Crédit Agricole CIB Expands Partnership with PrimeRevenue to License Innovative Trade Finance Technology in the Americas
By 4 minute read• Published May 18, 2021 •
Expanded partnership bolsters bank’s ability to offer customers working capital optimization solutions
ATLANTA and NEW YORK CITY (May 18, 2021) – PrimeRevenue, Inc., the leading provider of technology-enabled working capital solutions, announces a strategic licensing partnership with Crédit Agricole CIB. This partnership allows Crédit Agricole CIB to leverage PrimeRevenue’s approved payables finance (SCiSupplier) and selective receivables finance (SCiCustomer) technology to offer corporate customers in the Americas innovative trade finance solutions.
Crédit Agricole CIB is the corporate and investment bank division of Crédit Agricole Group, the world’s largest cooperative financial institution. The expansion broadens the scope of the existing relationship, which began in 2016 when the bank joined as a funder on PrimeRevenue’s multi-funder network.
Leveraging PrimeRevenue’s technology, Crédit Agricole CIB can now directly own the sales and operations of accounts receivable finance and approved payables finance deals without developing and maintaining its own technology. Not only does the agreement diversify the bank’s product offering, but it also provides opportunities to expand its customer base and grow commercial relationships with existing clients.
“We greatly value the opportunity to offer our clients early payment solutions so they can strengthen their financial health and invest in their businesses,” said Mona Ghazzaoui, Head of Receivables and Payables Financing Americas at Crédit Agricole CIB. “We look forward to continually growing our partnership with PrimeRevenue as we meet increasing demand for new, flexible liquidity options.”
The licensing agreement launched in January, and Crédit Agricole CIB has successfully implemented two approved payables programs with several more in the pipeline.
“Funding partners play a very important role in our ecosystem,” said Dominic Capolongo, EVP, Global Head of Funding at PrimeRevenue. “We always explore ways to expand partnerships while delivering more value to bank partners and our mutual clients. As with all our partners, PrimeRevenue has many shared goals with Crédit Agricole CIB. We are excited about the marriage of our technology and Crédit Agricole’s trade finance expertise, which opens exciting opportunities to execute on joint objectives and more effectively serve our clients.”
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PrimeRevenue’s supply chain finance (approved payables financing) solutions help organizations in 80+ countries optimize their working capital to efficiently fund strategic initiatives, gain a competitive advantage and strengthen relationships throughout the supply chain. As the leading provider of working capital financial technology solutions, PrimeRevenue’s diverse multi-funder platform processes more than USD$250 billion in payment transactions per year. The company is headquartered in Atlanta, with offices in London, Prague, Hong Kong and Melbourne. Additional information about PrimeRevenue can be found at www.primerevenue.com | Twitter: @primerevenue | LinkedIn: www.linkedin.com/company/primerevenue.
About Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB)
Crédit Agricole CIB is the corporate and investment banking arm of Credit Agricole Group, the 12th largest banking group worldwide in terms of tier 1 capital (The Banker, July 2020). Nearly 8,400 employees across Europe, the Americas, Asia-Pacific, the Middle East and Africa support the Bank’s clients, meeting their financial needs throughout the world. Crédit Agricole CIB offers its large corporate and institutional clients a range of products and services in capital markets activities, investment banking, structured finance, commercial banking and international trade. The Bank is a pioneer in the area of climate finance, and is currently a market leader in this segment with a complete offer for all its clients.
For more information, please visit www.ca-cib.com
Crédit Agricole CIB Media Contact
Head of Communications for the Americas