TreasurUp and TradeCrediTech form partnership to digitise trade credit insurance
A new partnership that digitises credit risk management and trade credit insurance for SMEs has been formed by TreasurUp and TradeCrediTech (TCT).
The partnership sees TCT manage an insurance integration platform, called Nimbla, through which banks manage the trade credit insurance of their small and medium-sized business (SMB) end-users purchased through insurers.
TreasurUp will offer the trade credit platform to certain banks and integrate it into their online commercial banking portal.
Using the trade credit insurance module, banks will be able to offer their SMB clients services such as online credit checking, credit reports, suggested credit limits and request a policy for credit insurance.
There is a lot to optimise in the world of trade credit insurance, according to Niels van Daatselaar, chief executive officer of TreasurUp.
“Most SMBs do know about or understand trade credit insurance products,” he said.
“Banks mainly refer to trade credit insurance brokers where a separate onboarding needs to take place. On top of that, most policies are still being generated offline.”
Flemming Bengtsen, chief executive officer of TCT, added: “Our platform connects TreasurUp and their clients to brokers and insurers, including Nimbla.
“Offering a fully digitised and automated journey is the future of trade credit protection.”
Both TCT and TreasurUp are insurer agnostic, according to a statement.