Tradeshift and PrimeRevenue announce partnership
The synergy between supply chain finance and e-invoicing is something that we’ve written about many times and it is therefore not surprising to see companies like Tradeshift and PrimeRevenue creating collaborative relationships.
Readers of Purchasing Insight know Tradeshift but for those that don’t know PrimeRevenue, they are a provider of multi-bank Supply Chain Finance (SCF) technology and services. The PrimeRevenue OpenSCi™ SCF platform and working capital advisory services are designed to provide Global 2000 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.
SCF and e-invoicing, although often existing in separate spheres, when combined form a powerful symbiotic relationship. E-invoicing is able to strengthen the business case for SCF by providing access to real-time data and speeding up invoice approval cycles for Buyers. Meanwhile, SCF provides further incentives for long tail suppliers to adopt the e-invoicing platform by providing access to new funding opportunities and improving overall payment cycles.
PrimeRevenue and Tradeshift will be able to bundle their respective services and provide a beneficial and unique offering to their customers. Tradeshift’s e-invoicing technology provides added value services for PrimeRevenue to process approved invoices in SCF programs, faster and more efficiently.
Christian Lanng, Tradeshift’s CEO commented: “Tradeshift was built on the principle that enterprise solutions need to deliver value to companies on either end of the transaction – both buyers and suppliers. This is the only way we will ever see full adoption of platforms by suppliers, and it is the only way large enterprises will achieve 100% electronic invoicing. TRADESHIFT partnering with PrimeRevenue improves the business case for all our customers to adopt both supply chain finance and e-invoicing. Both are vital services, but bundling them will help trading partners obtain the most value”.
According to PJ Bain, PrimeRevenue CEO, “PrimeRevenue processes over $53 Billion in transactions annually and provides more than $18 Billion in on-demand, low cost financing to 8,900+ suppliers in 37 countries and 17 currencies. PrimeRevenue OpenSCiTM, our, global, multi-bank, multi-currency SCF platform helps corporations improve supplier relationships while managing payables and maximizing working capital. We look forward to future growth through this strong partnership”.
Headquartered in Atlanta, Georgia, USA, PrimeRevenue also has offices in London, Paris, 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.