The migration means that AIB’s entire UK and Republic of Ireland receivables finance platforms are now fully hosted externally by HPD LendScape. Alongside the platform migration, there has also been a software update to AIB’s LendScape solution, which now offers a one-stop package of receivables finance features, including a new web portal for AIB’s SME customers that enhances user experience and the bank’s ability to offer funding.
The platform migration has been completed within a wider context of the pandemic shifting banks’ priorities regarding digital redevelopment projects, with several global banks undergoing cloud-first transformations in recent months.
Over half of Irish SMEs surveyed have identified access to credit as their biggest challenge, while they are three times as likely to use bank funding as their UK counterparts. The Central Bank of Ireland identified earlier this year that many Irish SMEs would not be in a position to meet a collective multi-billion Euro liquidity need from their internal resources, existing credit lines and new bank lending without additional support.
Invoice finance, along with wider bank support and government initiatives, is one major route to this liquidity, with total invoice finance volumes in Ireland reaching EUR 28.6 billion last year.
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