US bank partners with LiquidX for transactions
In an effort to make supply chain transactions faster and easier, American bank partners with Trade Finance FinTech LiquidX to facilitate transactions between buyers and sellers.
“With so many supply chain challenges for businesses, we want to help make the funding process as smooth as possible,” Dan Sonhead of the global banking division of US Bank, said in a Press release Tuesday (May 10).
“This new collaboration will provide a single intuitive interface that will seamlessly connect suppliers, buyers and our bank across the supply chain ecosystem. As one of the most trusted banks in the United States, with some of the highest debt ratings, we can unlock valuable working capital for our customers,” added Son.
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Collaboration with customers and suppliers, including mutual support around payments, has grown as supply chains have become increasingly strained. The release notes that the partnership between US Bank and LiquidX comes at a time of unprecedented tension in the global supply chain.
The collaboration will combine the bank’s “strong balance sheet” with LiquidX’s streamlined platform technology to help resolve frictions around supply chain finance and cash flow issues.
The partnership will also allow suppliers and buyers to connect their supply chain systems to US Bank and transact through LiquidX’s platform. The financing solutions offered by the bank via the collaboration will offer almost immediate payment to suppliers while offering buyers extended payment terms.
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Jim ToffeyCEO of LiquidX, said supply chains are looking for “much-needed cash” and the company looks forward to meeting that challenge by offering its “scalable and flexible technology” in partnership with US Bank, “one of the largest and most important in the country”. innovative banks.
The collaboration builds on existing supply chain finance solutions already available to US Bank customers. The Receivables Purchase Program allows sellers to convert credit sales into immediate cash flow, and the Approved Receivables Financing Program helps buyers pay suppliers sooner.
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