Lloyds Bank is partnering with Spendvision, a provider of total transaction management solutions to launch an online expense management and payables automation solution (view press release). Dubbed BM Lloyds Bank – Card Data Management, the solution is designed to help organisations gain control of corporate spend and reduce business costs. Through the solution, Lloyd’s commercial card customers will be able to manage statements, transactions and expense reporting, requisitions and payments to suppliers via a single integrated platform. By utilising Spendvision’s payables financing, Lloyds hopes its larger customers will be able to improve working capital and reduce resource draining manual invoice processing.
Managing the financing of high-value invoices using short term credit is a cost and process efficient option for companies with large numbers of regular supplier relationships. Payables cards are issued to main suppliers and are financed when an approved invoice is uploaded. The supplier then receives notification that it can draw on available credit and the card limit returns to zero when the funds have been taken. The supplier can be paid earlier than standard invoice terms, and the buying organisation benefits from an improved working capital and more effective use of credit lines.
On other news, The Co-Operative has today announced that it will be acquiring 632 Lloyds bank branches across the UK for GBP350 million upfront and GBP400 based on future performance.