FinTech Trade Ledger is partnering with small- to medium-sized business (SMB) lender ScotPac to accelerate loan application turnaround times, according to a press release.
ScotPac will use Trade Ledger’s technology to give bankers more ways to submit documents, track applications and receive approvals faster, the release stated.
“In this day and age, particularly for the customer, the broker wants to be able to secure a yes quickly, so that the customer has surety of finance and can move on with their business,” said ScotPac CEO Jon Sutton, according to an Australian Broker Online report.
He added in the report that partnering with Trade Ledger would allow the company to “digitize what has largely been a fairly onerous paper, spreadsheet, moving bits of paper process between brokers, introducers, debt advisors and ScotPac.”
The idea, he said in the report, is to expedite the way documents can be uploaded digitally. That will allow the commercial brokers to quickly let their customers know whether they can give positive answers on their applications.
“It’s really evident that what we see in the banking market for [SMBs] is that the banks take an enormous amount of time to make decisions about lending and around asset finance,” he said, per the report.
The goal is to reimagine business funding so it’s streamlined and accessible for SMBs, according to the release.
“SMBs can quickly access multiple products (including our debtor finance, asset finance and trade finance) to solve their most bespoke or complex funding problems,” Sutton said in the release. “The value of speed and consistency is massive for business owners and for our broker and accountant partners.”
In April, Trade Ledger partnered with Virgin Money on a further development of the company’s corporate banking offering, allowing for a smoother and faster experience for corporate clients looking for loans.
According to Virgin Money Group Business Director Gavin Opperman, the client experience is essential to the introduction to the corporate banking offering this fall on the market. Lending is “an important part” of everything going on for the company, he said.