Nipendo and Integrate Financial Join Forces to Provide Near-Real-Time Supplier Financing Solution
Organizations Using Nipendo’s Supplier Cloud Can Access a Range of Options from Dynamic Discounting to Third Party Financing
Burlington, MA and San Diego, CA – April 9, 2014 – Nipendo, the leader in procure-to-pay automation, and Integrate Financial, a pioneer of supplier network advanced financing solutions, are joining forces to provide supply chain financing solutions that are tightly integrated into the procure-to-pay process. The Nipendo – Integrate Financial solution will enable buyers to offer early payments to their suppliers at highly competitive interest rates, all with just a click of a button. Suppliers that opt for an early payment offer can expect the funds transferred to their bank account just hours after submitting the invoice.
While supply chain financing has been around for decades, very few suppliers have been able to take advantage of it to-date. A 2013 survey by the Institute of Financial Operations shows that only 5% of the organizations interviewed had any plans to offer trade financing to their suppliers.
“With banks facing increased capital requirements and more stringent compliance requirements, accessing working capital is ever more challenging for suppliers,” said David Gustin, President, Global Business Intelligence and Managing Editor, Trade Financing Matters. “By providing real-time visibility to receivable worthiness and partnering with a non-bank capital source such as Integrate Financial, Nipendo is expanding the range of available trade financing options at a time of great need.”
Real-Time Invoice Approval Expedites Supply Chain Financing
Nipendo and Integrate Financial employ a range of advanced technologies that significantly reduce the risks and barriers typically associated with receivable financing. To begin with, Nipendo ensures that only valid and errorless invoices enter the buyer’s Accounts Payable system. Before an invoice is received on the buyer side, it is preemptively validated by the Nipendo platform for data accuracy and compliance with the buyer’s requirements. In addition to data validation, invoices are also matched with purchase order and receiving records, all in real-time. Suppliers get immediate notification if an invoice is non-compliant, so they can correct any issues before the invoice enters the buyer’s accounting system and avoid any delays. As a result, close to 100% of the invoices are processed and approved for payment within minutes.
Integrate Financial leverages the information made available by Nipendo to offer near-real-time financing. Seamlessly embedded into the Nipendo Supplier Cloud, Integrate Financial can make on-demand pre-approved financing offers to suppliers at the right time, in the right place, and based on the best information available. This is highly valuable to small and midsized businesses that need working capital yet have seen retrenchment from banks and credit markets.
“The performance data in Nipendo is more valuable than purely financial data, allowing Integrate Financial to offer short-term financing that is more efficient, more timely, and with better results to all involved,” said Integrate Financial CEO Zalman Vitenson.
A Range of Financing Options for Every Buyer and Supplier
Organizations that use the Nipendo Supplier Cloud have access to a dynamic discounting module that seamlessly combines multiple financing options where corporations can put their balance sheet to work to finance their own supply chain, coupled with a third party model where Integrate Financial will step in and provide financing.
Integrate Financial is joining the growing number of solution providers that are taking advantage of the Nipendo open platform architecture and business model. “We strongly believe that the integration of best-in-class solutions such as Integrate Financial into the Nipendo Supplier Cloud is a tremendous source of value to the buyers and suppliers connected to our platform,” said Nipendo CEO Eyal Rosenberg. “Integrate Financial fills a void in the trade financing landscape that our customers will greatly benefit from.”
Nipendo’s buyer-supplier collaboration platform empowers organizations around the globe to reach a new level of procure-to-pay automation that is not just paperless but also errorless and effortless, achieving over 90% straight-through processing of supplier transactions directly to their ERP systems. Nipendo enables seamless interoperability with any supplier communication solution—including EDI, supplier network, and e-invoicing—allowing enterprises to leverage their existing implementations and extend fully-automated electronic procurement and invoicing to the entire supplier ecosystem. For more information visit nipendo.com.
About Integrate Financial
Integrate Financial works with procurement networks, payment networks, and others to provide financing for suppliers of large corporate buyers, usually Global 2000 companies. Integrate Financial works on behalf of, and as part of online networks, crafting a structure and strategy that fits the network and its constituents: buyers and suppliers, merchants and consumers, billers and payers. Integrate Financial studies the relationships, crafts the financing product, finds the capital, and works closely to fill the need. Integrate Financial’s team is experienced in commercial finance operations, technology integration and partnerships. For more information visit www.integratefinancial.com.