Strategic agreement to introduce Infor Nexus network to the bank’s clients to digitize the financial supply chain
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.”