{"id":37613,"date":"2020-02-06T20:42:24","date_gmt":"2020-02-06T12:42:24","guid":{"rendered":"http:\/\/www.upgrademag.com\/web\/?p=37613"},"modified":"2020-02-10T12:35:22","modified_gmt":"2020-02-10T04:35:22","slug":"standard-chartered-infor-partner-to-improve-supply-chain-liquidity-and-reduce-supply-risk","status":"publish","type":"post","link":"http:\/\/www.upgrademag.com\/web\/2020\/02\/06\/standard-chartered-infor-partner-to-improve-supply-chain-liquidity-and-reduce-supply-risk\/","title":{"rendered":"Standard Chartered, Infor partner to improve supply chain liquidity and reduce supply risk"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Standard Chartered, a banking group, and\u00a0Infor, a leader in business cloud software specialized by industry, announced a strategic agreement to\u00a0introduce the Infor Nexus network to the bank\u2019s clients. By digitizing the financial supply chain, businesses can minimize supply chain delays and friction, while suppliers can benefit from improved access to capital.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Infor Nexus network transforms the traditionally manual process of data matching across multiple commercial documents including purchase orders, invoices and transport documents.&nbsp;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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cInvoice 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,\u201d said Rod Johnson, General Manager and Head of Americas at Infor. \u201cSlow invoice matching delays the trade financing cycle, preventing suppliers from obtaining capital they need to deliver quality and compliant goods on time.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWhile 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,\u201d said Michael Sugirin, Global Head of Open Account Trade Product Management, Standard Chartered. \u201cThis manual matching process is time-consuming, often resulting in a delay of the trade financing cycle which impacts the supplier\u2019s 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.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Through the strategic agreement, Standard Chartered will&nbsp;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&nbsp;delivered on Infor\u2019s 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.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Michael Sugirin added: \u201cAs our client\u2019s 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 improve their working capital cycles. We are excited to have this introduction agreement in place with Infor, whose platform offering not only fits&nbsp;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.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By digitizing the financial supply chain, businesses can minimize supply chain delays and friction, while suppliers can benefit from improved access to capital.<\/p>\n","protected":false},"author":6,"featured_media":36210,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[1348,548,4371,7040],"class_list":["post-37613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines","tag-infor","tag-online-banking","tag-online-technology","tag-standard-chartered"],"_links":{"self":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/37613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/comments?post=37613"}],"version-history":[{"count":0,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/37613\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media\/36210"}],"wp:attachment":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media?parent=37613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/categories?post=37613"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/tags?post=37613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}