Demica selected to power BBVA global supply chain finance solution
Demica, one of the world’s largest working capital fintechs, announced that BBVA has white labelled its supply chain finance platform globally to serve its large corporate customers around the world.
The collaboration will focus on buyer led payables financing (also known as confirming), an important supply chain finance product suite powered by the Demica platform. Coverage will be extended to BBVA’s corporate customers across Europe, North America and South America from the bank’s subsidiaries in Spain, United States, Mexico, Peru, Colombia and Argentina.
Working closely with the BBVA product team, Demica will be launching a range of advanced new product features to support the greater collaboration between buyers and suppliers necessary in a post-Covid-19 world. This will include Demica’s automated supplier onboarding tool which delivers supply chain finance to the “long tail” of suppliers.
Angel Blanco, Demica’s head of Iberia and Latin America commented: “We are excited to be working with BBVA, extending our platform functionality to customers of the bank. Through close collaboration with their technology and product teams, we have delivered a Software-as-a-Service solution which meets the bank’s exacting information security requirements, whilst delivering a world class customer experience.”
Commenting on this project, Alejandra Alcalde, head of global supply chain finance Sales at BBVA said: “Consistent with our strategy to leverage the fintech ecosystem to develop our value proposition, we are delighted to be working with Demica to further enhance our product capabilities in trade finance and working capital solutions.”