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Industry roundup: 9 November

Lloyds Bank and Demica partner on supply chain finance platform

Lloyds Bank Commercial Banking has partnered with working capital fintech Demica to provide a supply chain finance platform for UK businesses and their supply chains. Branded as The Open Account Platform, it will offer supplier finance and receivables purchase to Lloyds Bank customers through a single online portal for the first time. The intention of the service is to help UK businesses and their suppliers optimise working capital.

The platform enables a fully digital onboarding journey, making it possible for suppliers to join supplier finance programmes in 48 hours or less. It will also provide users with intuitive dashboards to access key information and straight-through-processing to automate transactions and minimise impact on corporate treasury teams.

The Open Account Platform will launch before the end of the year, and followed by a programme of continued investment in new features to meet evolving customer needs.

“Supply chain finance allows corporate buyers to protect their supply chain relationships," commented Gwynne Master, managing director and global head of trade for Lloyds Bank Global Transaction Banking. "The Open Account Platform will streamline the process for UK businesses and their suppliers, as well as help corporate treasurers and the vibrant community of SMEs they work with to better manage and enhance their working capital."


Nacha announces Tempus Technologies as an ACH payment facilitator preferred partner

Tempus Technologies is now a Nacha ACH Payment Facilitator Preferred Partner. In becoming a Preferred Partner, Tempus Technologies joins a select group of firms that Nacha recognises for offering products and services that align with its core strategies to advance the ACH Network.

“Our Preferred Partners play a key role in the nation’s smarter, faster and safer ACH Network,” said Nacha president and CEO Jane Larimer. “We welcome Tempus as a Nacha ACH Payment Facilitator Preferred Partner and look forward to working with them.”    

“Tempus is the expert leader of secure payments at the point of interaction,” said Jason Sweitzer, President of Tempus Technologies. “We are excited to be a part of Nacha’s Preferred Partner program to work with others dedicated to creating resources that help build the ACH Network.”

Nacha’s Preferred Partner Program is open to any technology solution provider whose offerings align with Nacha’s core strategies to advance the ACH Network.


First foreign bank closes forfaiting transaction on CTFU blockchain platform

HSBC has completed a live interbank forfaiting transaction with Bank of Communications on the China Trade Finance Union (CTFU) blockchain platform, becoming the first foreign bank to perform this kind of transaction on the mainland China-based system.

The interbank blockchain-based trading platform has been live for around three months. It is managed by the China Banking Association (CBA), and its members include Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications.

For this transaction, an unnamed Bank of Communications client selling paper products obtained an undertaking to pay in 180 days from its buyer’s bank. Bank of Communications purchased the payment obligation from its client. Then, using the CTFU platform, Bank of Communications sold the undertaking to HSBC China. The offer letter, confirmation letter and transfer of rights were all produced and transmitted digitally via the platform in a process that took a few hours, compared to the standard two to three days.

“The platform empowers banks to digitise trade finance transactions through blockchain technology," commented Mark Wang, CEO of HSBC China. "This boosts the scale and efficiency of such transactions. Great cooperation between Chinese and foreign banks will serve to benefit businesses.”

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