Le Lézard
Classified in: Science and technology, Business
Subject: PDT

Fintech startup, Trade Ledger, launches world-first tech to help banks fight off global tech giants


SYDNEY, Oct. 23, 2017 /PRNewswire/ -- Career technologists, Martin McCann and Dr. Matthias Born, are launching a world-first lending tech for banks and traditional lenders that will help to equip them against competition from tech giants such as Facebook, Tencent, and eBay wanting to enter financial services.

Trade Ledger is the world's first business lending platform that transforms digital data from business supply chains in real time, allowing banks to assess and regularly update credit and default risk of businesses they lend to. Currently this is only done on a one-off or infrequent basis on a very small sample of invoices, and not on any other trade documents.

The platform will finally give banks more advanced network and data analysis technology than global technology companies, in a lending segment that has long suffered from a lack of technological innovation.

"Banks and other business lenders have never been able to accurately leverage quality operational data to determine business lending risk, as a result there is a loan undersupply to the tune of AU$60 billion each year in Australia, and AU$2.1 trillion globally," said Martin McCann, CEO and Co-Founder of Trade Ledger.

"But as the global economy increasingly transitions towards smaller, high-growth businesses, banks have an obligation to learn how to supply working capital needed by these businesses for sustained growth. If they don't learn to do this, it's also only a matter of time before technology giants figure out how to resolve the problem, and swoop in.

"The challenge for banks is improving both its cost/income ratio and capital efficiencies within a segment considered higher risk, and Trade Ledger offers the first open banking platform that resolves both of these challenges.

"This represents a huge opportunity for local Australian banks and specialist business lenders to export financial services globally -- so long as they jump on the opportunity to do so before oversees competitors do," continued Martin McCann.

The idea for the platform came about when the Trade Ledger co-founders realised that the increasing digitisation of business supply chains provided an opportunity to connect the business financial supply chain directly to the bank.

They also wanted to provide a way for banks' customers to apply for funding in just a few minutes, compared to the current 30-hour average process, helping them to directly compete with more tech-savvy entrants such as fintechs and large tech companies.

"For the first time, banks and other traditional lenders will be able to use the digital information being created in supply chains to predict the exact probability of an individual invoice default at any given time," continued Martin McCann.

"SMEs will also no longer be treated as one homogeneous, high risk group of borrowers, when differences in corporate structure, business model, cash flow need, degree of technology adoption, scalability, and a multitude of other characteristics that can change hourly all affect default and fraud risk levels significantly," concluded Martin McCann.  

For more information: www.tradeledger.io

Trade Ledger is the world's first open digital banking platform helping banks assess business lending risk in real time. This will help banks address the US$1.7 trillion global undersupply in trade finance lending, and provide high-growth companies with much-needed working capital.

Media contact Hannah Moreno: [email protected] or 61 (0)452523117


These press releases may also interest you

at 01:05
Galderma Group AG (SWX:GALD), the pure-play dermatology category leader, today announced its sales performance for the first quarter of 2024. Record net sales of 1.071 billion USD in the first quarter of 2024, surpassing for the first time the 1...

at 01:00
PARIS, FRANCE, 24 April 2024 - Ipsen (Euronext: IPN; ADR: IPSEY), a global specialty-care biopharmaceutical company, today presents its sales for the first quarter of 2024. ? ?  Q1 2024? Q1 2023? % change? ?m? ?m? ActualCER1Growth...

at 00:30
Clayfin Technologies, a leading provider of innovative Digital Customer Experience solutions for Banks and Financial institutions, and Jana Small Finance Bank, one of India's leading small finance bank in India, proudly announced their partnership's...

at 00:00
Tipalti, the leading global finance automation company, today reveals the majority of finance leaders (82%) admit that excessive manual finance processes are hindering their organization's growth plans for the year ahead?with two-thirds (66%) saying...

at 00:00
NyquistAI, formerly known as Nyquist Data, is making a strategic pivot that aligns with our evolution as a company and our commitment to the life sciences sector to help companies in life sciences embark on AI transformation within their...

23 avr 2024
The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Innoviz Technologies Ltd. ("Innoviz" or "the Company") for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934...



News published on and distributed by: