Atlanta, GA—Dec. 8, 2011—Pacific Brands, a provider of lifestyle brands, has deployed PrimeRevenue’s open Supply Chain Finance (SCF) platform to support its working capital management and supply chain efficiency initiatives. With financing by National Australia Bank (NAB), Pacific Brands will use PrimeRevenue’s platform to assist its Asian suppliers with cash flow needs on trade with Pacific Brands.
“NAB is proud to be partner to what we believe is one of the first applications of supply chain finance to move suppliers from Letters of Credit to open account trade terms with payment in U.S. dollars across international boundaries for trade with Asia,” said Geoff Cox, general manager, supply chain finance, NAB. “Our participation in the process is seamless through the PrimeRevenue SCF platform, which automatically provides early payment to suppliers for their invoices with Pacific Brands.”
Through PrimeRevenue’s Supply Chain Finance (SCF) platform, Pacific Brands suppliers are gaining visibility into their Pacific Brands-generated receivables well in advance of their due date as well as having the option to trade those receivables for early payment. Financing for supplier early payment requests are provided by NAB. The combined effects of greater cash flow visibility and payment on demand are expected to reduce cost, working capital and financial risk throughout Pacific Brands’ supply chain.
“Both working capital efficiency and strong supplier relationships are important objectives at Pacific Brands and a well-established technology platform like SCF can help us improve both,” said Chris Richardson, manager – group treasury for Pacific Brands.
“Pacific Brands is an industry leader that recognizes the benefits and competitive advantage that SCF will bring by reducing cost and risk, and freeing cash throughout their supply chain,” said P.J. Bain, PrimeRevenue CEO. “PrimeRevenue’s successful multi-bank SCF platform gives our clients like Pacific Brands the ability to maximize their working capital in their supply chain and work seamlessly and easily with a strong financing partner like NAB for trade across national boundaries and in multiple currencies.”
For more information, visit www.primerevenue.com.