Santander turns to B2 Group for supply chain finance package

Source: B2 Group

The B2 Group, the provider of cloud-based payments software and consultancy solutions, announced today that Santander UK have chosen its Multi-Bank Integrator platform to further enhance their supply chain finance solution for major corporate clients.

Multi-Bank, a 5th generation platform based on two decades of experience and launched at the start of 2016, enables corporates to automatically connect with their banks for processing of payments and statements, providing a single point of access and cash management portal. The fully managed Multi-Bank service already boasts an ever-growing global clientele of subscriber institutions, including major banks, multi-national corporates and insurers, as well as a rapidly expanding community of partner banks connected to the platform. Outgoing payments and incoming statements are processed automatically via secure links with the banks to deliver fast and tangible benefits, including; automation of incoming statements, “smart” reconciliation of credit and debit payments, real-time enterprise-wide cash visibility, automation of complex business processes such as supply-chain finance, cash pooling and sweeping, and controlled automation of outgoing accounts payable, payroll and treasury payments via a real-time portal. Multi-Bank also fully integrates with most ERP and TMS platforms, to provide true end-to-end processing, with associated cost savings through reduced back-office headcount.

Alex Farrugia, Head of Supply Chain Finance UK at Santander comments, “Combining The Multi-Bank platform with our own enables us to provide more flexible end-to-end supply chain finance solutions to our clients, with minimal change to those clients’ own systems or processes. The B2 team’s expertise and the capability of the Multi-Bank platform also means that we can deliver with minimal lead-time, which for Santander is crucial to the service we offer our clients.”

The solution is live and in use with one of Santander’s key clients and there are plans to roll out a number of other household-name corporates across the B2 platform in the New Year.

Phil Boland, CEO, The B2 Group commented, “We are delighted that Santander chose Multi-Bank to support its supply chain finance solution, and look forward to assisting the bank with further automation across our platform in 2018. The smooth and timely “text book” roll-out of the solution into production is testimony to the effective collaboration between the B2 and Santander teams.”

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