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E-invoicing, SCF & E-procurement

Bank of Baroda launches digital supply chain finance solution

Thursday 7 December 2017 | 02:31 PM CET

Bank of Baroda has launched digital SCF solution which aims to accelerate working capital loan opportunities for the small and medium enterprises and large corporate clients.

The new product provides a range of supply chain finance products which covers pre- and post-shipment products like dealer and vendor finance.

By increasing automation and straight-through processing, while upgrading reporting functionalities, the platform would reduce risks, the bank said. The supply chain finance technology and processes have been designed to ensure faster approvals and transaction processing and availability of finance to the SME customers.

Small and medium enterprises (SMEs) have demonstrated high demand for finance, particularly debt, but of their total financial requirement, over three fourth is either self-financed or comes from informal sources. The demand for finance has also seen an increase due to the implementation of the Goods and Services Tax.

More: Link
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