Strategic agreement to introduce Infor Nexus network to the bank’s clients to digitize the financial supply chain
BEIJING, CHINA – Media OutReach – 2 March 2020 – Standard
Chartered, a
leading international banking group, and Infor, a global leader in
business cloud software specialised by industry, today announced a strategic
agreement to introduce the Infor Nexus network to the bank’s clients. By digitizing
the financial supply chain, businesses can minimize supply chain delays and
friction, while suppliers can benefit from improved access to capital.
Scoring
high on ability to execute and completeness of vision, Infor Nexus has been positioned
in the leaders’ quadrant of Gartner’s
“Magic Quadrant for Multienterprise Supply Chain Business Networks” report. “Collecting data and sensing signals in real time, and then
coordinating, executing and resolving issues quickly, will allow companies to
operate their supply chains more effectively,” Gartner said in the report. The Infor Nexus
network transforms the traditionally manual process of data matching across
multiple commercial documents including purchase orders, invoices and transport
documents. 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.
“As our client’s 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 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,” said Michael Sugirin, global head of open
account trade product management at Standard Chartered.
Through the strategic agreement,
Standard Chartered will 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 delivered on Infor’s 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.
Currently, Infor Nexus has more than 65,000 companies
connected to its network, oversees a total of US$50 billion in global payments,
and sees US$1 trillion in trade managed on the platform.
“Invoice approvals in a
traditional nonautomated environment often take weeks to complete, putting a
squeeze on suppliers and bringing contention to the buyer-supplier
relationship,” said Cas Brentjens, vice president, Sales, Infor Nexus Asia
Pacific. “Slow invoice matching delays the trade financing cycle, preventing
suppliers from obtaining capital they need to deliver quality and compliant
goods on time.”
Media Contact:
Infor
Phyllis Tan
About Infor
Infor is a global leader in business cloud software specialized by
industry. With 17,300 employees and over 68,000 customers in more than 170
countries, Infor software is designed for progress. To learn more, please visit
www.infor.com.
Infor customers include:
- 19 of
the top 20 aerospace companies - 9 of
the top 10 high tech companies - 18 of
the 25 largest U.S. healthcare delivery networks - 18 of
the 20 largest U.S. cities - 19 of
the top 20 automotive suppliers - 17 of
the top 20 industrial distributors - 15 of
the top 20 global retailers - 4 of
the top 5 brewers - 17 of
the top 20 global banks - 9 of
the 10 largest global hotel brands - 8 of
the top 10 global luxury brands
