Lloyds TSB Commercial Finance and JPMorgan Chase bank are launching a supplier finance service for UK investment grade corporate and global businesses.
According to the banks, UK companies can use the service to manage payments to their suppliers more efficiently by allowing them to receive payment at a date of their choice, which can be earlier than the agreed payment terms.
Ted Ettershank, managing director of Lloyds TSB Commercial Finance, said: We will introduce Supplier Finance in a controlled expansion program over the next 18 months. We have selected JPMorgan Chase because they have successful systems to manage invoice flow and administration, and a very strong reputation for quality of customer service.