NORD/LB uses Trade Ledger for a corporate finance solution
German commercial bank NORD/LB has partnered with lending technology provider Trade Ledger to accelerate the provision of finance to large corporations.
Trade Ledger’s digital loan-as-a-service (LaaS) platform will reduce the manual work required for the bank to process large receivables secured loans.
The intention is for the platform to reduce the time between receiving an invoice and disbursing funds from seven days to just 24 hours, “significantly improving” access to working capital funding for its customers.
Trade Ledger CEO Martin McCann said the digital solution the company has developed for NORD/LB is a “world’s first”.
“There is no equivalent all-digital solution in the area of corporate receivables financing,” adds McCann.
The Trade Ledger platform analyzes the digital data needed to make loans, acquiring invoices directly from borrowers’ enterprise resource planning (ERP) systems such as SAP.
The solution also offers analytics and insights 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 process synchronization and an updated view of the customer’s funding position is maintained “always”.