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Tradeshift and Raindew Trade launch a coronavirus Instant Supplier Payment Scheme

Friday 10 July 2020 10:11 CET | News

Raindew Trade and Tradeshift, have launched a USD 1.5 billion COVID-19 Instant Supplier Payment Scheme (‘WePayNow Initiative’) in South Africa and selected African markets.

Launched on the back of the Tradeshift Engage and a similar USD 55 billion Instant Supplier Payment program with Denmark’s Export Credit Agency, the liquidity support and digitisation program will inject liquidity into supply chains at scale and build a digital collaboration between suppliers, buyers, and financing institutions.

According to MiningWeekly, the initiative addresses the cashflow and liquidity challenge African businesses are facing in the current COVID-19 economic environment. Using the Tradeshift platform, the Instant Supplier Payment Scheme will inject USD billions of liquidity into selected African markets, including South Africa, through upfront and early payments to suppliers. Corporate buyers can request upfront payments to pre-qualified suppliers to be made on their behalf, with credit payment terms of 30 to 360 days. Suppliers can request upfront or early payments (‘24 to 48 hours after approval of invoice for payment’).


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Keywords: Tradeshift, Raindew Trade, COVID-19, coronavirus, SCF, supply chain finance, Africa, Instant Supplier Payment Scheme, WePayNow Initiative, South Africa, Denmark, Export Credit Agency, digitisation, digital, payments
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Africa
This article is part of category

Banking & Fintech