MUFG Union Bank will reportedly assume management control of the systems and processes supporting the supply chain finance activities that GE Capital performs for GE.
According to MUFG, the TPS platform supports relationships with GE suppliers worldwide. Upon closing of the transaction, which is subject to closing conditions, regulatory approvals, and information/consultation processes where required in accordance with local laws, GE suppliers will have the opportunity to transition to a new program with MUFG over the course of 18 to 24 months. Terms of the transaction were not disclosed.
Through its Accelerated Payment Program Overview the TPS platform provides suppliers with faster invoice payments from their customer. Invoices can be paid upon approval in exchange for a discount, which is deducted from the gross amount of the invoice. Other features include flexible payment options and potential to receive 2 day ACH payments.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now