UK-based banking and financial services firm Standard Chartered, has partnered with enterprise software company Infor, to introduce the Infor Nexus network to its clients.
The Infor Nexus network is said to transform the traditional manual process of data matching across multiple commercial documents including purchase orders, invoices and transport documents.
Standard Chartered open account trade product management global head Michael Sugirin 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.”
Standard Chartered will refer clients to Infor and Infor Nexus network
According to the company, digitisation of the financial supply chain would enable businesses to reduce the supply chain delays and friction, and suppliers to benefit from enhanced access to capital.
Infor Nexus network is said to speed up the trade financing cycles, and enables suppliers to access capital quickly at more critical points in the transaction cycle, ensuring on-time delivery of goods.
Under the partnership agreement, Standard Chartered will refer clients to Infor and its Infor Nexus network based on their specific needs, offering them automated matching, digitised documentation and processes.
In addition, the agreement would also enable the bank to expand its client relationship through digital transformation solutions, encompassing sourcing and payables inefficiencies.
Infor Nexus network delivers financial services to clients, and offers global on-boarding, ongoing service and support to suppliers, preventing the involvement of an anchor buyer.
Rod Johnson, General Manager and Head of Americas at Infor, said: “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.”
