Banking clients can now tap into a nexus of 65,000 companies to digitalize their finance functions for improve liquidity, efficiency.
In order to support banking clients in their digitalization journey, Standard Chartered has announced partnership with Infor to introduce the latter’s Infor Nexus network. By digitizing the financial supply chain, businesses can minimize supply chain delays and friction, while suppliers can benefit from improved access to capital.
Through the strategic agreement, Standard Chartered will refer clients to Infor and its Infor Nexus network, based on specific needs, enabling them to benefit from automated matching and digitized documentation and processes delivered on Infor’s network of 65,000 businesses around the world.
In addition to delivering broader financial services to clients, the Infor Nexus network provides global on-boarding and ongoing service and support to suppliers without requiring the involvement of the anchor buyer.
The agreement also enables Standard Chartered to expand client relationships through digital transformation solutions that address sourcing and payables inefficiencies while enabling innovation and growth.
Said Michael Sugirin, global head of open account trade product management at Standard Chartered: “As our client’s trusted banking partner, our goal is to support them in their digitalization journey through expediting their payables acceptance and facilitating export proceeds, and as a result improving their working capital cycles. We are excited to have this introduction agreement in place with Infor, whose platform offering not only fits well with our emerging markets footprint, which generates significant trade documents flows, but also shares a similar commitment in supporting the development of sustainable, intelligent supply chains.”
According to Gartner’s “Magic Quadrant for Multi-enterprise Supply Chain Business Networks” report, collecting data and sensing signals in real time, and then coordinating, executing and resolving issues quickly, will allow companies to operate their supply chains more effectively. In that aspect, the Infor Nexus network has received mention for helping to transform the traditionally manual process of data matching across multiple commercial documents including purchase orders, invoices and transport documents. This helps to speed up trade financing cycles, allowing suppliers to access capital faster and at more critical points in the transaction cycle, and as a result ensure on-time delivery of goods.
Said Cas Brentjens, vice president, Sales, Infor Nexus Asia Pacific: “Invoice approvals in a traditional non-automated environment often take weeks to complete, putting a squeeze on suppliers and bringing contention to the buyer-supplier relationship. Slow invoice matching delays the trade financing cycle, preventing suppliers from obtaining capital they need to deliver quality and compliant goods on time.”
Currently, the Infor Nexus platform has more than 65,000 companies connected to its network, oversees a total of US$50 billion in global payments, and sees US$1 trillion in trade.