Barclays has invested £3m in implementing Trade Ledger’s working capital platform.
The three-year deal will offer end-to-end credit automation for Barclays Corporate clients in the UK and throughout the world.
Through the Trade Ledger platform, which uses API-driven SaaS technology, Barclays hopes to offer a “client-centric” onboarding and loan management designed to eliminate labour-intensive manual processes facilitated by access to real-time data – including a client’s accounting platform.
The move is aimed at increasing the flexibility of corporate finances, according to James Binns, Global Head of Trade and Working Capital at Barclays. “Businesses need access to reliable, flexible finance now more than ever,” he said.
“Investing in and implementing the Trade Ledger Platform will allow us to make lending decisions faster and more efficiently, using real-time data drawn from a rich variety of sources, and powerful workflows.
“This drives faster time-to-money, reducing the cost of funding in supply chains, which has huge benefits for our corporate banking clients and the communities they support.”
Martin McCann, CEO and co-founder of Trade Ledger, said: “Our common mission to create a world where every business gets the capital it needs to thrive, is key to our strong working partnership with Barclays.
“We are delighted that Barclays Bank has chosen Trade Ledger to support its offering to business borrowers, and that it has the confidence in our business vision to make this investment.
“Our history with Barclays goes back to 2018 when we won the Barclays Open Innovation Challenge and, from then on, we have worked with the bank’s leadership team to identify areas of the bank where our technology could be applied to deliver transformational value to the bank’s lending processes.”
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