Huntington National Bank selects LiquidX as strategic supply chain finance provider

Rhea-AI Summary

Huntington National Bank (Nasdaq: HBAN) announced its partnership with LiquidX to enhance its trade finance infrastructure. This collaboration aims to automate back-office processes, streamline supply chain finance operations, and improve payment reconciliation. Key features of the LiquidX solution include centralized data management, advanced business intelligence tools, and AI-driven reconciliation. The agreement allows Huntington to scale its business efficiently and focus on strategic initiatives. This partnership underscores Huntington's commitment to providing improved services to its trade finance customers.

Positive

• Partnership with LiquidX to enhance trade finance infrastructure.
• Implementation of automated back-office processes for efficiency.
• AI-driven reconciliation to improve payment processing.

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• None.

LiquidX technology will provide comprehensive back-office support  for end-to-end automation and efficiency

COLUMBUS, Ohio, Nov. 1, 2022 /PRNewswire/ -- Huntington National Bank (Nasdaq: HBAN) announced today it has selected LiquidX to provide an automated, end-to-end back-office solution to scale its trade finance infrastructure. LiquidX is a leading global fintech platform for digitization, monetization, and risk mitigation for working capital, trade finance, and insurance assets.

With a goal to streamline supply chain finance operations and payment reconciliation processes, Huntington selected LiquidX as the most efficient and effective collaborator to expand Huntington's trade finance offering.

"LiquidX understands Huntington's strategic imperatives and the tools we need to position our trade finance customers for success in this competitive marketplace," said Andy Arduini, senior managing director of Huntington Global Advisory & Working Capital Finance. "Our collaboration will enable us to better serve our customers at all points along the supply chain continuum."

LiquidX provides a comprehensive back-office solution that supports end-to-end automation and efficiency, including:

• Digitization to standardize reporting and assurance all data is consolidated into one central platform
• Enhanced insights through powerful business intelligence tools for reporting before and after purchase, such as limit management, interest accrual and exposure tracking
• Reconciliation through InMatch, which uses artificial intelligence and machine learning to automate the pairing of remittance advice to payments and adjustment of the value of the invoice

This agreement provides Huntington the infrastructure to continue to scale the business and allows Huntington to redeploy resources to more strategic work.

"We are thrilled to work with a powerhouse regional bank, such as Huntington, to provide the back-office tools they need to translate strong client relationships into trade finance assets," said Jim Toffey, CEO of LiquidX.

About Huntington
Huntington Bancshares Incorporated (Nasdaq: HBAN) is a $179 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle-market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates more than 1,000 branches in 11 states, with certain businesses operating in extended geographies.
Visit Huntington.com for more information.

About LiquidX
LiquidX is a leading global technology company that enables finance professionals to transact faster, smarter, and cheaper by digitizing their trade finance and working capital solutions. Its flagship solutions incorporate AI and machine learning analytics to greatly enhance transparency, reporting, and forecasting for suppliers, buyers, and their banks. Headquartered in New York with offices across the globe, LiquidX delivers the industry-leading ecosystem for working capital optimization to its diverse network of corporations, banks, institutional investors, and insurance providers brought in from partnerships with the likes of Broadridge, U.S. Bank, and Citi.

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SOURCE Huntington Bancshares Inc.

FAQ

What is Huntington Bank's recent partnership announcement?

Huntington Bank announced a partnership with LiquidX to enhance its trade finance infrastructure and automate back-office processes.

What technology will LiquidX provide for Huntington Bank?

LiquidX will provide an automated, end-to-end back-office solution that includes data centralization and AI-driven reconciliation.

How will the partnership with LiquidX benefit Huntington Bank?

The partnership will allow Huntington to streamline supply chain finance operations and focus on strategic business growth.

What are the key features of the LiquidX solution for Huntington Bank?

Key features include centralized data management, advanced reporting tools, and AI-driven payment reconciliation.

When was the partnership between Huntington Bank and LiquidX announced?

The partnership was announced on November 1, 2022.