Standard Chartered (LON: STAN) is teaming up with Demica, a major Fintech focused on working capital solutions, in order to streamline access to the bank’s supplier finance program, allowing easier enrolment for suppliers via an online portal while providing a seamless experience for the Bank’s clients.
The partnership will “commence with the roll out of a fully digitized end-to-end ‘Supplier Enrolment Portal’.”
This portal will aim to change how suppliers enroll in supply chain finance programs by “using a digital front-end while providing the Bank’s enrolment team with intuitive dashboards for monitoring and sending updates to anchor companies,” the announcement explained.
The portal, which leverages Demica’s supply chain finance product capabilities and flexible tech, will be “delivered via Demica’s platform hosted on a Cloud-based solution,” according to a release.
This is the initial phase of a partnership between the two organizations, as they “continue to explore ways to use Demica’s next-generation technology to transform Standard Chartered’s wider catalogue of working capital solutions.”
Michael Sugirin, Global Head of Open Account – Trade Product Management, Transaction Banking at Standard Chartered, stated:
“We’re very excited about this new partnership with Demica. We’ve seen a double-digit percentage increase in demand for our supplier finance programmes and the new portal will not only speed up the enrolment process for suppliers, but also allow us to serve more companies as they engage in digital-first trade within and beyond borders.”
CEO of Demica, Matt Wreford, remarked:
“This is the start of a tremendously exciting partnership between Standard Chartered and Demica as the bank adopts the Demica platform to transform working capital solutions, with the first phase being supplier onboarding. By using our cutting edge fintech solution, they are leading the way to drive innovation and operational efficiency in the supplier finance market.”
As noted in the update, Demica is a Fintech that is “powering the trade finance programs of the world’s largest trade banks and corporations.” Its proposition is simple: “our intuitive, Cloud-based platform enables financial institutions and corporates to automate and scale their working capital solutions. Today, we have over $18 billion of programs running through our platform, across the full spectrum of working capital products.”