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Lendscape, a provider of commercial finance technology, has launched Lendscape CONNECT, a product 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, the company said in a press release..
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.
Commenting on this, Lendscape head of product, Carolyn Goddard, said: “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.
“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.”
Lendscape CEO, Kevin Day, concluded: “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.
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By GlobalData“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.”