Traxpay to lead NORD/LB digitization strategy

B2B finance automation company Traxpay announced this week it will lead the digitization strategy for German wholesale bank NORD/LB.

The collaboration allows NORD/LB to streamline its supply chain financing services via a direct plug-in to customer ERP systems and produce accelerated response times, transparency, flexibility, and administrative efficiencies.

Users employing Traxpay’s Financing Platform can connect their ERP systems both to each other but also to bank backend systems, leaving complete invoice data instantly available to speed up everything required for SCF transaction efficiency.

“In a global business climate that is extremely competitive, corporations are continually seeking technologies to increase efficiencies and and transparency into their complex value chains,” Traxpay founder and CEO Markus Rupprecht said. “Our cooperation with Nord/LB is a perfect example of how banks and fintechs can work together to improve existing processes, create new revenue streams, and provide superior customer service, all of which represent a differential advantage in today’s financial services landscape.”