Volvo Drives Supply Chain Finance with PrimeRevenue-Powered Solution
Automotive Leader Live, In Production with Key European and North American Suppliers
ATLANTA, GA, September 12, 2007 — PrimeRevenue, the leading provider of Supply Chain Finance (SCF) solutions, announced that global automotive leader Volvo has deployed PrimeRevenue’s technology and services to power the Volvo SCF program for its international supplier community. Nordea is providing funding to suppliers electing to sell their invoices through the platform to improve their cash flow.
Deployed in the second half of 2006, The Volvo SCF Platform is live and in production to a community of suppliers across Europe and the United States. Fourteen Volvo divisions, among them Volvo Trucks, Mack Trucks, Renault Trucks, Volvo Bus, Volvo Penta, Volvo Logistics and Volvo Parts, are live and deployed. Volvo and its suppliers have achieved demonstrable benefit and program participation to its suppliers will broaden significantly in the coming months in 20 countries and 10 currencies.
Volvo suppliers enjoy visibility into approved invoices published to the PrimeRevenue SCF Platform, and sum-certain, date-certain future cash flows from Volvo. In addition, the PrimeRevenue SCF Platform allows suppliers to massively or selectively sell their Volvo receivables to banking partner Nordea. Suppliers receive their cash in advance of the regular maturity date via this electronic 'on-demand' financing capability. In addition, the PrimeRevenue offering permits suppliers to benefit from SCF financing rates based on Volvo's credit rating.
Olivier Bayzelon, Managing Director, Volvo Supplier Financial Solutions, said “Volvo undertakes a world-class mindset with respect to its supply chain. A supply chain that is enabled with the best and latest offerings and provides financial optimization is good for Volvo, its customers and its suppliers.” Bayzelon added: “We have selected the PrimeRevenue SCF Platform precisely because it eliminates problems tied to long payment terms traditional in the automotive industry, and strengthens the financial viability of suppliers to obtain Volvo payments at a time they choose, as quickly as a few days after invoice receipt, and for any payments they choose, with a simple click of the mouse.”
Joe Juliano, CEO of PrimeRevenue said: "We are proud to have worked with Volvo Group buyers and their suppliers to deliver a solution that matches Volvo’s requirements and high expectations for a best-in-class supply chain. Suppliers currently on the Volvo SCF program are delighted with the solution and the powerful capabilities it offers them regarding payment visibility and certainty, as well as ‘money-on-demand’ and low-cost financing. We expect this win-win story to continue as we broaden the deployment within the Volvo Group supplier community in the coming months."
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.
MEDIA CONTACTS:
Shari Garnsey
Global Manager, Marketing and Communications
+1 678 904 7141
sgarnsey@primerevenue.com
###
|
