TRADESHIFT, the platform for all your business interactions, has announced a strategic partnership with PrimeRevenue – the leading SaaS platform for global Supply Chain Finance (SCF).
The partnership marks yet another step forward in TRADESHIFT’s mission to redefine the e-invoicing space by providing enterprises with the tool set they need to achieve full supplier adoption and 100% electronic invoicing.
SCF and e-invoicing, although often existing in separate spheres, when combined form a powerful symbiotic relationship. E-invoicing is able to strengthen the business case for SCF by providing access to real-time data and speeding up invoice approval cycles for Buyers. Meanwhile, SCF provides further incentives for long tail suppliers to adopt the e-invoicing platform by providing access to new funding opportunities and improving overall payment cycles.
PrimeRevenue and TRADESHIFT will be able to bundle their respective services and provide a beneficial and unique offering to their customers. TRADESHIFT’s e-invoicing technology provides added value services for PrimeRevenue to process approved invoices in SCF programs, faster and more efficiently. The PrimeRevenue OpenSCiTM solution delivers TRADESHIFT customers a bank-independent SCF platform with access to funding from over 34+ financial institutions. With the TRADESHIFT platform utilized by 140,000 businesses across the globe and PrimeRevenue managing over 80+ active SCF programs worldwide, the potential reach and success for the strategic partnership between these two companies is certainly promising.
“TRADESHIFT was built on the principle that enterprise solutions need to deliver value to companies on either end of the transaction – both buyers and suppliers. This is the only way we will ever see full adoption of platforms by suppliers, and it is the only way large enterprises will achieve 100% electronic invoicing. TRADESHIFT partnering with PrimeRevenue improves the business case for all our customers to adopt both supply chain finance and e-invoicing. Both are vital services, but bundling them will help trading partners obtain the most value,” commented TRADESHIFT CEO, Christian Lanng.
“PrimeRevenue processes over $53 Billion in transactions annually and provides more than $18 Billion in on-demand, low cost financing to 8,900+ suppliers in 37 countries and 17 currencies,” said PJ Bain, PrimeRevenue CEO. “PrimeRevenue OpenSCiTM, our global, multi-bank, multi-currency SCF platform helps corporations improve supplier relationships while managing payables and maximizing working capital. We look forward to future growth through this strong partnership,” concluded Bain.
Click here to view the entire PrimeRevenue/TRADESHIFT press release.
To learn more about the strategic benefits of eInvoicings, download a complimentary copy of PayStream’s 2012 Electronic Invoicing Adoption Benchmarking report.
PayStream is currently gearing up for a late Q4 Global Electronic Invoice report that will provide analysis and trends in Global eInvoicing from the following regions of the world –
- North America
- Latin America
- Middle East
- Asia Pacific
Report sponsorship opportunities are limited. Contact Mark Colwell, PayStream Market Advisor today if you are interested in sponsoring this upcoming PayStream Advisors report.