The Open Account Platform will offer customers with supplier finance and receivables purchase through a single online portal
Lloyds Bank in Pontefract, West Yorkshire. (Credit: Mtaylor848/Wikipedia)
Lloyds Bank has partnered with UK fintech Demica to launch a digital supply chain finance platform for business customers in the UK.
The Open Account Platform will offer the Lloyds Bank customers with supplier finance and receivables purchase through a single online portal, thus helping in optimising working capital.
In addition to allowing suppliers to join supplier finance programmes in 48 hours or less, the platform provides simple and intuitive dashboards for users to access key information and straight-through-processing to automate transactions while reducing the impact on corporate treasury teams.
Lloyds Bank Global Transaction Banking managing director and trade global head Gwynne Master said that the supply chain finance will allow corporate buyers to protect their supply chain relationships.
“The Open Account Platform will streamline the process for UK businesses and their suppliers, as well as help corporate treasurers and the vibrant community of SMEs they work with to better manage and enhance their working capital.
“As the UK’s largest digital bank, we’re continuing to transform and digitise our business and the solutions and services we offer to customers.”
The new platform will be rolled out by end 2020
Lloyds Bank said it plans to invest in new features on the Open Account Platform following launch, which is planned before the end of the year, to meet evolving customer needs.
Demica chief commercial officer Maurice Benisty said: “Partnering with the UK’s biggest commercial lender is an important milestone for us as a London-based fintech.
“We’ve worked closely with the solution development and innovation team at Lloyds Bank to deliver a solution that leverages our proven track record of deploying white labelled solutions in an environment where digital transformation is now essential.”
Recently, Lloyds Banking Group (LBG) announced plans to cut another 1,070 jobs to streamline its business.