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SOURCE: PrimeRevenue, Inc.
France-based Importer Switches to PrimeRevenue’s OpenSCi™ Supply Chain Finance Solution for Accelerating Payments
Atlanta, GA (PRWEB) February 04, 2013
WM88, a France-based importer of home decoration items transitioned from factoring to utilize working capital benefits delivered by PrimeRevenue OpenSCi™ Supply Chain Finance (SCF).
The PrimeRevenue OpenSCi™ supply chain finance solution has enabled WM88 to accelerate cash flow by way of selling customer-approved invoices on the OpenSCi™ platform. The platform also provides users with the ability to view customer-approved invoices online and to track maturity payments, including adjusting existing credit memos and accessing associated reports for audit purposes. Being a user of the ‘Auto-Trade’ facility on OpenSCi, WM88 is able to sell invoices at a pre-determined frequency without having to log-in manually to perform the trade to receive early payment.
“Having access to liquidity that is provided by the PrimeRevenue OpenSCi supply chain finance solution is of tremendous value to us. We used factoring previously. That technique was not only expensive but we were able to receive only 90 percent of the invoice value upfront since the rest was used to offset the bank’s risk,” said Bernard Soyer, accountant, WM88. “However, when we transitioned to supply chain finance we realized the benefits we had been missing all this time. We now receive full payment at a rate much lower than the rate that was charged when we factored our receivables.”
“WM88 is a classic example of why companies that used factoring will transition to supply chain finance. We have many companies using our OpenSCi platform with experience similar to WM88,” said Eric Riddle, vice president and general manager for Europe, PrimeRevenue. “The cash flow advantage of early invoice payment provided by our OpenSCi supply chain finance solution addresses many of the negative challenges that factoring users experience. PrimeRevenue provides the most comprehensive, transparent supply chain finance solution to complement the efforts of participating companies to speed cash flow and optimize working capital.”
About PrimeRevenue, Inc.
For Global 2000 organizations who view their supply chains as a strategic asset and are seeking to increase supply chain efficiency, PrimeRevenue is the leading provider of multi-bank Supply Chain Finance (SCF) technology and services. The PrimeRevenue OpenSCi™ SCF platform and working capital advisory services provide these organizations with the control and flexibility required to drive superior SCF results, reducing cost and capital risk throughout their supply chains and forging stronger supplier relationships. Headquartered in Atlanta, Georgia, USA, PrimeRevenue also has offices in London, Paris, Frankfurt and Prague in Europe, as well as in Melbourne, Australia, and Hong Kong SAR, and operates some of the largest SCF programs for customers around the globe. For more information, visit http://www.primerevenue.com
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