Lloyds Bank has teamed with UK fintech Demica to roll out a digital supply chain finance platform, called The Open Account Platform for business customers. The platform will offer supplier finance and receivables purchase to Lloyds Bank customers through a single online portal, according to a report in Finextra.

The platform provides users with intuitive dashboards to access key information and straight-through-processing to automate transactions during a two-day onboarding process.

Lloyds Bank, which has been providing supplier finance and receivables purchase for over 13 years, says the new streamlined digital service will launch before the end of the year.

"Partnering with the UK's biggest commercial lender is an important milestone for us as a London-based fintech. We've worked closely with the solution development and innovation team at Lloyds Bank to deliver a solution that leverages our proven track record of deploying white labelled solutions in an environment where digital transformation is now essential," Maurice Benisty, chief commercial officer at Demica said in the release.