Santander has announced a partnership with business commerce platform Tradeshift, to deliver end-to-end digitally enabled working capital solutions, the first of which will be supply chain finance (SCF).

Santander will offer trade-related financing solutions in an open marketplace connected to over 1.5 million businesses and their enterprise trading partners.

With tens of billions of dollars transacted monthly across the Tradeshift platform, the partnership is expected to extend the speed and simplicity of the purchase to pay process for clients by linking e-invoicing to SCF provided by Santander.

This joint offering will enhance the traditional SCF solutions through more efficient, digital supplier on-boarding processes, faster authentication of trading parties, process automation and integration with large enterprise resourcing planning systems, and timely, on-line access to financing options.

José Luis Calderón, global head of Santander global transaction banking, commented: “We are happy to co-innovate with such a versatile partner as Tradeshift. Our joint efforts bring greater speed, simplicity, full digitisation, savings and greater efficiency to a whole package of financial services propositions.”

Christian Lanng, CEO and co-founder of Tradeshift, added: “We’re excited to partner with Santander to co-develop joint financial-services propositions for trading partners. This initiative aims to reduce structural barriers for provisioning liquidity across entire supply chain to enable commerce for all. Together with Santander, we are enabling every supplier — big or small — to more easily access cash.”

The Tradeshift platform enables digital connectivity in a single business network,
Santander and Tradeshift plan to make the solution available, initially to UK clients, in late 2017.

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