Atlanta, GA (PRWEB) May 27, 2014
Rexel, a global leader in the professional distribution of products and services for the energy world, has selected the OpenSCiTM solution to set up and manage their supplier finance program. Operated by PrimeRevenue, the supply chain finance program gives Rexel’s suppliers access to an attractive liquidity management tool helping them to manage, and ultimately improve cash flow.
Through the OpenSCi supplier finance platform, Rexel’s suppliers can select to receive early payment on their approved invoices at very attractive funding rates, backed by Rexel’s solid credit rating. With early payments made, in the majority of cases, on the next working day and carrying no transaction fee, working capital requirements can be reduced significantly and cash flow is less constrained. This allows suppliers to reduce their Days Sales Outstanding (DSO) and maintain a healthier balance sheet, freeing up borrowing capacity with lenders.
“The supplier finance solution managed by PrimeRevenue gives us an additional tool to help us meet our working capital objectives and strengthen our supplier relationships," said Alex Whewell, Head of UK Finance Transaction Services, of Rexel. “The PrimeRevenue OpenSCi platform provides greater visibility of the invoicing process and allows participating suppliers to significantly improve their cash flow management, reduce debt and strengthen their financial position, which in turn lowers risk within our own supply chain.”
“PrimeRevenue has developed a deep understanding of the financial supply chain, empowering organizations to improve working capital management and allowing their suppliers to receive payment faster than ever before and at very attractive rates," said Nathan Feather, chief financial officer and general manager for PrimeRevenue Europe.
About Rexel Group
Rexel, a global leader in the professional distribution of products and services for the energy world, addresses three main markets - industrial, commercial and residential. The Group supports customers around the globe, wherever they are, to create value and run their businesses better. With a network of some 2,300 branches in 38 countries, and c. 30,000 employees, Rexel’s sales were €13 billion in 2013.
Rexel is listed on the Eurolist market of Euronext Paris (compartment A, ticker RXL, ISIN code FR0010451203). It is included in the following indices: SBF 120, CAC Mid 100, CAC AllTrade, CAC AllShares, FTSE EuroMid, and STOXX600. Rexel is also part of several SRI indices including the DJSI Europe and the FTSE4Good Europe & Global. For more information, visit Rexel’s web site at http://www.rexel.com
About PrimeRevenue, Inc.
For organizations that view their supply chains as a strategic asset and are seeking to increase supply chain efficiency, PrimeRevenue has the answer. PrimeRevenue provides cash flow to more than 14,000 clients through its OpenSCi suite which offers the control and flexibility required by organizations to optimize their working capital as well as reduce costs and risks throughout the financial supply chain. Headquartered in Atlanta, PrimeRevenue also has offices in London, Paris, Frankfurt, Prague, Melbourne, and Hong Kong. PrimeRevenue operates some of the largest supply chain finance programs for clients around the globe. For more information or to contact us, please visit http://www.primerevenue.com
Marketing Communications Manager