Lloyds Bank and Demica partner to provide new supply chain finance platform

By Megha Bhattacharya

Lloyds Bank announced that it has teamed up with working capital FinTech Demica in a bid to offer a new supply chain finance platform for the UK businesses and supply chains. The new Open Account Platform is expected to offer supplier finance and receivables purchase to Lloyds Bank customers through a single online portal, thus helping UK businesses and their suppliers optimise working capital.

Gwynne Master, managing director and global head of trade for Lloyds Bank Global Transaction Banking, said, “Supply chain finance allows corporate buyers to protect their supply chain relationships. The Open Account Platform will streamline the process for UK businesses and their suppliers, as well as help corporate treasurers and the vibrant community of SMEs they work with to better manage and enhance their working capital.”

“As the UK’s largest digital bank, we’re continuing to transform and digitise our business and the solutions and services we offer to customers. Our partnership with Demica is a perfect example of our commitment to deliver an exceptional experience and support the working capital needs of our customers and their supply chains at a time when supply chain resilience is more important than ever.”

According to Demica, the new platform is expected to enable a fully digital onboarding journey, provide users with intuitive dashboards to access important information and straight-through-processing to automate transactions as well as minimise the impact on corporate treasury teams. The platform will be launched before the end of the year and will be followed by a programme of continued investment in new features.

Maurice Benisty, Chief Commercial Officer at Demica, added: “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.”