Standard Chartered has teamed up with working capital FinTech Demica on a new online portal to streamline access to the bank’s supplier finance program, according to a company announcement Monday (Oct. 11).
The collaboration will start with a fully digitized end-to-end Supplier Enrollment portal, which will alter the way suppliers choose supply chain finance programs with a digital front end. It also gives the bank’s enrollment team access to intuitive dashboards that allow monitoring and sending updates to company leaders.
The portal “leverages Demica’s extensive supply chain finance product capabilities and flexible technology,” according to the Standard Chartered announcement, and will be executed on Demica’s cloud-based platform.
“We’re very excited about this new partnership with Demica,” Standard Chartered Global Head of Open Account – Trade Product Management, Transaction Banking Michael Sugirin said in the company announcement.
“We’ve seen a double-digit percentage increase in demand for our supplier finance programs and the new portal will not only speed up the enrolment process for suppliers, but also allow us to serve more companies as they engage in digital-first trade within and beyond borders,” he said.
This partnership is the first step in their strategic collaboration.
“This is the start of a tremendously exciting partnership between Standard Chartered and Demica as the bank adopts the Demica platform to transform working capital solutions, with the first phase being supplier onboarding,” said Demica CEO Matt Wreford.
“By using our cutting-edge fintech solution, they are leading the way to drive innovation and operational efficiency in the supplier finance market,” he said. “We can’t wait to see where Standard Chartered goes from here.”
Last year, Lloyds Bank Commercial Banking partnered with Demica on the Open Account Platform supply chain finance platform for U.K. businesses and affiliates.
The service gives Lloyds Bank customers supplier finance and receivables purchase abilities, available in an online portal.
Businesses can access a digital onboarding process through the Open Account Platform and join supplier finance programs in 48 hours or less.