Standard Chartered, a leading international banking group, and Infor, a global leader in business cloud software specialised by industry, announced a strategic agreement to introduce the Infor Nexus network to the Bank’s clients.
By digitising the financial supply chain, businesses can reduce delays and friction of supply chain, while suppliers can benefit from improved access to capital.
The Infor Nexus network has transformed the traditional manual process of data matching across multiple commercial documents which includes, orders, invoices and transport documents. This enables the speeding up of trade financing cycles, allowing suppliers to access capital faster and at more critical points in the transaction cycle, which resulted to an ensure on-time delivery of goods.
“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,” said Rod Johnson, General Manager and Head of Americas at Infor. “Slow invoice matching delays the trade financing cycle, preventing suppliers from obtaining capital they need to deliver quality and compliant goods on time.”
Michael Sugirin, Global Head of Open Account Trade Product Management, Standard Chartered said “While large corporates have achieved some level of automation through sophisticated enterprise resource planning systems, around 80 percent of data used in matching are sourced from documents residing with external parties. This manual matching process is time-consuming, often resulting in a delay of the trade financing cycle which impacts the supplier’s ability to meet their working capital needs, most of whom tend to be small and medium-sized businesses. This strategic partnership addresses this gap and reduces capital related costs and risk from the supply chain.”
Based on specific needs in this strategic agreement, Standard Chartered will refer clients to Infor and its Infor Nexus network, enabling them to benefit from automated matching and digitised documentation and processes delivered on Infor’s network of 65,000 business globally. 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. With this agreement, Standard Chartered can expand client relationships through digital transformation solutions that address sourcing and payables inefficiencies while enabling innovation and growth.
Michael Sugirin added: “As our client’s trusted banking partner, our goal is to support them in their digitalisation journey through expediting their payables acceptance and facilitating export proceeds, and as a result improve 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.”