RBS Joins Forces with Sainsbury's in Leading Supplier Financing Programme.
ATLANTA -- The Royal Bank of Scotland
The Royal Bank of Scotland Plc (Scottish Gaelic: Banca Rìoghail na h-Alba (RBS RBS Royal Bank of Scotland
RBS Role Based Security
RBS Rollback Segment
RBS Rare Book School (University of Virginia)
RBS Rural Business Cooperative Service
RBS Ribosome Binding Site (genetics) ) announces today that it will become the funding provider for Sainsbury's Trading Finance Platform (TFP TFP Total Factor Productivity
TFP Tradition, Family and Property
TFP Time for Prints
TFP Transference-Focused Psychotherapy
TFP Trade for Prints (modeling)
TfP Training for Peace (South Africa) ), effective June 19, 2009.
The TFP, which was launched in 2007, is a UK retail industry first. This internet-based payment management system, developed by PrimeRevenue, is designed to make it 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 Trading Account
1. An account similar to a traditional bank account, holding cash and securities, and is administered by an investment dealer.
2. An account held at a financial institution and administered by an investment dealer that the account holder uses to employ a with Sainsbury's - including invoices, debit notes debit note n → nota de débito or cargo
debit note n → note f de débit
debit note debit n → , remittance Money sent from one individual to another in the form of cash, check, or some other manner.
Financial statements sent by a creditor to a debtor frequently refer to the process of submitting a monthly remittance.
REMITTANCE, comm. law. advices and payment dates - and complete visibility of their expected cash flow.
Registered suppliers have the option to be paid early once their invoices are approved for payment. Suppliers can opt to receive early cash settlement by selling their invoices to RBS at a competitive financing rate. This crucial flexibility in payment terms allows Sainsbury's to support the cash flow needs of its core suppliers, while minimising the risk of supply chain disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. .
Suppliers already registered on the system have been contacted to advise them that RBS is the funding provider from June 19, 2009. Each supplier has been invited to visit an online portal to ensure the orderly and efficient transition of their details to RBS.
Darren Shapland, Chief Financial Officer, 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 are delighted that RBS, a key relationship bank, has agreed to provide funding for the programme going forward. We believe RBS' participation offers considerable scope to grow the programme and further improve liquidity throughout our supply chain."
Brian Stevenson, Chief Executive of Global Transaction Services, RBS, said: "We are proud to be bringing our expertise to this innovative solution for suppliers. As the UK's largest corporate bank, RBS is committed to supporting the needs of UK businesses, and trade finance is an integral part of this. Moreover, at a time when many companies are recognising the value of supporting the finance needs of their suppliers, Sainsbury's is demonstrating clear leadership with this programme. We look forward to strengthening our relationship with Sainsbury's and supporting their supply chain objectives through this programme in the future."
Joe Juliano, Chief Executive Officer of technology and services provider PrimeRevenue, Inc. 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."
PrimeRevenue's leading global Supply Chain Finance A global supply chain refers to the network created among different world-wide companies producing, handling, and distributing specific goods and/or products.
Global supply chain finance (SCF SCF Service Canadien des Forêts (Canadian Forest Service)
SCF Stem Cell Factor
SCF Scientific Committee on Food (European Commission)
SCF Service Canadien de la Faune ) 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 Software as a Service (SaaS) technology, a global community of the world's most innovative financial institutions and partners, and flexible working capital solutions and advice. Bank Technology News named PrimeRevenue as a "Top 20 innovation in the past 20 years." Companies are relying on SCF deployments powered by PrimeRevenue to optimize optimize - optimisation working capital, remove risk from their supply chain, and forge stronger trading partner relationships. Headquartered in Atlanta, Georgia, PrimeRevenue has offices and customers throughout the world.