Lloyds TSB Commercial Finance (Commercial Finance) and JPMorgan are launching a supplier finance service to UK investment-grade corporate and global businesses, which will allow UK companies’ suppliers to receive payment at a date of the suppliers’ choice, which can be earlier than the agreed payment terms.
The service combines Commercial Finance’s expertise and presence in UK asset-based lending with JPMorgan’s innovative supplier finance administration and support systems.
“The solution has huge potential to improve the working capital and profit margin of major corporate buyers and the cashflow of their suppliers throughout the UK,” said Ted Ettershank, managing director of Lloyds TSB Commercial Finance.
The supplier finance program will be introduced over the next 18 months.