Trade Ledger launches Invoice Finance-as-a-Service
The Open Banking Trade Ledger platform introduces an invoice financing solution for banks and alternative lenders, the company announced this week.
A press release issued on Wednesday (June 19) reported that Trade Ledger launched its automated invoice financing platform, designed to help financial service providers more easily integrate improved technology without the friction associated with back-end IT reviews. . Based in the cloud, the invoice financing tool will be available to financial institutions (FIs) in Australia, Europe and Asia.
Using Trade Ledger’s application program interface (API), the loan-as-a-service, invoice financing capability was designed for an open banking ecosystem, the company noted. The platform has also achieved ISO 27001 cloud security compliance.
âLenders in the invoice finance industry need to start paying more attention to progress in delivering cheaper, faster and smarter business finance solutions,â said Martin McCann, CEO of Trade Ledger, in a press release. âNew technology-driven entrants like MarketInvoice, iwoca and OakNorth are challenging the hold of incumbents in this market. As a B2B technology company, Trade Ledger can provide the same âas-a-serviceâ capabilities to lenders looking to transform their credit operations and boost their ability to compete. “
The invoice finance functionality joins Trade Ledger’s existing suite of service offerings as a service to banks, which currently includes commercial lending, receivable finance, supply chain finance, bank finance assets, import / export finance, inventory finance, reverse factoring and more. The platform integrates with other API-enabled services including Xero, Sage, Intuit, Microsoft Dynamics 365, Equifax, and others.
In April, Trade Ledger announced a new integration with Nimbla, a commercial credit insurance platform. Their connectivity allows lenders to connect directly to Nimbla to access insured trade finance solutions for their corporate clients.
Trade Ledger also entered the European market last year, following the rollout of PSD2 and Open Banking in the European Union and the United Kingdom.
âIt’s a perfect storm of opportunity for a bank lending platform like ours,â McCann said in a statement at the time.