Through a seamless port into The FHR Network, these enterprises can now clearly understand the financial health—and associated business impact—of their critical suppliers without the need to collect additional information or take time or resources away from internal teams.
NEW YORK (PRWEB) April 20, 2021
Today, RapidRatings, the leading provider of financial health data and analytics, and Trust Your Supplier (TYS), the blockchain platform for transforming supplier relationships through advanced insights, announced a groundbreaking supplier profile integration with The FHR Network®—a secure membership platform that gives private company suppliers the ability to share their financial health rating and build more meaningful relationships with global business partners.
In November, RapidRatings announced the rapid expansion and enhancement of The FHR Network. That growth will now extend to all TYS buyer-clients, giving them the ability to better understand the financial strengths and weaknesses of public and private company suppliers.
“Trust Your Supplier’s blockchain-enabled system presents a unique opportunity and scalable way forward for global supply chain participants”, said Douglas Cameron, President and Co-Head of Product at RapidRatings. “Through a seamless port into The FHR Network, these enterprises can now clearly understand the financial health—and associated business impact—of their critical suppliers without the need to collect additional information or take time or resources away from internal teams, while also simplifying workflows for suppliers. We’re energized by this next stage in our partnership with TYS and encouraged that existing RapidRatings clients have already found value in this first-of-its-kind integration.”
Trust Your Supplier creates a digital passport for supplier identity on a blockchain network that allows suppliers to share information with any permissioned buyer on the network. Market intelligence derived from RapidRatings’ Financial Health Ratings can significantly reduce the risk of onboarding and qualifying suppliers on the TYS discovery platform, with further qualification available during the onboarding lifecycle through leading-edge integrated API’s, SMART attributes, and continuous monitoring.
“RapidRatings has a clearly defined vision and mission that provides best-in-class financial insights on suppliers,” said Gary Storr, General Manager, Trust Your Supplier. “Now more than ever, these insights are so important to businesses as they make decisions on partnerships. RapidRatings is a cornerstone on the Trust Your Supplier network and we are delighted to have them be part of our teams.”
RapidRatings and Trust Your Supplier began collaborating in 2019, where the blockchain platform organization—through Chainyard and IBM—worked to deliver the baseline qualification process for supplier verification, acting as the original components ultimately leading to this new, advanced integration.
RapidRatings® sets the standard for financial health transparency between business partners, transforming the way the world’s leading companies manage enterprise and financial risk. RapidRatings provides the most sophisticated analysis of the financial health of public and private companies in over 140 countries worldwide. The company’s predictive analytics provide insights into how suppliers, vendors, and other third parties are likely to perform. For more information, visit rapidratings.com.
About Trust Your Supplier
Built on blockchain, Trust your Supplier creates a trusted source of supplier information and digital
identity that simplifies and accelerates supplier onboarding and lifecycle management. Procurement organizations have permissioned access to pre-verified supplier information through a single application with aggregated supplier data and standardization across industries. Data Providers and other business partners provide outside verification or audit capabilities directly on the network. Anheuser-Busch InBev, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric, and Vodafone are some of the founding members. To learn more about TYS visit: https://www.trustyoursupplier.com/.