COPENHAGEN, Oct. 16, 2019 — PrimeRevenue, Inc., the leading provider of working capital financial technology solutions, today congratulates Asahi Breweries Europe Group on receiving the Innovation in Risk and Financing Award at EuroFinance’s annual flagship conference.
The award recognises Asahi’s supply chain finance (reverse factoring) programme, powered by PrimeRevenue, in which 95% of suppliers on the platform are actively using the solution to accelerate payment on their invoices.
Asahi chose PrimeRevenue after its UK-based relationship bank discontinued supply chain finance in key markets where Asahi suppliers were based. Guided by PrimeRevenue’s proven programme implementation and onboarding methodology, the migration from the bank to PrimeRevenue’s multi-funder platform was nondisruptive for suppliers.
“The key thing was we had to maintain the pricing because we already had 100-odd suppliers on the old platform,” said Anthony Buchanan, Treasurer of Asahi Breweries Europe. “We had to maintain the discount rate – and we also wanted to be able to plug banks in, rather than have a situation where the bank withdraws from the market and our suppliers lose the opportunity.”
Since implementing the programme, more than 450 suppliers have been onboarded with another 100 planned to join in the next 18 months. The solution has seen more than €522m in invoices traded in the last year.
“I commend the Asahi treasury team for their commitment to sustainability and supplier health,” said PJ Bain, CEO, PrimeRevenue. “Asahi has shown true supply chain excellence with their strategic vision for improving financials as well as their determination to implement a solution that provides working capital benefits throughout the entire value chain. I congratulate Anthony and his colleagues on their well-earned win of this prestigious award.”
Asahi will present their detailed case study at EuroFinance’s flagship conference on October 16-18, 2019 in Copenhagen.