Lending software firm HPDLendScape as upgraded its supply chain finance solution (SCF), which it claims will improve lenders’ ability to support businesses during the pandemic.
The technology firm has upgraded its supply chain finance solution (SCF), which it says will speed up the process for lenders to onboard and support buyers and suppliers.
Bringing together buyers, suppliers and banks that fund the process onto one platform, SCF enables suppliers to interact with buyers and funders in real time and increase visibility of accounts receivables, while buyers can create bespoke processes tailored to each supplier.
This helps lenders approve more buyers and suppliers, giving businesses more streamlined access to much needed working capital during the Covid-19 pandemic.
The SCF upgrade also includes new onboarding capabilities enabling a fast and efficient Know Your Customer process, such as linking out to external APIs for anti-money laundering checks or document signing.
“We are delighted to announce this new development in our supply chain finance offer,” said Kevin Day, chief executive of HPDLendScape.
“Banks and other lenders have an excellent opportunity through SCF services to help businesses globally optimise supply chains, increase cashflow and streamline their operations – this has never been more critical than during the Covid-19 pandemic where supply chains are under intense pressure.
“Investment in technology and the automation of SCF processes is vital in helping lenders efficiently provide the finance that businesses need during this pandemic and beyond.”
Clients of HPDLendScape’s SCF include: Investec, Bank of China, Bibby, Lloyds, ABN Amro, SEB, Santander, Hitachi and Siemens.
The firm said a greater availability of digital capabilities are creating opportunities to help small- and medium-sized enterprises access working capital and driving growth in SCF as a type of finance.