A new joint solution will accelerate the return on investment (ROI) buyers and sellers can achieve from supply chain finance programmes.
GXS, a global provider of business-to-business (B2B) e-commerce services, has announced a partnership with CGI Group, a leading provider of information technology and business process services.
The two companies will integrate their services to provide an end-to-end supply chain finance (SCF) solution to financial institutions. The new offering will leverage GXS Trading Grid, the world’s largest B2B integration services platform, and will be part of CGI’s global trade and SCF bank offering, Proponix360.
The new, joint solution provides financial institutions with a complete SCF solution that incorporates online connectivity between buyers and suppliers to facilitate increased collaboration between both parties.
GXS will provide the supplier portal functions needed to offer invoice financing and reverse factoring when connectivity to the supplier is not provided by a buyer collaboration platform. The software-as-a-service (SaaS)-based solution also reduces implementation timeframes for financial institutions and their corporate clients. The CGI-GXS partnership will enable rapid on-boarding of new corporate clients and accelerated programme rollout to their trading partner communities.
“As the credit crisis continues, large corporations are leveraging their strong credit rating to provide SCF programmes to smaller business partners in need of working capital improvements,” says Steve Keifer, vice-president, industry and product marketing at GXS.
“CGI and GXS can enable financial institutions to fully capitalise on the fast-growing market opportunity with a best-of-breed SCF solution that obviates expensive ERP changes by corporate clients and accelerates time-to-revenue for trade banks,” he adds.
CGI’s Proponix360 is a SaaS-based trade and supply chain platform with fully integrated traditional trade, open account and cash management capabilities. GXS Trading Grid connects buyers and suppliers, enabling them to transact with one another using their own preferred standards or protocols and masking the complexities therein. GXS also helps to facilitate interoperability between a bank’s trade application, Proponix360, and the ERP systems (SAP, Oracle, Infor, and so on) of corporate clients.
GXS Trading Grid is a global B2B integration-services platform linking major buyers and suppliers in the retail, automotive, high-tech and industrial supply chains around the world. GXS Trading Grid integrates with corporate ERP systems to extract documents necessary to support SCF programmes and transmits them to recipients around the globe. Using GXS, financial institutions can exchange purchase orders, commercial invoices, payment instructions, account statements, procurement card transactions, letters of credit and post-export financing requests electronically. GXS supports a wide variety of B2B technologies including ISO 20022, BAI, Swift, ANSI X12, EDIFACT and SAP IDOC document standards.
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