LONDON, May 16, 2024
/PRNewswire/ -- Lendscape, the market-leading provider of
commercial finance technology, today announced the launch of
Lendscape CONNECT, a revolutionary solution designed to widen
access to invoice finance by removing the traditional barriers
involved for lenders and their clients.
Lendscape CONNECT brings together open accounting technology and
advanced Shadow Ledger functionality to digitalise and automate the
invoice finance operations for banks and lenders, driving down
costs while providing improved risk control. Available on the
award-winning Lendscape platform, the new solution promises to
completely remove the burden of month-end reconciliations, saving
lenders up to four hours per client each month.
"Invoice finance can be a cashflow lifeline but has been
hindered by complex manual processes that can be cumbersome for
lenders to manage, and more intrusive for businesses than
alternatives like overdrafts and term loans," said Carolyn Goddard, Head of Product at Lendscape.
"With Lendscape CONNECT, we've tackled these issues head-on. Our
new solution gives lenders secure, direct access to live data from
their clients' accounting systems and a detailed view of the sales
ledger that always aligns with their clients' records. This
eliminates time-consuming month-end reconciliations and removes the
client burden of manually uploading debtors and invoices."
Kevin Day, CEO of Lendscape,
remarked, "Lendscape CONNECT is a true game-changer, combining the
day-to-day simplicity of invoice discounting with the robust risk
control typical of factoring. Lenders are now equipped to offer
light-touch, non-invasive invoice finance to a wider range of
clients, achieving precise, timely risk management without the need
for human intervention." He added, "We expect that this will enable
lenders to strike the optimal balance of cost, risk and service in
their invoice finance operations, fostering increased adoption and
satisfying market demand. Lendscape has a proven track record of
leveraging cutting-edge technology to address the challenges facing
the industry, and Lendscape CONNECT is a milestone in enabling
simpler, data-led financing."
Key benefits of Lendscape CONNECT include:
- Eliminate month-end reconciliations, saving ~ up to
4hrs per client, per month: Automated synchronisation between
the lender's view of the sales ledger and their clients',
eliminating the need for month-end reconciliations and manual
disapprovals.
- All the control, none of the hassle: The control of
factoring without the manual intervention. Lendscape CONNECT offers
instant access to live financial data from clients' accounting
packages, providing the day-to-day simplicity of invoice
discounting with the risk controls normally associated with
factoring.
- More clients, enhanced risk management: Advanced Shadow
Ledger technology offers comprehensive, invoice and debtor-level
visibility. Detailed sales ledgers support improved reporting, a
wealth of analysis, and granular, timely risk management at
scale.
- Improved client experience: Reduces friction for
clients, removing the need for cumbersome month-end reconciliations
and manual uploads and providing a transparent view of their
funding position through the Lendscape Client Portal.
With features including live data access, automated disapproval
calculations, and seamless integration with a breadth of
third-party services for enhanced reporting and risk management,
Lendscape CONNECT is set to redefine invoice finance.
For more information about Lendscape CONNECT and how it can
benefit your business, visit
www.lendscape.com/platform/connect.
About Lendscape
Lendscape is the world's leading technology provider for all
forms of secured finance.
With over 45 years of experience and in-depth industry
understanding, our dynamic team has designed, developed, and
delivered secured lending technology to over 40 markets and some of
the worlds' most prestigious banking and financial services
providers.
Lendscape supports a range of working capital and asset finance
solutions such as factoring, invoice discounting, supply chain
finance, asset-based lending as well as asset finance and many
other forms of specialist finance.
To learn more, visit www.lendscape.com.
Media contact:
Iain Gomersall
iain.gomersall@lendscape.com
+44 20 8187 8905
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