LSQ, a leading provider of working capital finance and payments solutions, and Infor Nexus™, the leading global supply chain platform and a division of Infor®, the industry cloud company, announced an agreement that provides their network of suppliers access early payments through an LSQ FastTrack® supply chain finance program.
“The agreement opens up a world of opportunity for global suppliers to seize the advantages of LSQ’s supply chain finance program and improve their working capital – all within a system they already use with their buyers,” said Vikas Shah, LSQ Chief Revenue Officer. “We know traditionally, supply chain finance programs – especially those in the retail space – are difficult for non-U.S. suppliers to access.
“With this new partnership, we are removing the barriers created by inventory-in-transit, cross-border payments, and international procurement processes.”
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“Providing efficient early payments through a supply chain finance program to support cash flow has been one of the largest needs of both U.S.-based companies and their international suppliers for some time,” Ted Barba, Vice President of Global Supply Chain Finance Solutions, Infor Nexus, said. “Supply chain issues, higher inflationary pressure and increased interest rates have greatly exacerbated the problem. By partnering with LSQ, we have created an easy-to-use solution that will strengthen global supply chains and support growth.”
The partnership solution is currently implemented with international suppliers of United Legwear (an existing LSQ supply chain finance customer). The suppliers, primarily in Asia, are able to access early payments from their Infor Nexus system with the push of a button. Several other buyers are in the early stages of integration to enable global suppliers to join their supply chain finance program.
“Traditionally, international suppliers encumber their accounts receivable by factoring their invoices or standing up cumbersome lines of credits with their local banks,” said Shah. “All of that friction and paperwork is now eliminated with a seamless procurement, payments, and finance solution provided through a single, unified user experience.”
“While early, we have seen steady adoption of the LSQ supply chain finance among our suppliers in Asia,” said Alan B. Mandell, SVP and Group Financial Controller at United Legwear. “For us, being able to combine a working capital solution with our existing Infor Nexus supply chain management platform has let us make the most of our existing technology investments, all while strengthening our relationships with our suppliers and improving the health of our supply chain.”
SOURCE : PRNewswire