9th November 2020 – 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.”
