A new corporate supply chain finance platform has launched, which aims to improve credit management and provide additional transparency, security and flexibility for banks and their corporate customers.
The new platform is called Monimove, and aims to enable banks to create new revenues and be able to track approved funds, optimising their liquidity management in a transparent way, through an online portal. This aims to reduce commercial and industrial credit risk as well as associated costs. The new platform hopes to enable lower insurance premiums and reduce bad debt on loans. The portal enables banks to efficiently validate a client’s credit utilisation against their project and expense plans. Its reporting capabilities allow banks and their clients to make more informed decisions, whilst mitigating risk. It also negates the need for banks to get involved in client-supplier relations.
The new platform aims to provide banks with the reassurance that materials, services and labour committed to a project are fulfilled on time and as promised. The initial proposals are captured in user agreement drafts, which banks can customise for each territory.
David Allen, Chief Operations Officer at Monimove, commented: “Monimove was founded to empower banks to approach credit differently. We recognise the difficulty of the integrity of manual processes. As with all other parts of the operations of banks, automation has done two things: increased the integrity of the process and brought down overheads. This new method of credit utilisation puts banks in the position where they can generate considerable new revenue.”