Atlanta, GA (PRWEB) January 16, 2012
PrimeRevenue, Inc. announces OpenSCi™, a cloud-based Supply Chain Finance Interchange intended to broaden capabilities to better serve the SCF needs of buyers and suppliers globally and cover a broader spectrum of value for the world’s largest supply chains. The first major application components of the new solution are targeted for delivery to existing customers in the first quarter of 2012.
Long the global leader in Supply Chain Finance with the award winning PrimeRevenue SCF Platform which broke new ground when introduced in 2004, with PrimeRevenue OpenSCi™ the company is evolving its SCF offering to cover a broader spectrum of financial needs of the world’s largest supply chains.
“Based on our success over the past several years it is clear that PrimeRevenue is unmatched in delivering value for supply chain financing for both the buyers of goods and services and their supply chains,” comments P.J. Bain, CEO of PrimeRevenue. “Our focus in creating OpenSCi™ is to bring the same level of transparency and efficiency that we brought with our original SCF platform, but to the entire supply chain.”
PrimeRevenue OpenSCi represents enormous opportunity for greater value to be unlocked for both Buyers and Suppliers. Because of the approach of most traditional retail banks in funding SCF programs, current SCF offerings typically reach only a small portion of the suppliers within a supply chain, and achieve few of the objectives that buyers have in improving the efficiency of their supply chain relationships. Equally, most suppliers have limited options in participating in SCF programs.
“Today we are processing over 4 million supply chain finance transactions, exceeding $5 Billion every month,” continues Bain. “Despite this success, we are only reaching about 10% of a typical buyer’s direct material spend and virtually no indirect spend, and competitive research indicates that other SCF provider-led programs accomplish much less than this. Additionally, we estimate that we process less than 3% of the aggregate sales for the more than 6,000 suppliers that are on our platform. Clearly current SCF solutions, even one as complete as PrimeRevenue SCF, have only scratched the surface of what might be achieved to benefit far more buyers and more suppliers. With the economic turbulence in our world today, it is very exciting to be talking about an OpenSCi roadmap that not only allows us to reach more customers than before, but which addresses the remaining 90% of our buyers’ supply spend while providing more tools and value to the suppliers that use our platform every day to better manage their receivables and cash flow.”
OpenSCi™ Suite of Applications
The component applications of OpenSCi are intended to work both independently and in concert, as called for in the customized SCiMap designed for each client, describing a specific mix of supply chain finance capabilities and instruments appropriate to their particular goals and objectives. OpenSCi is intended to be configurable as the SCF goals of the client shift over time. This flexibility is the intrinsic core value of the OpenSCi approach, and is a response to requests from existing PrimeRevenue SCF clients to provide a mix of SCF capabilities within a single client program, through a single user trading and reporting interface.
Multi-Bank/Funder capabilities, a hallmark of PrimeRevenue SCF over the years, will continue to expand with the addition of the SCiFITM component, allowing management of multiple funders within a complex SCF program, with the ability to plug-and-play funding institutions, providing liquidity on a global basis.
A few of the OpenSCi components, such as SCiSupplier and SCiPortal, are upgrades to existing functionality within the PrimeRevenue SCF™ platform that has been successfully offered and implemented for several years now. OpenSCi will enable PrimeRevenue to assure that each client SCF program is tailor-made while all selected components work together to provide incremental value and ultimate responsiveness for clients.
A complete list of OpenSCi components, applications and descriptions of their capabilities is presented in the new PrimeRevenue corporate website at http://www.primerevenue.com.
- SCiCloud – Core Administration platform and base architecture stack
- SCiEnable – Rapid SCF Enablement System
- SCiMap – Working capital analysis and customized SCF program
- SCiSupplier – Trading platform supporting financial instruments for trade appropriate to user’s SCiMap, including Buyer approved payables SCF as offered by PrimeRevenue SCF traditionally, LME (“Law for Modernization of the Economy” regulations in France), Electronic Time Drafts, and SCiDiscount (automated financing offered directly from Buyer to Supplier)
- SCiCustomer – Trading platform support for Accounts Receivable financing independent of Buyers
- SCiFI – Interface which manages the mix of funding institutions
- SCiAnalytics – BI/BA executive analysis and reporting engine
- SCiConnect – Interface toolset to make integration with legacy and best of breed technology platforms quick and seamless
“We have spent much of this past year putting together the core technology infrastructure that will allow us to rapidly grow PrimeRevenue OpenSCi into the leading Supply Chain Interchange in 2012 and beyond,” said PJ Bain, “And because this leverages our past success with the PrimeRevenue SCF Platform, our existing customers will continue to enjoy all the current advantages and value that we deliver, plus a clear path to expanded capabilities with OpenSCi into the future. By bringing together the owners of the world’s largest Supply Chains and the thousands of participants in those supply chains, increasing the transparency and the efficiency of the transactions, and enabling faster and better working capital decisions, we have a goal of unlocking $100 Billion of cash currently trapped in Supply Chains over the next 5 years.”
About PrimeRevenue, Inc.
For Global 2000 organizations who view their supply chains as a strategic asset and are seeking to
increase supply chain efficiency, PrimeRevenue is the leading provider of multi-bank Supply Chain Finance (SCF) technology and services. Our open SCF platform and working capital advisory services provide these organizations with the control and flexibility required to drive superior SCF results, reducing cost, capital and risk throughout their supply chains and forging stronger supplier relationships. Headquartered in Atlanta, Georgia, USA, PrimeRevenue also has offices in Paris, Frankfurt and Prague in Europe, as well as in Melbourne, Australia, and operates some of the largest SCF programs for customers around the globe. For more information, visit http://www.primerevenue.com.