Atlanta, GA, January 28, 2014 – PrimeRevenue, Inc., the leading platform for optimizing cash flow and working capital in global financial supply chains, has partnered with ING Bank N.V. (ING) to assist major corporations in improving the financial efficiency of their supply chains.
By using the PrimeRevenue OpenSCiTM supply chain finance platform with funding provided by ING, leading corporations are able to extend payment terms without negatively impacting their suppliers. The supply chain finance solution allows suppliers to get paid on their own schedule in order to gain immediate access to affordable liquidity. This reflects a collaborative approach which addresses the working capital needs of both buyers and suppliers.
“Companies recognize the value of a collaborative approach that addresses the needs of both trading partners on either side of the supply chain equation,” said Robert O’Donoghue, Managing Director, Head of ING’s Working Capital Solutions. “Access to affordable financing is critical to managing counterparty risk and ensuring continued supply chain viability. We look forward to working with PrimeRevenue to deliver increasing value to our customers and their suppliers.”
“The PrimeRevenue OpenSCi solution allows buyers to leverage their own creditworthiness to help solidify the financial well-being of their suppliers while meeting their target payables terms and cost-reduction objectives,” said Dan Juliano, Vice President, Business Development & Partnerships, PrimeRevenue, Inc. He added, “We look forward to working with ING to deliver the control, visibility and efficiency which allows our customers to achieve their strategic financial supply chain goals.”
About ING Bank N.V.
ING is part a global financial services institution offering a range of banking and insurance services in over fifty countries. More than fifty labels have been rebranded to ING and their worldwide brand awareness and reputation have steadily grown.
Today, millions of private, corporate and institutional customers in Europe, North and Latin America, Asia and Australia are putting their faith in ING to help them manage their financial future.
ING was named Bank of the Year 2013 in Western Europe by The Banker, a global financial magazine part of the Financial Times Group.