HPD LendScape, a leading secured lending platform vendor, today announces a new supply chain finance (SCF) solution. The new solution will make it simpler and faster for lenders to onboard and support buyers and suppliers, giving North American businesses more streamlined access to much needed working capital during the COVID-19 pandemic.
Bringing together buyers, suppliers and banks that fund the process onto one platform, HPD LendScape’s SCF solution helps all parties simplify their operations and mitigate risk more effectively. Suppliers can interact with both buyers and funders in real time and increase visibility of accounts receivables, while buyers can create bespoke processes tailored to each supplier.
As part of the LendScape SCF solution, new onboarding capabilities enable a fast and efficient KYC process, such as approval hierarchies, and linking out to external APIs for anti-money laundering checks or document signing, much of which lenders historically completed manually which slowed down the onboarding process. By driving efficiencies in due diligence and compliance processes, HPD LendScape helps lenders approve more buyers and suppliers and increase access to capital for businesses that need it across North America.
In the current climate, SMEs and growth businesses in North America are finding maximizing liquidity to be a challenge. According to Goldman Sachs, a survey of US small businesses showed that 50% did not believe they could continue operating their businesses for more than three months amid the current conditions. In the US, the CARES Act has provided $377billion in protection for SMEs through the Small Business Administration.
SCF was traditionally seen as a solution for bigger companies with strong and lengthy credit histories. However greater availability of digital technology created opportunities to help SMEs access working capital and driving growth in SCF as a type of finance. We have seen an increase in demand for SCF by 23%* in the North America.
HPD LendScape’s SCF process will be implemented by the company’s dedicated customer services team, which oversees delivery of factoring, asset-based finance and SCF solutions for some for the world’s leading banks and secured finance providers including: Bank of China, Lloyds, Société Générale, Hitachi and Siemens.
Darryll Lewis, Global Sales Director commented: “We are delighted to announce this new supply chain finance offer. Banks and other lenders have an excellent opportunity through SCF services to help businesses in North America optimize supply chains, increase cash flow and streamline their operations – this has never been more critical than during the COVID-19 pandemic where supply chains are under intense pressure. Investment in technology and the automation of SCF processes is vital in helping lenders efficiently provide the finance that the region’s businesses need during this pandemic and beyond.”
