US Bank taps LiquidX for new fintech solution

US Bank and trade finance company LiquidX have established a partnership to assist speed and simplify supply chain transactions.

The Minneapolis-based bank is attempting to alleviate supply chain financing friction and cashflow issues that businesses are facing during “a season of unprecedented stress in the global supply chain.”

LiquidX’s platform will enable buyers and suppliers connect their systems directly to US Bank and conduct transactions, according to the company. Suppliers will be paid almost promptly, according to the bank, while customers will be given extended payment terms.

“With so many supply chain challenges for businesses, we want to help make the financing process as smooth as possible,” says Dan Son, head of global banking division at US Bank.

The bank wants to create a single interface that “connects suppliers, buyers, and our bank in the supply chain ecosystem,” which will assist to strengthen vendor and customer relationships, cut costs, and diversify working-capital funding sources.

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