Standard Chartered (LON: STAN) teams up with Demica, a major fintech focused on working capital solutions, to streamline access to the bank’s vendor finance program, enabling easier vendor enrollment through an online portal while providing a seamless experience for customers form the bank.
The partnership âwill begin with the deployment of a fully digital end-to-end ‘Supplier Registration Portal’. “
This portal will aim to change the way suppliers register for supply chain finance programs by “using a digital interface while providing the Bank’s registration team with intuitive dashboards to monitor and send updates to flagship companies, âthe announcement explained.
The portal, which leverages the capabilities of Demica’s supply chain finance products and flexible technology, will be “delivered through the Demica platform hosted on a cloud-based solution,” according to a statement.
This is the initial phase of a partnership between the two organizations as they âcontinue to explore ways to use Demica’s next-generation technology to transform Standard’s broader catalog of working capital solutions. Chartered â.
Michel Sugirin, Global Head of Open Account – Trade Product Management, Transaction Banking at Standard Chartered, said:
âWe are very excited about this new partnership with Demica. We have seen a double-digit percentage increase in demand for our supplier financing programs and the new portal will not only speed up the supplier registration process, but also allow us to serve more businesses as they grow. ‘engage in digital commerce first within and beyond borders. “
CEO of Demica, Matt Wreford, have noticed :
âThis is the start of an extremely exciting partnership between Standard Chartered and Demica as the bank adopts the Demica platform to transform working capital solutions, the first phase being vendor onboarding. Using our industry-leading fintech solution, they pave the way for innovation and operational efficiency in the supplier finance market.
As noted in the update, Demica is a fintech that “feeds the trade finance programs of the world’s largest banks and trading companies”. His proposition is simple: âOur intuitive cloud-based platform enables financial institutions and businesses to automate and scale their working capital solutions. Today, we have over $ 18 billion in programs running on our platform, covering all working capital products. “