Leading electric supplies distributer Rexel has adopted OpenSCi, a supplier finance platform that aims to improve company cash flow.
PrimeRevenue, the creators of OpenSCi, announced that Rexel will use the system to provide early payment options to suppliers, with payments often clearing the next working day and with no transaction fees. Revel believes the move will help it meet its working capital objectives and strengthen supplier relationships, partly by helping suppliers to reduce their Days Sales Outstanding (DSO). As Alex Whewall, Head of UK Finance Transaction Services at Rexel, said: “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.”
Nathan Feather, Chief Financial Officer and General Manager at PrimeRevenue Europe, agrees. “PrimeRevenue has developed a deep understanding of the financial supply chain, empowering organisations to improve working capital management and allowing their suppliers to receive payment faster than ever before and at very attractive rates,” he said.
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