North Germany’s Norddeutsche Landesbank Girozentrale, aka NORD/LB, and business-to-business (B2B) fintech specialist Traxpay are to cooperate as the latter supports the bank’s digitalisation strategy. Traxpay’s financing platform will enable NORD/LB to streamline supply chain financing (SCF) services through a direct plug-in to customers’ enterprise resource planning (ERP) systems.
“Traxpay’s technology will help us support our corporate customers to optimize processes, and increase efficiencies in their supply chains by making use of the data and intelligence they already have within their systems,” said Olaf Hugenberg, head of corporate finance at NORD/LB. “Digitalisation in our sophisticated SCF transactions will allow for reduced administrative complexity and spending, faster response times, and a high level of flexibility in transacting with us and their trade partners.”