Atlanta, GA, (PRWEB) December 06, 2011
Pacific Brands, a leading provider of lifestyle brands, has deployed PrimeRevenue’s open Supply Chain Finance (SCF) Platform to support its working capital management and supply chain efficiency initiatives. With financing by National Australia Bank (NAB), Pacific Brands will use PrimeRevenue's SCF platform to assist their Asian suppliers with cash flow needs on trade with Pacific Brands.
“NAB is proud to be partner to what we believe is one of the first applications of supply chain finance to move suppliers from Letters of Credit to open account trade terms with payment in U.S. dollars across international boundaries for trade with Asia,” said Geoff Cox, General Manager, Supply Chain Finance, NAB. “Our participation in the process is seamless through the PrimeRevenue SCF platform, which automatically provides early payment to suppliers for their invoices with Pacific Brands.”
Through PrimeRevenue’s Supply Chain Finance (SCF) platform, Pacific Brands suppliers are gaining visibility into their Pacific Brands-generated receivables well in advance of their due date as well as having the option to trade those receivables for early payment. Financing for supplier early payment requests are provided by NAB. The combined effects of greater cash flow visibility and payment on demand are expected to reduce cost, working capital and financial risk throughout Pacific Brands’ supply chain.
“Both working capital efficiency and strong supplier relationships are important objectives at Pacific Brands and a well-established technology platform like SCF can help us improve both“, said Chris Richardson, Manager – Group Treasury for Pacific Brands.
“Pacific Brands is an industry leader that recognizes the benefits and competitive advantage that SCF will bring by reducing cost and risk, and freeing cash throughout their supply chain,” said P.J. Bain, PrimeRevenue CEO. “PrimeRevenue’s successful multi-bank SCF platform gives our clients like Pacific Brands the ability to maximize their working capital in their supply chain and work seamlessly and easily with a strong financing partner like NAB for trade across national boundaries and in multiple currencies."
About National Australia Bank (NAB)
National Australia Bank is a financial services organisation with over 40,000 people, operating more than 1,800 branches and service centres, and responsible to more than 460,000 shareholders. We operate major financial services franchises in Australia, as well as businesses in New Zealand, Asia, the United Kingdom and the United States. Each of our brands is uniquely positioned but built on a common commitment to providing quality products and services, fair fees and charges, and relationships built on the principles of help, guidance and advice.
About PrimeRevenue, Inc.
PrimeRevenue is the leading SaaS platform for global Supply Chain Finance (SCF). For Global 2000 organizations who view their supply chains as a strategic asset and are seeking to increase supply chain efficiency, our open SCF platform and working capital advisory services provide these organizations with the control and flexibility required to drive superior SCF results, increase working capital, while reducing cost and risk throughout their supply chains and forging stronger supplier relationships. Headquartered in Atlanta, Georgia, PrimeRevenue has offices, customers and banking partners throughout the world. For more information, visit http://www.primerevenue.com.
About Pacific Brands
Pacific Brands is an ASX200 listed public company with sales of c. A$1.4 billion, employing almost 5,000 staff. Pacific Brands sources, markets, wholesales and retails predominantly consumer products in the underwear, socks, hosiery, intimate apparel, corporate uniforms, workwear, footwear, bed linen, bedding accessories, towel, carpet underlay, apparel, youth fashion and sporting goods markets. It owns some of Australasia’s leading brands, including household names like Bonds, Sheridan, Hard Yakka and KingGee. Products are mainly sold throughout Australia and New Zealand, with some sales also in Asia, the United Kingdom and Europe.
Joseph C Burke
M: +61 (0) 429 566 676