U.S. Bank entered into a collaboration agreement with trade finance fintech LiquidX to help expedite and simplify supply chain transactions between suppliers and buyers.
This collaboration, which comes at a time of unparalleled stress in the global supply chain, will pair U.S. Bank’s balance sheet with LiquidX’s technology to help address supply chain finance friction and cash flow challenges facing many companies. Suppliers and buyers will be able to connect supply chain systems directly to U.S. Bank and transact through LiquidX’s platform. U.S. Bank’s financing solutions delivered through this collaboration will enable suppliers to be paid nearly immediately and buyers to receive extended payment terms.
“With so many supply chain challenges for businesses, we want to help make the financing process as smooth as possible,” Dan Son, senior vice president and head of the global banking division at U.S. Bank, said. “This new collaboration will deliver a single intuitive interface that seamlessly connects suppliers, buyers and our bank in the supply chain ecosystem. As one of the most trusted banks in the U.S., with some of the highest debt ratings, we can unlock valuable working capital for our clients.”
“We are thrilled to enter this collaboration with U.S. Bank, one of the country’s largest and most innovative banks, to deliver much-needed liquidity to today’s supply chains,” Jim Toffey, CEO of LiquidX, said. “We are proud that our scalable and flexible technology will make it easier, faster and cheaper for U.S. Bank and its corporate clients to transact.”
