National City Expands Global
Trade and Treasury Management Services; Introduces Next-Generation
Supply Chain Finance Solution
Strategic Alliance with PrimeRevenue Reflects Growing
Demand
CLEVELAND, August 15, 2006 — PrimeRevenue,
the leading provider of Supply Chain Finance (SCF) solutions,
announced today that National City Bank, a subsidiary of National
City Corporation (NYSE:NCC), has selected PrimeRevenue’s
technology and services to expand its global trade and treasury
offerings. Leveraging innovative SCF solutions, National City
will now provide the bank’s clients and their suppliers
greater visibility into cash flows, improved working capital
efficiency and lower supply chain costs.
“The strategic relationship with PrimeRevenue is an
important step for us in our drive to meet the growing demand
for supply chain and working capital optimization solutions,”
said Joseph J. Barbieri, Senior Vice President of Trade Services
and Supply Chain Management Solutions at National City. “PrimeRevenue’s
robust, web-accessible, easy to use SCF platform complements
National City’s full range of trade and treasury management
offerings and will enable us to expand our client base into
new markets.”
National City’s Trade Payables Management product suite,
which now includes the Trade Payables Financing solution,
is designed to enable collaboration through the chain, maximize
integration across cash and trade, eliminate working capital
inefficiencies and provide greater transparency into the information
supply chain.
“We are proud of our alliance with National City,”
said Dan Juliano, Vice President, Business Development, PrimeRevenue.
“National City is one of the nation’s largest
and most respected financial holding companies and is focused
on delivering solutions that help their clients prosper. PrimeRevenue’s
SCF platform supports National City’s strategy of maximizing
value in their clients’ trade functions through systems,
services, and ideas; enabling best-in-class information and
financial supply chain management.”
In a recent publication, research firm AberdeenGroup stated
that “the magnitude of potential gains from SCF is staggering.
Finance costs associated with products moving through the
supply chain comprise 4% of finished goods costs (the same
size as transportation and distribution costs), and have remained
virtually untouched by new technology and process for the
last 40 years.” SCF solutions, added Aberdeen, provide
a strong opportunity “to provide significant and measurable
bottom line benefits.”
About National City
National City Corporation (NYSE: NCC), headquartered in Cleveland,
Ohio, is one of the nation's largest financial holding companies.
The company operates through an extensive banking network
primarily in Ohio, Illinois, Indiana, Kentucky, Michigan,
Missouri and Pennsylvania, and also serves customers in selected
markets nationally. Its core businesses include commercial
and retail banking, consumer finance, asset management and
mortgage financing and servicing. For more information about
National City, visit the company's Web site at NationalCity.com.
About PrimeRevenue, Inc.
PrimeRevenue's leading global Supply Chain Finance (SCF) platform
and solutions enable dramatic new working capital efficiencies
for the benefit of buyers and their suppliers. PrimeRevenue
achieves this through the delivery of secure, robust, industry-leading
technology, a global community of the world’s most innovative
financial institutions and partners, and flexible working
capital solutions and advice. Companies are relying on SCF
deployments powered by PrimeRevenue to increase profitability,
remove risk from their supply chain, and forge stronger trading
partner relationships. Headquartered in Atlanta, Georgia,
PrimeRevenue has offices and customers throughout the world.
For more information visit www.primerevenue.com.
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