DZ Bank to use Digital Supply Chain Finance Platform Developed by Traxpay
Published: March 24, 2022
Traxpay and DZ BANK AG, Frankfurt am Main, have signed a cooperation agreement. DZ Bank will use the digital platform developed by Traxpay for Supply Chain Financing (SCF). This will enable the bank’s clients to take advantage of a rich basket of products and services to digitally process and pre-finance their trade receivables and payables.
"The cooperation with DZ BANK is a real milestone in the continuing growth of Traxpay," says Markus Rupprecht, CEO. "Having such a key bank joining our partner roster, as well as gaining the ability to access the cooperative financial group, gives Traxpay a significantly larger reach! We are, of course, very pleased that DZ BANK has chosen a European fintech such as Traxpay as their preferred provider."
Supply chain financing and instruments such as and Reverse Factoring have continued to grow in importance in recent years, and not just because of the pandemic. In addition to these established SCF schemes, Traxpay has developed new products such as Digital Forfaiting and Digital Guarantees… and there is a lot more to come. The ability to utilise and combine appropriate SCF instruments, is a prerequisite for companies trying to achieve their goal of 360° liquidity optimisation. The potential to do so is considered a true competitive advantage. Traxpay makes this possibility a reality.
DZ BANK can leverage the Traxpay platform in multiple ways to increase their "share of wallet". Examples are as a financing partner, an issuer of guarantees or as a facilitator of various SCF solutions for their enterprise clients. In addition to DZ BANK, Traxpay has joined forces with various key European financial institutions over the last few years. Additional banking partners will follow shortly.
"We see an increasing desire of both banks and fintechs to collaborate. With DZ BANK, Traxpay has gained a new and very important banking partner. This cooperation will allow us to scale, and importantly for our customers, to benefit from the network effects we can achieve as a result. Together with DZ BANK, we will be able to work with a large number of new companies – both buyers and suppliers – from many industries and geographies." says Kate Pohl, Head of Banking & Corporate Sales, at Traxpay.