Traxpay and NORD/LB to enter cooperation
Frankfurt and Hannover, Germany / Luxembourg, Luxembourg / Mountain View, California, January 11, 2017 – Traxpay, pioneer in the automation and optimization of B2B financial transactions, and NORD/LB, one of Germany’s largest wholesale banks with extended expertise in the corporate and structured finance businesses and its subsidiary NORD/LB Luxembourg S.A. Covered Bond Bank, today announced a planned cooperation to support the bank’s digitalization strategy. With Traxpay’s Financing Platform NORD/LB will be able to streamline Supply Chain Financing (SCF) services through a direct plug-in to customers’ ERP systems. They will benefit directly through accelerated response times, transparency, flexibility, and administrative efficiency.
“Traxpay’s technology will help us support our corporate customers to optimize processes, and increase efficiencies in their supply chains by making use of the data and intelligence they already have within their systems. Digitalization in our sophisticated SCF transactions will allow for reduced administrative complexity and spending, faster response times, and a high level of flexibility in transacting with us and their trade partners.” said Olaf Hugenberg, Head of Corporate Finance at NORD/LB.
Having a broad track record and extensive experience in corporate finance products, NORD/LB is keen to provide its clients with contemporary technical means to enable efficient and easy-to-install solutions for working capital financing. The envisaged cooperation with Traxpay is an important strategic landmark for the bank, reflecting customer demand and securing future opportunities in a competitive market. The cooperation emphasizes NORD/LBs business approach to keeping processes as simple as possible and minimizing manual administration on the part of the client.
Traxpay’s Financing Platform provides banks, corporations, and B2B networks with a turnkey solution for digitizing supply chain financing transactions. Trading partners can connect their ERP systems easily not only to one another but also to banks backend systems, essentially automating communications between all parties. As such, complete invoice data is instantly available to accelerate all processes required for efficient SCF transactions. These services offer corporates a great deal of flexibility and advantages due to optimized working capital and cash flows, better liquidity, and minimized risk. Banks benefit from enhanced customer relations and minimal administration associated with managing their SCF product portfolios.
Markus Rupprecht, Traxpay’s Founder and CEO: “In a global business climate that is extremely competitive, corporations are continually seeking technologies to increase efficiencies and transparency into their complex value chains. Our cooperation with Nord/LB is a perfect example of how banks and FinTechs can work together to improve existing processes, create new revenue streams, provide superior customer service, all of which represent a differential advantage in today’s financial services landscape.”
With total assets of EUR 178 billion, NORD/LB Norddeutsche Landesbank is one of Germany's leading merchant banks. Its core business segments include structured finance in the energy and infrastructure sector, ship and aircraft finance, corporate client business, commercial real estate finance, capital market business and private and commercial client business. The bank has headquarters in Hanover, Braunschweig and Magdeburg as well as offices in Düsseldorf, Hamburg, Munich, Schwerin and Stuttgart. Outside Germany, NORD/LB is active in Luxembourg with a covered bond bank (NORD/LB Covered Bond Bank) and also has offices in London, New York, Singapore and Shanghai.
Traxpay, founded in 2009, is a pioneer in the B2B FinTech space. Traxpay’s award-winning and patent-pending Software-as-a-Service platform helps banks and B2B networks generate untapped revenue by offering innovative payments and supply chain financing products to their corporate customers. The solution connects corporate ERP systems with each other and with banks’ backend systems. This connection unlocks data and business process optimization to enable significantly more flexible and efficient payments processing, factoring, reverse factoring, and dynamic discounting. All Traxpay solutions can be optionally connected to and processed via the blockchain offering banks dedicated blockchain product use cases.
The company is privately held, headquartered in Frankfurt, Germany and led by senior industry experts with experience in banking and payments. Until today Traxpay has raised € 20 Million of venture capital by key investors like Earlybird Ventures, Commerzbank, Software AG and others.
NORD/LB Media and Communication