Supply chain finance platform Traxpay has partnered with German wholesale bank NORD/LB to provide supply chain finance solutions to NORD/LB’s clients.
NORD/LB’s clients will be able to directly access the Traxpay platform through their ERP systems with a view to simplifying client/bank communication and optimising working capital.
“Digitalisation in our sophisticated SCF transactions will allow for reduced administrative complexity and spending, faster response times, and a high level of flexibility in transacting with us and their trade partners,” said Olaf Hugenberg, head of corporate finance at NORD/LB.
Markus Rupprecht, Traxpay’s founder and CEO, said: “In a global business climate that is extremely competitive, corporations are continually seeking technologies to increase efficiencies and transparency into their complex value chains. Our cooperation with Nord/LB is a perfect example of how banks and fintechs can work together to improve existing processes, create new revenue streams, and provide superior customer service, all of which represent a differential advantage in today’s financial services landscape.”