Standard Chartered to introduce Infor Nexus network to its clients
Standard Chartered has partnered with Infor to improve supply chain liquidity and reduce supply risk.
International banking group Standard Chartered and business cloud software expert Infor today announced a strategic agreement to introduce the Infor Nexus network to the bank’s clients.
By digitising the financial supply chain, businesses are set to minimise the risk of supply chain delays and friction, while suppliers can benefit from improved access to capital.
The Infor Nexus network transforms the traditionally manual process of data matching across multiple commercial documents including purchase orders, invoices and transport documents. This helps to speed up trade financing cycles, allowing suppliers to access capital faster and at more critical points in the transaction cycle, and as a result ensure on-time delivery of goods.
Through the strategic agreement, Standard Chartered will refer clients to Infor and its Infor Nexus network, based on specific needs, enabling them to benefit from automated matching and digitised documentation and processes delivered on Infor’s network of 65,000 businesses around the world.
In addition to delivering broader financial services to clients, the Infor Nexus network provides global on-boarding and ongoing service and support to suppliers without requiring the involvement of the anchor buyer.
The agreement also enables Standard Chartered to expand client relationships through digital transformation solutions that address sourcing and payables inefficiencies while enabling innovation and growth.
Less than a fortnight ago, Standard Chartered announced its investment in blockchain-based open industry platform Contour. Contour will initially focus on digitally creating, exchanging, approving and issuing Letters of Credit (LCs), following the full commercialisation of its offering and appointment of CEO Carl Wegner. As one of the founding members, Standard Chartered will continue to collaborate with Contour, bringing its expertise and digital capabilities to deliver a faster and frictionless experience for clients accessing trade finance.
The bank recently made a strategic investment into Chinese supply chain financing platform Linklogis, to enhance its joint supply chain ecosystem proposition and provide suppliers with access to affordable and convenient financing.
