Lloyds, Satago, to run trial for invoice financing platform

Monday 4 January 2021 14:14 CET | News

UK-based Lloyds Banking Group has decided to run a 6-month trial or pilot of an invoice financing platform offered by Satago Financial Solutions.

If the testing period is successful, then Lloyds may offer a 5-year commercial contract to the financial services firm. Satago is an invoice finance, debt chasing, and risk insight platform that intends to help businesses get paid on time. The company is an accredited partner with players in the accountancy and cloud accounting software sectors.

As part of the testing phase, Lloyds Bank will be providing financing to Satago’s customer base by utilising the firm’s digital cashflow management and invoice financing system. Satago will receive a recurring fee for each client of the bank that utilises the technology.

The proposition should help provide funding and digital tools to SMEs based in the UK. This should help them navigate the external environment.

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Keywords: Lloyds, Satago, partnership, e-invoicing, UK, invoice finance, SME
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech