20 September 2017
visit www.avoka.com

Santander partners Tradeshift to unlock working capital for B2B market

11 July 2017  |  11222 views  |  0 Santander logo web screen shot

Banco Santander has struck a deal with San Francisco-based Tradeshift to provide a suite of supply chain finance services to the 1.5 million companies operating on the startup's marketplace platform.

With tens of billions of dollars transacted monthly across the Tradeshift platform, the joint offering aims to extend the speed and simplicity of the purchase to pay process by linking e-invoicing to SCF provided by Santander.

Launched in 2010, Tradeshift is a portfolio company of Santander Innoventures, the $200 million fintech venture capital arm of Banco Santander.

The Spanish bank says it will provide more efficient, digital supplier on-boarding processes, faster authentication of trading parties, process automation and integration with large enterprise resourcing planning systems, and timely, on-line access to financing options.

Santander and Tradeshift plan to make the joint proposition available, initially to UK clients, in late 2017.

Christian Lanng, CEO & Co-founder of Tradeshift says: "Together with Santander, we are enabling every supplier — big or small — to more easily access cash. Tradeshift has 1.5 million suppliers worldwide. The benefit to them will be real.”

Having inked a similar partnership with Tradeshift earlier this year, HSBC has pressed on with a new deal in the US markets with companies operating on GT Nexus B2B platform. Thousands of companies on the GT Nexus network collectively manage more than $500bn worth of goods each year.

Vinay Mendonca, global head of product and propositions, global trade & receivables finance at HSBC says: “We, and a number of our customers, identified GT Nexus as a platform that could help our customers improve their financing and logistics capabilities. We are already working with a US-based apparel retailer to simplify their global supply chain management process and supplier financing needs using this platform and aim to build on this success for a wider range of businesses.”

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

HSBC partners TradeShift to digitise the corporate supply chain

HSBC partners TradeShift to digitise the corporate supply chain

30 March 2017  |  9558 views  |  0 comments | 6 tweets | 20 linkedin
Santander invests in B2B supply chain platform Tradeshift

Santander invests in B2B supply chain platform Tradeshift

05 December 2016  |  17992 views  |  0 comments | 11 tweets | 11 linkedin
Danish start-up Tradeshift launches e-invoicing platform

Danish start-up Tradeshift launches e-invoicing platform

10 May 2010  |  10749 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.euvisit www.capgemini.comdownload the paper now

Who is commenting?

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
10488 views comments | 23 tweets | 39 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
10301 views comments | 6 tweets | 17 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
9141 views comments | 6 tweets | 3 linkedin
UAE banks pool cyber security dataUAE banks pool cyber security data
7618 views comments | 5 tweets | 4 linkedin
ING moves into digital wealth management with Scalable CapitalING moves into digital wealth management w...
7479 views comments | 14 tweets | 15 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job