Digital bank Barclays has invested £3 million in its Trade Ledger working capital management platform.
The new Trade Ledger platform will be used to provide end-to-end credit management automation for Barclays' corporate clients in the UK and around the world.
By introducing the Trade Ledger platform, Barclays will enable clients to unlock cash flow with easy and fast access to working capital. Using API-based SaaS technology, Barclays will offer client-centric customization and credit management, eliminating time-consuming manual processes with real-time access to data, including the client's accounting platform, according to the bank's website.
"Businesses need access to reliable, flexible finance now more than ever. Investing in and implementing the Trade Ledger Platform will allow us to make lending decisions faster and more efficiently, using real-time data drawn from a rich variety of sources, and powerful workflows. This drives faster time-to-money, reducing the cost of funding in supply chains, which has huge benefits for our corporate banking clients and the communities they support," said James Binns, Global Head of Trade and Working Capital at Barclays.
We previously wrote that Barclays is strengthening its Global Equities team.
Barclays is an international digital bank headquartered in London whose main advantage is high interest rates on savings. Bank clients can also link up to 25 accounts from other financial institutions to their Barclays user account and make free money transfers between them through a mobile app or use them for online and offline payments.
