German commercial bank Nord/LB is bidding to speed up lending decisions for receivables finance clients through the implementation of Trade Ledger loan tech.
Nord/LB currently releases funds within seven working days of a receivables finance client raising an invoice. Through the Trade Ledger platform, the bank expects to reduce this to just 24 hours, by cutting out the typically admin-haavy manual intervnetion needed to complete the paperwork.
The Trade Ledger platform gathers and analyses digital data required for loan origination, including acquiring invoices direct from borrowers' enterprise resource planning (ERP) systems such as SAP. Real-time digital data is tthen fed to Nord/LB's downstream systems, keeping end-to-end processes in sync with an up-to-date view of the customer's funding position.
Martin McCann, CEO at Trade Ledger, comments: "For Nord/LB we are creating something truly market-leading - there is no equivalent fully digital solution in the large corporate receivables finance space. This is a world first and a great opportunity for both companies to create something really innovative."