US Bank partners fintech LiquidX to speed up supply chain transactions
US Bank has announced a collaboration agreement with trade finance fintech LiquidX to help accelerate and simplify supply chain transactions.
The Minneapolis-based bank is seeking to address the supply chain financing friction and cashflow challenges experienced by companies “at a time of unparalleled stress in the global supply chain”.
Through the collaboration, the firm says suppliers and buyers will be able to connect their systems directly to US Bank and make transactions easily through LiquidX’s platform.
The bank claims suppliers will be paid near immediately and buyers can receive extended payment terms.
“With so many supply chain challenges for businesses, we want to help make the financing process as smooth as possible,” says Dan Son, head of global banking division at US Bank.
The bank aims to deliver a single interface that “connects suppliers, buyers and our bank in the supply chain ecosystem” and that will help strengthen vendor and client relationships, reduce costs and diversify sources of working-capital funding.
Son adds such solutions also help progress ESG initiatives by providing financial incentives and greater access to working capital for diverse suppliers.