Lloyds Bank has teamed with UK fintech Demica to roll out a digital supply chain finance platform for business customers.
Branded as The Open Account Platform, it will offer supplier finance and receivables purchase to Lloyds Bank customers through a single online portal for the first time.
With a two-day onboarding journey, the platform provides users with intuitive dashboards to access key information and straight-through-processing to automate transactions.
Lloyds Bank, which has been providing supplier finance and receivables purchase for over 13 years, says the new streamlined digital service will launch before the end of the year.
Maurice Benisty, chief commercial officer at Demica, says: “Partnering with the UK’s biggest commercial lender 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.”