Barclays Bank has directed investments of 3 million pounds to the development of Trade Ledger.
Source: Pixabay.com
Also, the financial institution has committed to implementing its working capital platform within the framework of a technology agreement, the validity of which will be three years. This platform will be designed to launch the process of complex automation of credit management for corporate clients of banks around the world.
Consumers of Barclays financial services, through the use of an online application, can transfer data directly through the API from the accounting software package. It is also possible to download personal information through the user interface.
After sending, the Trade Ledger platform automatically creates a survey and a report on potential risk factors and the degree of probability of their impact in a particular case. In this process, a decision-making mechanism based on a set of rules is used. After that, the report is sent to the underwriters. The duration of this process is several hours from the moment of receipt of the application from the consumer.
The Client receives notifications about the progress of the application on an ongoing basis. The final decision in most cases is made within two days.
James Binns, global head of Trading and Working Capital at Barclays, says that currently there is an urgent need for businesses to have access to reliable and flexible financing. He also stated that investing in the Trade Ledger and its subsequent application provides an opportunity to make decisions on granting loans faster and more efficiently.
In this case, the data is used in real-time from different sources. The corresponding algorithm reduces the amount of financing in supply chains. This circumstance is a serious advantage for corporate banking clients and the communities they support.
Martin McCann, CEO and co-founder of Trade Ledger says that the history of the platform’s interaction with Barclays began back in 2018, when his firm won the Barclays Open Innovation Challenge. Since then, a cooperation program has been implemented, during which the most effective and valuable options for integrating the platform’s capabilities into the structure of a financial institution functioning have been identified.
As we have reported earlier, Barclays Bank to Trim More Branches.
