Barclays (NYSE: BCS) informed
on Thursday that it invested £3 million into Trade Ledger, a provider of
next-generation working capital platforms. This strategic investment comes with
the implementation of Trade Ledger’s technology, marking a significant step in
the evolution of working capital finance solutions.
The bank
has committed to a three-year technology partnership with Trade Ledger,
signaling a major shift towards digitization in the business lending sector.
This move will not only enhance access to working capital for Barclays’
corporate clients but also streamline and expedite the process.
The
partnership with Trade Ledger is set to revolutionize Barclays’ working capital
offering. With Trade Ledger’s next-generation platform, Barclays will be able
to offer automated credit management solutions to its corporate clients. The
bank’s clients in the UK and globally will now have access to industry-leading,
end-to-end solutions for managing their credit.
James
Binns, Barclays’ Global Head of Trade and Working Capital, emphasized the
importance of accessible, flexible finance for businesses. “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
variety of sources, and powerful workflows.” Binns noted.
Working capital
finance solutions such as Asset Based Lending, Selected Debtor Finance and Invoice
Discounting, play a vital role for businesses and lenders alike during both
growth and downturn. Despite their importance, these solutions have seen
minimal innovation in recent years, creating a gap that Barclays and Trade
Ledger aim to fill.
Martin
McCann, CEO and Co-Founder of Trade Ledger, expressed his enthusiasm about the
partnership. McCann pointed to a shared mission with Barclays to
ensure every business has the capital it needs to thrive. He further expressed
confidence in Barclays’ commitment to use Trade Ledger’s technology to deliver
transformational value to its lending processes.
The
relationship between Barclays and Trade Ledger dates back to 2018 when Trade
Ledger won the Barclays Open Innovation Challenge. Since then, both entities
have worked closely to identify areas within the bank where Trade Ledger’s
technology could drive significant improvements.
Revenues and Employment
Decline
Although the
UK banking giant is always looking for new investment opportunities, it does
not change the fact that the financial results for 222 showed worse-than-expected
metrics.
The
financial report released in February revealed that one of the UK’s largest
banks saw a significant dip in profits in 2022. Despite favorable conditions
such as increased interest rates and a strong performance from the fixed-income
trading division, profits fell to £7 billion, marking a 14% decrease compared
to the previous year.
Barclays
was significantly impacted by a drop in dealmaking fees, which plummeted by 39%
year-over-year, amounting to £2.2 billion. Although this reduction was
relatively minor compared to other European and Wall Street banks, it still had
a negative effect on Barclays’ financial performance, ultimately contributing
to figures that fell short of analysts’ expectations.
A month
ago, Finance Magnates informed that Barclays is poised to say goodbye to
a hundred employees in its investment banking group, following a significant
slowdown in the industry that has already forced a sizable portion of its
competitors to cut jobs.
Earlier,
Barclays was included in a list of 16 banks on which the US SEC imposed
combined penalties of more than $1.1 billion for recordkeeping failures.
Barclays (NYSE: BCS) informed
on Thursday that it invested £3 million into Trade Ledger, a provider of
next-generation working capital platforms. This strategic investment comes with
the implementation of Trade Ledger’s technology, marking a significant step in
the evolution of working capital finance solutions.
The bank
has committed to a three-year technology partnership with Trade Ledger,
signaling a major shift towards digitization in the business lending sector.
This move will not only enhance access to working capital for Barclays’
corporate clients but also streamline and expedite the process.
The
partnership with Trade Ledger is set to revolutionize Barclays’ working capital
offering. With Trade Ledger’s next-generation platform, Barclays will be able
to offer automated credit management solutions to its corporate clients. The
bank’s clients in the UK and globally will now have access to industry-leading,
end-to-end solutions for managing their credit.
James
Binns, Barclays’ Global Head of Trade and Working Capital, emphasized the
importance of accessible, flexible finance for businesses. “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
variety of sources, and powerful workflows.” Binns noted.
Working capital
finance solutions such as Asset Based Lending, Selected Debtor Finance and Invoice
Discounting, play a vital role for businesses and lenders alike during both
growth and downturn. Despite their importance, these solutions have seen
minimal innovation in recent years, creating a gap that Barclays and Trade
Ledger aim to fill.
Martin
McCann, CEO and Co-Founder of Trade Ledger, expressed his enthusiasm about the
partnership. McCann pointed to a shared mission with Barclays to
ensure every business has the capital it needs to thrive. He further expressed
confidence in Barclays’ commitment to use Trade Ledger’s technology to deliver
transformational value to its lending processes.
The
relationship between Barclays and Trade Ledger dates back to 2018 when Trade
Ledger won the Barclays Open Innovation Challenge. Since then, both entities
have worked closely to identify areas within the bank where Trade Ledger’s
technology could drive significant improvements.
Revenues and Employment
Decline
Although the
UK banking giant is always looking for new investment opportunities, it does
not change the fact that the financial results for 222 showed worse-than-expected
metrics.
The
financial report released in February revealed that one of the UK’s largest
banks saw a significant dip in profits in 2022. Despite favorable conditions
such as increased interest rates and a strong performance from the fixed-income
trading division, profits fell to £7 billion, marking a 14% decrease compared
to the previous year.
Barclays
was significantly impacted by a drop in dealmaking fees, which plummeted by 39%
year-over-year, amounting to £2.2 billion. Although this reduction was
relatively minor compared to other European and Wall Street banks, it still had
a negative effect on Barclays’ financial performance, ultimately contributing
to figures that fell short of analysts’ expectations.
A month
ago, Finance Magnates informed that Barclays is poised to say goodbye to
a hundred employees in its investment banking group, following a significant
slowdown in the industry that has already forced a sizable portion of its
competitors to cut jobs.
Earlier,
Barclays was included in a list of 16 banks on which the US SEC imposed
combined penalties of more than $1.1 billion for recordkeeping failures.
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- Source: https://www.financemagnates.com//institutional-forex/barclays-bets-on-working-capital-finance-invests-3m-in-trade-ledger/
