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Santander and Tradeshift partner to improve speed and simplicity in supply chain finance

  • • Collaboration to deliver fully digitized cloud-based offerings to unlock capital to suppliers and power business-to-business commerce.
  • • Combined expertise will offer innovative and efficient service capable of extending the reach of traditional supply chain finance.

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

Santander will offer integrated and seamless 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, layering a trade financing capability will enable an unprecedented adoption opportunity to unlock frozen liquidity.

This joint offering extends the speed and simplicity of the purchase to pay process for clients by seamlessly linking e-invoicing to SCF provided by Santander. The Tradeshift platform enables digital connectivity in a single business network, which will include access to a flexible and competitive source of working capital solutions to suppliers. The partnership will allow Santander to develop better, more tailored products and services to finance the transactions occurring in the network.

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.

Santander and Tradeshift plan to make the solution available, initially to UK clients, in late 2017. Tradeshift is a portfolio company of Santander Innoventures, the $200 million FinTech venture capital arm of Banco Santander.

Christian Lanng, CEO & Co-founder of Tradeshift said: “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. Tradeshift has 1.5 million suppliers worldwide. The benefit to them will be real.”

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 digitization, savings and greater efficiency to a whole package of financial services propositions. We’re helping large corporations and their suppliers.”

Banco Santander (SAN SM, STD US, BNC LN) is a leading retail and commercial bank, headquartered in Spain, with a meaningful market share in 10 core countries in Europe and the Americas. It is among the world’s top banks by market capitalization. The bank’s purpose is to help people and businesses prosper, in a way that is simple, personal and fair. Founded in 1857, Santander had EUR 1.52 trillion in managed funds, 125 million customers, 12,200 branches and 188,000 employees at the close of 2016. Santander made attributable profit of EUR 6,204 million in 2016, an increase of 4% compared to the previous year.

Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. It has brought real competition to the UK, through its innovative products for retail customers and relationship banking model for UK SMEs. As at 30 June 2016, the bank serves around 14 million active customers with c. 20,000 employees and operates through 847 branches (which includes 58 university branches) and 69 regional Corporate Business Centres. Santander UK is subject to the full supervision of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) in the UK. Santander UK plc customers are protected by the Financial Services Compensation Scheme (FSCS) in the UK.

Founded in 2010, Tradeshift is the world’s largest business commerce platform that connects buyers and sellers. Tradeshift connects over 1.5 million companies across 190 countries, processes over half a trillion USD in transaction value yearly, and has a marketplace containing 28 million SKUs. It offers solutions for procure to pay, supplier engagement and financial services, and enables companies and partners to build custom or commercial apps on its business commerce platform. Tradeshift is headquartered in San Francisco, with offices in Copenhagen, New York, London, Paris, Suzhou, Chongqing, Tokyo, Munich, Frankfurt, Sydney, Bucharest, Oslo, and Stockholm.