The Royal Bank of Scotland has become the funding partner for Sainsbury’s supplier financing programme Trading Finance Platform, effective 19th June.
The internet-based payment management system, which was developed by Prime Revenue, is designed to make quicker and easier for suppliers to access account information and to benefit from early payments.
The system provides suppliers with an online view of their trading account with Sainsbury’s, including invoices, debit notes, remittance advices and payment dates, as well as visibility of expected cash flow.
Darren Shapland, chief financial officer at Sainsbury’s, said: “Since the launch of our Trading Finance Platform in 2007, we have witnessed a significant increase in the number of suppliers utilising the platform to better manage their cash flow… We believe RBS’ participation offers considerable scope to grow the programme and further improve liquidity throughout our supply chain.”
Joe Juliano, chief executive officer of technology and services provider PrimeRevenue, added: “The success of Sainsbury’s Trading Finance Platform to date will grow given the banking leadership that RBS brings to the offering. Now, more than ever, supply chain finance solutions like these are compelling for corporates and their suppliers who seek to address mutual objectives in challenging economic times.”