Lloyds Bank Commercial Banking has partnered with working capital fintech Demica to provide a new supply chain finance platform for UK businesses and their supply chains.
Branded as The Open Account Platform, it will offer supplier finance and receivables purchase to Lloyds Bank customers through a single online portal for the first time, helping UK businesses and their suppliers optimise working capital.
The platform enables a fully digital onboarding journey, making it possible for suppliers to join supplier finance programmes in an industry leading 48 hours or less. It will also provide users with simple and intuitive dashboards to access key information and straight-through-processing to automate transactions and minimise impact on corporate treasury teams.
Lloyds Bank has been providing supplier finance and receivables purchase for over 13 years, supporting international and domestic trade. Demica, a fast-growing UK fintech, has a track record of delivering scaled working capital solutions for banks, corporate customers and investors.
The Open Account Platform will launch before the end of the year, and followed by a programme of continued investment in new features to meet evolving customer needs.
Gwynne Master, managing director and global head of trade for Lloyds Bank Global Transaction Banking, said: “Supply chain finance allows 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. Our partnership with Demica is a perfect example of our commitment to deliver an exceptional experience and support the working capital needs of our customers and their supply chains at a time when supply chain resilience is more important than ever.
Maurice Benisty, Chief Commercial Officer at Demica, added: “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.”
About Lloyds Bank
Lloyds Bank Commercial Banking provides comprehensive expert financial services for small businesses, mid-sized businesses and multinational corporations. Maintaining a network of relationship teams across the UK, as well as internationally, Lloyds Bank Commercial Banking delivers the mix of local understanding and global expertise necessary to provide long-term support to its clients. Lloyds Bank Commercial Banking offers a broad range of finance beyond term lending and this spans import and export trade finance, structured and asset finance, securitisation facilities and capital market funding. Its product specialists provide bespoke financial services and solutions, including tailored cash management, international trade, treasury and risk management services.
Support for SMEs
Lloyds Banking Group is committed to helping businesses of all types and sizes, giving them the funding and support they need to grow at home and abroad. We have set out our pledges in our Helping Britain Prosper Plan. Since the start of 2011, we have grown our net lending to SMEs by 36% whilst the market has contracted by 12%. To see the latest supporting businesses factsheet please visit: https://www.lloydsbankinggroup.com/globalassets/documents/media/media-kit/cb-factsheet/190220-cb-factsheet.pdf
For more information on the Lloyds Bank Working Capital Index please visit: www.lloydsbank.com/workingcapitalindex
Demica is a leading Fintech providing working capital solutions to large corporates and banks through broad range of receivables, inventory and payables financing solutions. The company focuses on forming long term partnerships with multinational clients and banks globally enabling the provision of sustainable long term financing programmes. Today we have over US$16bn of funded assets outstanding on our platform provided by a diverse range of banks and institutional investors.