Atlanta—July 2, 2012—PrimeRevenue Inc., the platform for global supply chain finance, and e Factor Network SA de CV (EFN), a Mexican provider of technology for financing operations for national and international corporations, announced that IFC, a member of the World Bank Group, will provide liquidity to EFN’s customers in Mexico.
“The economic recession generated tremendous working capital challenges for corporations in emerging markets of the world where many financial institutions have less capability to fund,” said Dan Juliano, Vice President for Business Development and Partnerships, PrimeRevenue. “Through PrimeRevenue’s SCF platform and with liquidity provided by IFC, Mexican buyers and suppliers can now achieve significant and ongoing working capital improvement.”
Using PrimeRevenue’s OpenSCi SCF platform, EFN enables IFC to finance suppliers located in Mexico and operating globally to optimize cash flow with financing provided by an international financial institution.
“IFC's partnership with Prime Revenue and EFN in Mexico is an important step in the expansion of the IFC Global Trade Supplier Finance program, which aims to increase access to finance for suppliers in emerging market supply chains,” said Georgina Baker, Director of Global Trade & Supply Chain Solutions, IFC. “Through this program, IFC can support the liquidity needs of many Mexican suppliers, especially small and medium enterprises, that can use the working capital support to expand their businesses, create jobs and contribute to economic growth.”
PrimeRevenue and EFN began working together in 2009 to assist Mexican buyers in eliminating the negative cash flow impact of term extensions on suppliers and reducing cost and capital risk in the financial supply chain. The PrimeRevenue OpenSCiSCF solution provides suppliers with payment visibility and certainty regarding their approved receivables, while funding partners are placed directly in the middle of the real-time flow of payable/receivable information and profit from increased lending opportunities without process expenses. IFC’s infusion of capital in the Mexican market will help facilitate this region’s prominent role in international trade.
“EFN leverages the PrimeRevenue technology to offer the most comprehensive SCF solution on the Mexican market that cuts cost and helps buyers and their suppliers achieve their supply chain finance (SCF) goals,” said Héctor de la Garza, Chief Executive Officer, EFN. “PrimeRevenue’s OpenSCi solution gives our customers the tools they need to address their evolving SCF needs.”