October 15, 2012
TRADESHIFT Partners with PrimeRevenue to Streamline Transaction Processes
By Rahul Arora
TRADESHIFT, the network-powered platform for business, connects companies of all sizes to perform core functions such as workflow and invoicing with greater efficiency, and recently entered a strategic partnership with PrimeRevenue, a SaaS (News - Alert) platform for global Supply Chain Finance (SCF).
According to the terms of the partnership, PrimeRevenue will integrate its OpenSCi with TRADESHIFT’s SCF platform to come up with a combined solution that will provide a host of benefits to its customers. PrimeRevenue’s OpenSCi is a portfolio of working capital and cash flow optimization solutions using SCiCloud, cross-application integration not previously possible with individual SCF solutions.
OpenSCi speeds cash flow and reduces cost, optimizes working capital and lowers risk throughout the value chain, supporting both customer and supplier relationships, and providing a new level of flexibility to the financial supply chain.
“PrimeRevenue processes over $53 billion in transactions annually and provides more than $18 billion in on-demand, low cost financing to 8,900+ suppliers in 37 countries and 17 currencies,” said PJ Bain, PrimeRevenue CEO. “PrimeRevenue OpenSCi, our global, multi-bank, multi-currency SCF platform helps corporations improve supplier relationships while managing payables and maximizing working capital,” concluded Bain.
The Tradeshift platform is secure, scalable, fully compliant and very easy to use. And the applications – from e-invoicing, electronic purchase orders and automated document validation to an ever expanding portfolio of efficiency-driving business services – are fully integrated into client’s accounts and ERP systems.
“TRADESHIFT was built on the principle that enterprise solutions need to deliver value to companies on either end of the transaction – both buyers and suppliers. This is the only way we will ever see full adoption of platforms by suppliers, and it is the only way large enterprises will achieve 100 percent electronic invoicing,” said TRADESHIFT CEO, Christian Lanng. “TRADESHIFT partnering with PrimeRevenue improves the business case for all our customers to adopt both supply chain finance and e-invoicing. Both are vital services, but bundling them will help trading partners obtain the most value.”
Edited by Braden Becker