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Barclays invests £3m in working capital tool

By Alexandra Leonards

Barclays has invested £3 million on a “next-generation” working capital orchestration platform.

The bank, which has signed a three-year deal with the platform’s developer Trade Ledger, will use the technology to provide credit management automation for its corporate clients in the UK and internationally.

The new platform also uses API-driven software as a service (SaaS) technology to deliver onboarding and loan management user experience.

Barclays says that while working capital finance solutions like invoice discounting and asset based lending are important credit solutions for both businesses and lenders, there has been “very little innovation” in the industry over the past twenty years.

“Businesses need access to reliable, flexible finance now more than ever," said James Binns, global head of trade and working capital at Barclays. "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."

Binns added that the tool will help drive faster time-to-money and reduce the cost of funding in supply chains.

The move comes after Barclays and B2B payments tech company TransferMate recently announed a new partnership to provide a new international receivables tool for the British companies.

Barclays' British business customers operating in GBP will now be able to invoice customers in their clients’ local currency in over 60 currencies and across 67 countries.

Users will receive the payment back into their GBP account at the exact amount requested with manual reconciliation eliminated, said the bank.

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