Barclays Bank has invested £3 million in Trade Ledger and the implementation of its working capital platform for its corporate clients.
By backing and implementing Trade Ledger’s working capital orchestration platform, the bank will be able to provide Barclays Corporate clients in the UK and globally with end-to-end credit management automation.
As part of the investment, Barclays Bank has signed a three-year technology deal to help improve access to working capital for corporate customers.
James Binns, global head of trade and working capital at Barclays, said: “Businesses need access to reliable, flexible finance now more than ever.
“Investing in and implementing the Trade Ledger Platform will allow us to make lending decisions faster and more efficiently, using real-time data drawn from a rich variety of sources, and powerful workflows.
“This drives faster time-to-money, reducing the cost of funding in supply chains, which has huge benefits for our corporate banking clients and the communities they support.”
The Trade Ledger platform, which uses API-driven Software-as-a-Service technology, enables Barclays to offer a “client-centric” onboarding and loan management user experience, with access to real-time data – including a client’s accounting platform.
“We are delighted that Barclays Bank has chosen Trade Ledger to support its offering to business borrowers, and that it has the confidence in our business vision to make this investment,” Martin McCann, chief executive officer and co-founder of Trade Ledger, added.
“Our history with Barclays goes back to 2018 when we won the Barclays Open Innovation Challenge and, from then on, we have worked with the bank’s leadership team to identify areas of the bank where our technology could be applied to deliver transformational value to the bank’s lending processes.”