Standard Chartered signs Infor Nexus trade finance deal
Standard Chartered has signed an agreement with cloud supply chain firm Infor which will see the bank offer the tech firm’s Nexus network to clients.
Infor Nexus (formerly GT Nexus) claims to “transform” the manual processes of data matching between commercial documents to speed up the trade finance cycle.
“Invoice approvals in a traditional non-automated environment often take weeks to complete,” says Rod Johnson, general manager and head of Americas at Infor.
“Slow invoice matching delays the trade financing cycle, preventing suppliers from obtaining capital they need to deliver quality and compliant goods on time.”
Through the strategic agreement, Standard Chartered will refer clients to Infor and its Infor Nexus network. The agreement also enables Standard Chartered to “expand client relationships through digital transformation solutions.”
Michael Sugirin, global head of open account trade product management at Standard Chartered, says that 80% of the data used in matching is sourced from documents residing with external parties.
““This manual matching process is time-consuming, often resulting in a delay of the trade financing cycle which impacts the supplier’s ability to meet their working capital needs, most of whom tend to be small and medium-sized businesses. This strategic partnership addresses this gap and reduces capital related costs and risk from the supply chain.”
Infor is currently the subject of a $3.5 billion takeover by Koch Industries. Once the deal is done it will become a standalone subsidiary of the US multinational.
Koch is an existing customer of Infor, having rolled out the firm’s Infor CloudSuite across financial management, procurement, and human capital.