This partnership will simplify payment processes by offering next-day payments to any supplier, regardless of their location. With this, businesses can unlock new opportunities and innovations by closing the cash gap between procurement and suppliers. By paying suppliers on-time, procurement teams can use payments to build performance-driven supply chains.
According to the press release, supplier payments, especially those that facilitate global trade, follow a complex, and time-consuming process that often results in late payments. With global trade volumes expected to grow by 4.7% in 2022, the financial friction that arises from such transactions weakens links in the supply chain, according to data put forth by the company in the press release.
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