NORD/LB taps Trade Ledger for corporate finance solution
Trade Ledger’s digital API-first lending-as-a-service (LaaS) platform will reduce the manual work needed for the bank to process large receivables secured loans.
The intention is for the platform to cut the time taken between receiving an invoice and disbursing funds from seven days to as little as 24 hours, “significantly improving” access to working capital finance for its customers.
Trade Ledger CEO Martin McCann says the digital solution the firm has developed for NORD/LB is a “world first”.
“There is no equivalent fully digital solution in the large corporate receivables finance space,” McCann adds.
The Trade Ledger platform analyses digital data required for loan origination, acquiring invoices directly from borrowers’ enterprise resource planning (ERP) systems such as SAP.
The solution also offers up analysis and insight to improve the bank’s lending decisions, as well as feeding real-time digital data into NORD/LB’s downstream systems, ensuring end-to-end processes are kept in sync, and an up-to-date view of the customer’s funding position is maintained “always”.