Branded as The Open Account Platform, it will offer supplier finance and receivables purchase to Lloyds Bank customers through a single online portal, helping UK businesses and their suppliers optimise working capital.
The platform enables a digital onboarding journey, making it possible for suppliers to join supplier finance programmes in 48 hours or less. It will also provide users with intuitive dashboards to access key information and straight-through-processing to automate transactions and minimise impact on corporate treasury teams.
Demica, a UK fintech, has a track record of delivering scaled working capital solutions for banks, corporate customers, and investors. The Open Account Platform will launch before the end of 2020, followed by a programme of continued investment in new features.
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