Called The Open Account Platform, the new service will offer Lloyds Bank customers new tools, including supplier finance and receivables purchase, available for the first time through a lone online portal.
With The Open Account Platform, businesses can access a new digital onboarding process and join supplier finance programs in 48 hours or less, according to the release. The platform will reportedly launch before the year’s end. After that, it will be followed by a “program of continued investment” in other features to help bolster customer needs.
“Supply chain finance allows corporate buyers to protect their supply chain relationships,” Gwynne Master, managing director and global head of trade for Lloyds Bank Global Transaction Banking, said, according to the release. “The Open Account Platform will streamline the process for U.K. 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.”
Maurice Benisty, chief commercial officer at Demica, said the partnership “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,” he said, according to the release.
Last year, Demica debuted its new platform for banks to boost their financing operations, PYMNTS reports. The FinTech opened its platform up beyond only being available through its own internal system. Now, corporate clients have the ability to upload unpaid invoices, and banks can access them to finance bills that meet their unique risk thresholds.