Partnership streamlines processes for faster loan decisions by delivering next-generation digital solution
LONDON, October 4, 2022 /PRNewswire/ — NORTH/LB, one of germany largest commercial banks, is accelerating access to finance for its large corporate clients, through a partnership with Trade Ledger, the global data-driven lending technology provider.
NORD/LB will use the Trade Ledger platform to create and manage receivables financing facilities for large corporate clients. The processing and management of large receivables secured loans is administratively heavy and previously required a significant amount of manual labor on an ongoing basis, limiting the distribution capacity of this popular product.
NORD/LB currently releases funds within 7 business days of invoicing a receivables financing client. Through the Trade Ledger platform, the bank plans to reduce this to just 24 hourssignificantly improving access to working capital financing for its customers.
The Trade Ledger platform, which is designed specifically for asset-backed business lending solutions, gathers and analyzes the digital data needed to make loans, including acquiring invoices directly from trading systems. enterprise resource planning (ERP) borrowers such as SAP. It augments and in some cases automates bank operations with the analysis and insights it needs to make better lending decisions. Real-time digital data can feed NORD/LB’s downstream systems, meaning end-to-end processes are synchronized and an always-up-to-date view of the client’s funding position is maintained.
Martin HartmanMarket Manager at NORD/LB said: “We chose Trade Ledger because it has an innovative technology suite and is already working successfully with large banks in the area of trade receivables financing. We are really excited to develop this into a unique proposition for our large corporate clients, working to deliver data focused working capital solutions on a digitized platform.”
Martin McCannTrade Ledger CEOadded: “For NORD/LB, we are creating something truly market-leading – there is no equivalent fully digital solution in corporate receivables financing. This is a world first and a great opportunity for both companies to create something truly innovative.”
Trade Ledger is a leading global technology provider for the commercial banking and financial services industry, helping banks by enabling the creation and delivery of lending products at the right time, through the right channel. Its platform provides an API-based lending-as-a-service (LaaS) capability that accelerates business loan decisions and loan origination. Trade Ledger has global clients headquartered in the UK and Australiaand the addition of NORD/LB further strengthens the presence of fintech in Europe.
NORD/LB Norddeutsche Landesbank is one of Germany’s leading commercial banks. The main business segments include activities with corporate, private and commercial clients, including private banking, as well as special financings in the energy and infrastructure sector, aircraft financing and aircraft financing. commercial real estate. The bank is headquartered in HanoverBraunschweig and Magdeburg and has branches in BreamOldenburg, HamburgSchwerin, Dusseldorf and Munich. Outside Germany, NORD/LB is represented by a Pfandbrief Bank (NORD/LB Covered Bond Bank) in Luxemburg and branches in London, New York and Singapore.
About the Commercial Ledger
Trade Ledger was founded in 2016 to help the financial services industry reinvent complex corporate finance for SMEs and midsize businesses in the digital economy.
The Lending-as-a-Service (LaaS) platform supports both secure and unsecured business lending products, transforming supply chain data sources into actionable insights and tasks. This makes it possible to create the right loan products at the right time, in the right channel, quickly and at low risk. Its clients increase profitability, realizing an average reduction in origination costs of 60%, a 50% reduction in defaults, and the potential for loan portfolio growth of over 100% through integrated financing.
Backed by venture capitalists Point72 Ventures, Foundation Capital and Hambro Perks, and other notable investors such as Court Lorenzini (founder of DocuSign), Trade Ledger is scaling globally to accommodate a rapidly growing customer base of global commercial banks , regional and national banks, and alternative finance providers. To date, he has raised £16.6m.
Trade Ledger was awarded LendTech Initiative of the Year 2020, Lending Platform of the Year 2019 and Startup of the Year 2019.
To learn more about Trade Ledger, visit www.tradeledger.io
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SOURCE Transaction register