B2B LendTech platform Trade Ledger and 10x Banking, the transformational cloud-native SaaS core banking platform, have partnered “to offer banks and alternative lenders a modern, composable banking proposition that helps banks provide working capital to small to mid-sized enterprises.”
This new partnership expands 10x’s commercial banking offering and “supports Trade Ledger’s strategy to connect to all major modern and legacy core banking systems. It also supports both firms’ ambitions to support the transformation of the global banking industry.”
Frederico Venturieri, VP and Global Head of GTM and Partnerships at 10x, said:
“We are excited to partner with Trade Ledger to transform the lending and account creation process. Automating integration between credit applications and account creation allows banks to deliver a superior customer experience, while also driving operational efficiency. This collaboration reflects our shared vision of leveraging technology to revolutionise the business banking landscape.”
Alan Walsh, VP of Channels for Trade Ledger, added:
“Partnering with 10x is an important milestone for Trade Ledger. Combining our lending automation capabilities with 10x’s core banking expertise, we can redefine how financial institutions onboard customers and manage the lending process. We are proud to contribute to the digital transformation of the banking industry and deliver enhanced customer experiences and look forward to developing our strategic partnership and joint solutions further in future.”
The joint solution enables banks and alternative lenders to “bring complex working capital products such as invoice, receivables and supply chain finance to market with unprecedented speed.”
Through a real-time API connection “between Trade Ledger’s data platform and the 10x SuperCore platform, approved credit applications can be automatically linked to the creation of a 10x customer account.” Trade Ledger manages “the loan application, risk assessment and risk and collateral management processes, and 10x manages account opening and the credit account life cycle.”
10x’s SuperCore is delivered as “a managed-SaaS platform, providing financial institutions with a resilient, regulation-agnostic, and highly-available core banking platform. By leveraging 10x’s API-first design and partner ecosystem, banks can bring solutions to market in hours, instead of months. For its part, Trade Ledger has been able to accelerate the application to delivery time for working capital loans from 90 days to 48 hours.”
Trade Ledger will play a crucial role in “managing the onboarding and origination processes. Leveraging its expertise in lending automation and portfolio management, Trade Ledger’s platform will seamlessly capture and process customer data, enabling a faster and more accurate assessment of credit applications.”
By automating these processes, Trade Ledger says that it “enables financial institutions to accelerate loan origination and enhance risk assessment, improving overall operational efficiency.”
