Atlanta, GA (PRWEB) July 02, 2012
PrimeRevenue Inc., the leading platform for global supply chain finance, and e Factor Network SA de CV (EFN), a Mexican provider of technology for financing operations for national and international corporations, today announced that IFC, a member of the World Bank Group, will provide liquidity to EFN’s customers in Mexico. Using PrimeRevenue’s OpenSCi™ SCF platform, EFN enables IFC to finance suppliers located in Mexico and operating globally to optimize cash flow with financing provided by an international financial institution.
PrimeRevenue and EFN began working together in 2009 to assist Mexican buyers in eliminating the negative cash flow impact of term extensions on suppliers and reducing cost and capital risk in the financial supply chain. The PrimeRevenue OpenSCi™ SCF solution provides suppliers with payment visibility and certainty regarding their approved receivables, while funding partners are placed directly in the middle of the real-time flow of payable/receivable information and profit from increased lending opportunities without process expenses. IFC’s infusion of capital in the Mexican market will help facilitate this region’s prominent role in international trade.
"IFC's partnership with PrimeRevenue and EFN in Mexico is an important step in the expansion of the IFC Global Trade Supplier Finance program, which aims to increase access to finance for suppliers in emerging market supply chains," said Georgina Baker, Director of Global Trade & Supply Chain Solutions, IFC. "Through this program, IFC can support the liquidity needs of many Mexican suppliers, especially small and medium enterprises, that can use the working capital support to expand their businesses, create jobs and contribute to economic growth."
“EFN leverages the PrimeRevenue technology to offer the most comprehensive SCF solution on the Mexican market that cuts cost and helps buyers and their suppliers achieve their supply chain finance (SCF) goals,” said Héctor de la Garza, CEO, EFN. “PrimeRevenue’s OpenSCi™ solution gives our customers the tools they need to address their evolving SCF needs,” added De la Garza.
“The economic recession has generated tremendous working capital challenges for corporations in emerging markets of the world where many financial institutions have less capability to fund,” said Dan Juliano, PrimeRevenue’s vice president for business development and partnerships. “Through PrimeRevenue’s SCF platform and with liquidity provided by IFC, Mexican buyers and suppliers can now achieve significant and ongoing working capital improvement,” added Juliano.
e Factor’s primary goal is to deliver Supply Chain Finance solutions for corporations and financial institutions located in Mexico and Latin America. The company, based on their Leadership team has extensive experience working with e- factoring solutions in Mexico since 2001. With PrimeRevenue´s SCF Platform, EFN can enable corporations and banks to finance suppliers located in Mexico and around the world, connecting them with funds from Mexican as well as non-Mexican financial institutions. Through the partnership, EFN brings to Latin America the first multi-bank solution that equips global corporations with the ability to integrate international subsidiaries’ supply chain finance programs on a single platform. Headquartered in Monterrey, Mexico, EFN team vision is to bring working capital solutions for Global Corporations and their Suppliers by designing joint strategies for Supply Chain Finance management. For more information, visit http://www.efactornetwork.com.
+52 (81) 82 48 08 00
E Factor Network
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit http://www.ifc.org.
Phone: +1 202 458 0033
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. The PrimeRevenue OpenSCi™ platform and working capital advisory services provide these organizations with the control and flexibility required to drive superior SCF results, reducing cost and capital risk throughout their supply chains and forging stronger supplier relationships. Headquartered in Atlanta, Georgia, USA, PrimeRevenue also has offices in London, Paris, Frankfurt and Prague in Europe, as well as in Melbourne, Australia, and Hong Kong, Hong Kong SAR, and operates some of the largest SCF programs for customers around the globe. For more information, visit http://www.primerevenue.com