TWIST selects Simplex’s Working Capital Finance Hub (WCF Hub) to pilot purchaser and supplier financing

TWIST, the not-for-profit industry group delivering standards in financial processes to corporates, today announced it will pilot its standards to provide working capital finance to its own suppliers with Simplex as its delivery partner. The pilot will deliver a blueprint for corporates and their suppliers to implement an innovative solution which benefits both corporates and suppliers, using Simplex’s Working Capital Finance Hub (WCF Hub) as the delivery platform. The WCF Hub is one of several value-added components of Simplex’s Payments Administration System (PAYS). It is a TWIST-based solution and was launched as a result of the successful standardisation brought to the corporate payments marketplace by TWIST.

Tom Buschman, Chairman of TWIST, said, "TWIST’s non-proprietary XML - based standards cover three key, interlinked financial processes: wholesale financial market transaction processing, commercial payments / collections and working capital finance, and cash management. Our interest is in facilitating innovation in the market through publishing standards which break down existing barriers to straight through processing. We are therefore keenly interested in not just the standards development, but also in their practical implementation. Through piloting real business applications, we look forward to gaining an early confirmation that our standards meet the market need, and thus to facilitate more widespread adoption. For example, for supply chain financing, the benefits are that purchasers will get extended payment terms and suppliers will get favourable financing of invoices, delivering a win for all parties"

"After the successful launch of the Simplex Steria SWIFT Service Bureau, Simplex has been busy adding valuable modules to work alongside the SWIFT component. We are already recognised as a leader in payments consultancy – it is now our goal to achieve the same status providing payment solutions" added Philip Walsh, Business Development, Channels & Marketing at Simplex.

"Simplex recognised very early on the potential of TWIST to standardise communication across multiple enterprises in the value chain. TWIST’s technology-neutral, open standards approach makes it the ideal partner to appeal to a wide constituency of potential participants in a WCF Hub scheme. Building on the success of the Simplex Steria SWIFT Service Bureau - already live with multiple customers - Simplex has added further components to create a TWIST-enabled WCF Hub" – Bill Peters, COO, Simplex.

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