Lloyds TSB and JPMorgan launch UK supplier finance service

Lloyds TSB and JPMorgan launch UK supplier finance service

Britain's Lloyds TSB is teaming with US investment bank JPMorgan to provide a supplier finance service aimed at UK investment-grade corporate and global businesses.

The service, which is being launched by Lloyds TSB's commercial finance unit, will enable UK organisations to offer their suppliers the choice of when to receive payment, which may be earlier than agreed payment terms.

Lloyds TSB says the new offering will be introduced in a controlled expansion programme over the next 18 months.

Ted Ettershank, MD, Lloyds TSB Commercial Finance, says: "This is a significant move into the market and will have a powerful impact. The solution has huge potential to improve the working capital and profit margin of major corporate buyers and the cashflow of their suppliers throughout the UK."

Ettershank says JPMorgan was selected as a partner because the US bank has successful systems to manage invoice flow and administration.

Jeremy Shaw, SVP and head of trade finance Emea, JPMorgan says: "We believe that this service will grow rapidly in popularity, duplicating the success we have seen in Spain and the US."

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