World Leader in the Professional Distribution of Electric Supplies Uses PrimeRevenue Supplier Finance to Provide an Early Payment Program for their Suppliers
Rexel, a global leader in the professional distribution of products and services for the energy world, has selected the OpenSCiTM solution to set up and manage their supplier finance program. Operated by PrimeRevenue, the supply chain finance program gives Rexel’s suppliers access to an attractive liquidity management tool helping them to manage, and ultimately improve cash flow.
Through the OpenSCi supplier finance platform, Rexel’s suppliers can select to receive early payment on their approved invoices at very attractive funding rates, backed by Rexel’s solid credit rating. With early payments made, in the majority of cases, on the next working day and carrying no transaction fee, working capital requirements can be reduced significantly and cash flow is less constrained. This allows suppliers to reduce their Days Sales Outstanding (DSO) and maintain a healthier balance sheet, freeing up borrowing capacity with lenders.
“The supplier finance solution managed by PrimeRevenue gives us an additional tool to help us meet our working capital objectives and strengthen our supplier relationships,” said Alex Whewell, Head of UK Finance Transaction Services, of Rexel. “The PrimeRevenue OpenSCi platform provides greater visibility of the invoicing process and allows participating suppliers to significantly improve their cash flow management, reduce debt and strengthen their financial position, which in turn lowers risk within our own supply chain.”
“PrimeRevenue has developed a deep understanding of the financial supply chain, empowering organizations to improve working capital management and allowing their suppliers to receive payment faster than ever before and at very attractive rates,“ said Nathan Feather, chief financial officer and general manager for PrimeRevenue Europe.