversation focuses too much on the “artificial” and not enough on the “intelligence”.

From serving as digital assistants to acting as co-pilots in managing complex systems, AI will drive the industry forward

Any tool, platform or technology that enables better decision making, enhances efficiency, mitigates risks and fosters greater intelligence is worth embracing.

From serving as digital assistants to acting as co-pilots in managing complex systems, AI will drive the industry forward. And it goes far beyond just the capabilities of ChatGPT.

While there will undoubtedly be benefits from automating and customising client content through AI, there are other wins to leverage in achieving better financial decision making.

1. Improved recommendations using interactive analytics

We can use the power of AI to gain intelligent insights into how best to construct client portfolios and monitor how they are performing. AI will enhance data analysis, using algorithms and crunching millions of numbers, to allow you to design and monitor fully customised portfolios that align with your client’s financial goals.

Portfolios benefit immensely from automated health checks, carried out by AI

AI can leverage vast amounts of data to provide tailored investment recommendations. By analysing factors such as income, expenses, savings and investment horizon, an AI-powered advice firm could fine tune personalised investment plans to achieve a client’s unique objectives.

2. Proactive reviews and maintenance through portfolio health checks

Just as preventative healthcare emphasises the importance of proactive measures to maintain wellbeing, portfolios benefit immensely from automated health checks, carried out by AI.

This allows investors to address potential issues before they escalate.

Traditionally, risk management involved laboriously collecting data, manually entering it into cumbersome Excel spreadsheets, often littered with formula errors, and analysing it for potential pitfalls.

Instead of joining the chorus extolling the virtues of AI, we encourage a shift in perspective – think of it as ‘augmented intelligence’

This process was time consuming, prone to human errors and often hindered by data quality issues. Automated health checks leverage a moving window of data, offering a dynamic and real-time evaluation of the portfolio’s condition.

3. Portfolio monitoring with risk alerting

AI can keep a continual eye on portfolios, monitoring market trends and making adjustments in real time.

It can analyse market data, news and economic indicators to provide proactive alerts and recommendations. It’s like having a financial watchdog that never sleeps, guarding investments with unwavering vigilance.

The human factor should always remain central. You are the director, with technology serving as a powerful enabler

Real-time notifications, often delivered through user-friendly apps leveraging interactions with large language models, explain why a portfolio may be deemed unhealthy and can even suggest remedial actions.

Whether it’s a significant deviation from historical patterns, unexpected drifts in holdings that require a rebalance or heightened risk levels requiring an urgent change in portfolio shape, investors are promptly informed and equipped with actionable insights.

These are just a few ways AI can help improve investment decision making and efficiency, while reducing manual work.

We should not fear it. It can never replace the human touch that comes with empathy, intuition and experience. What it will do is free up advisers from routine tasks, allowing them to focus on building deeper relationships with clients.

Instead of joining the chorus extolling the virtues of AI, we encourage a shift in perspective – think of it as “augmented intelligence”.

This approach emphasises the synergy between humans and AI, where technology amplifies human intelligence, particularly in problem solving.

By offering recommendations and insights based on deep data analysis across various scenarios, AI doesn’t replace the human element – it enhances our capabilities.

The human factor should always remain central. You are the director, with technology serving as a powerful enabler.

Tony Wilkinson is investment director, quantitative solutions, at Collidr

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Starling Bank has received a fine of £29mn from the UK financial regulator, which accused the challenger bank of “shockingly lax” controls against financial crime.

Starling’s efforts to identify potential money laundering, sanctions breaches and screen high-risk customers “did not keep pace” with the bank’s growth, the Financial Conduct Authority said on Wednesday. Starling grew from about 43,000 customers in 2017 to 3.6mn in 2023, the watchdog said.

“Starling’s financial sanction screening controls were shockingly lax,” said Therese Chambers, joint executive director of enforcement and market oversight at the FCA. “It left the financial system wide open to criminals and those subject to sanctions.”

The FCA said Starling had repeatedly failed to comply with an earlier agreement it made with regulators to stop opening new accounts for high-risk customers until its financial crime controls had improved.

Despite the agreement, the bank opened 54,000 accounts for 49,000 high-risk customers between September 2021 and November 2023, the watchdog said.

Starling realised in January 2023 that its automated screening system had for six years “only been screening customers against a fraction of the full list of those subject to financial sanctions”, the FCA said.

This led to an internal review that found “systemic issues” in its financial sanctions framework, with the bank since reporting “multiple potential breaches of financial sanctions” to authorities.

The fine, which is the first of its type against a digital bank, comes as the watchdog is stepping up its scrutiny of neobanks’ financial-crime controls.

The FCA warned in 2022 that a surge in reports to the National Crime Agency had raised “concerns about the adequacy of [neobanks’] checks when taking on new customers”. The watchdog is separately conducting a civil probe into money-laundering controls at Starling’s rival, Monzo Bank, having downgraded it from a criminal matter, the bank said in its annual report in June.

The FCA has issued some of its biggest fines in recent years for failings in big banks’ systems to stop financial crime and money laundering, such as the £108mn penalty for Santander UK in 2022 and a £265mn fine for NatWest in 2021.

Claire Cross, a partner at law firm Corker Binning, said: “I expect we will see more action by the regulator against fintechs. They represent an area of the market that has been under close scrutiny by the FCA.”

Start-ups have struggled to scale up their financial crime controls at the same speed as they have attracted new users, while a wave of sanctions imposed after Russia’s 2022 invasion of Ukraine raised the amount of due diligence banks have to conduct on new customers.

Starling co-operated with the FCA and therefore qualified for a 30 per cent discount on a fine that otherwise would have been as high as £41mn, according to the findings.

Starling chair David Sproul said: “I would like to apologise for the failings outlined by the FCA and to provide reassurance that we have invested heavily to put things right, including strengthening our board governance and capabilities.”

As well as Sproul, who led the UK practice of Big Four accountancy firm Deloitte, Starling’s heavyweight board includes Tracey Clarke, the former head of Europe and Americas at Standard Chartered.

Kathryn Westmore, a senior research fellow at the Centre for Finance and Security at the Royal United Services Institute think-tank, noted that the FCA was “ very critical” of Starling’s senior management.

The FCA said that the bank’s “senior management as a whole lacked the experience and capability” to effectively implement their voluntary agreement around high-risk customers with regulators.

“Challenger banks and fintechs often seem to struggle to get senior buy-in when it comes to financial crime compliance, including understanding the threats and ensuring there are adequate resources for compliance,” said Westmore.

“This is a substantial fine and one that many firms, particularly digital banks and payment firms, should take notice of,” she added.

Starling founder Anne Boden stepped down as chief executive last year after a row with investors over fund manager Jupiter’s decision to sell its holding in the bank at a price that cut Starling’s valuation from £2.5bn to between £1bn and £1.5bn in February 2023.

Sproul said the failings were “historic issues” and that it had learned the lessons of this investigation.