Following this partnership, the companies aim to apply Enigio’s trace:original solution for digital documents (such as bills of exchange, bills of lading, and promissory notes) in the industry. It will also be taken as an opportunity to feature the documents in a wider range of finance products, including credits and documentary collections.
The process will focus on eliminating the need for clients to do psychically transfer documentation within trade transactions, which will lead to faster, more flexible, more affordable, and more secure delivery of trade services.
Enigio’s product was designed to allow the creation of digital documents that can be `owned` by an individual by transferring between originals and parties that need to be differentiated from copies. Digital documents have the possibility to be used in processes where usually original documents are required. It also only requests only the party creating the document to be specifically a user of Enigio.
The partnership represents the companies’ digital plan of action and paperless trade strategy which is currently ongoing. It also follows Lloyds Bank and Enigio’s initiative to get involved in the UK’s first digital promissory note, as well as the digital bill of exchange transaction.
UK-based banking group Lloyds Banking offers its customers comprehensive financial services, focusing on businesses of all sizes, including start-ups, SMEs, mid-sized corporations, as well as multinational corporations, and financial institutions. The firm provides a set of solutions, such as working capital and cash management services, trade import and export finance, securitisation facilities, capital market funding, structured and asset finance, as well as international treasury and risk management tools.
In March of 2023, the bank invested GBP 10 million into digital ID company Yoti, in order to develop its app-based identity verification software, set to be launched later in 2023.
Yoti represents a company that develops digital-based checks for identity, age, signatures, and multi-factor authentication, as well as its own digital ID services. Its digital verification technology is used by Instagram for the age verification process, the UK Post Office for identity proof, and UK cinemas for age-restricted films.
Earlier in the same month, artificial intelligence provider company Ocula Technologies received investment funds from Castelnau Group and Lloyds Bank. The aim of the investment was to offer Ocula the capability to develop its products while prioritising its customers and their needs, demands, and preferences.
Following the announcement, Lloyds Banking mentioned that its fund will be delivered in the form of new equity capital while completing the investment round made earlier in November 2022.
In February 2023, Lloyds Bank confirmed that two of its branches in Sussex were set to be closed in May and June 2023. The branches were the ones in Beach Road in Littlehampton and The Street in Rustington.
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