Atlanta—Feb. 3, 2014—PrimeRevenue, Inc., a platform provider for optimizing cash flow and working capital in global financial supply chains, partnered with ING Bank N.V. to assist major corporations in improving the financial efficiency of their supply chains.
By using the PrimeRevenue OpenSCi supply chain finance platform with funding provided by ING, leading corporations are able to extend payment terms without negatively impacting their suppliers. The supply chain finance solution allows suppliers to get paid on their own schedule in order to gain immediate access to affordable liquidity. This reflects a collaborative approach that addresses the working capital needs of both buyers and suppliers.
“Companies recognize the value of a collaborative approach that addresses the needs of both trading partners on either side of the supply chain equation,” said Robert O'Donoghue, managing director, head of ING’s Working Capital Solutions. “Access to affordable financing is critical to managing counterparty risk and ensuring continued supply chain viability.”
“The PrimeRevenue OpenSCi solution allows buyers to leverage their own creditworthiness to help solidify the financial well-being of their suppliers, while meeting their target payables terms and cost-reduction objectives,” said Dan Juliano, vice president of business development and partnerships, PrimeRevenue, Inc.