BMO to offer supply chain suite for treasury customers
BMO Capital Markets, a member of BMO Financial Group (TSX, NYSE:BMO), and PrimeRevenue, the leading technology provider of Supply Chain Finance (SCF) solutions, announced today that they will jointly offer innovative Supply Chain Finance services to expand BMO's global trade and treasury offerings. BMO's Supply Chain Finance Solutions suite is designed to eliminate working capital inefficiencies, enable collaboration and provide greater transparency of information throughout the supply chain.
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"Business leaders recognize that by achieving greater control and transparency of accounts payable and receivable, they can improve cash flow and profitability, manage concentration risk, and strengthen supply chain relationships," said Sara Joyce, Executive Managing Director and Head of International Financial Institutions and Trade Finance, BMO Capital Markets.
"We are proud of our relationship with BMO," said Joe Juliano, CEO, PrimeRevenue. "The growing list of financial services leaders offering a PrimeRevenue-powered solution is testament to our offering while evidencing the compelling value of SCF solutions for Global 2000 companies and the supply chains supporting them."
In a recent publication, research firm AberdeenGroup stated that "the magnitude of potential gains from SCF is staggering. Finance costs associated with products moving through the supply chain comprise 4% of finished goods costs (the same size as transportation and distribution costs), and have remained virtually untouched by new technology and process for the last 40 years." SCF solutions, added Aberdeen, provide a strong opportunity "to provide significant and measurable bottom line benefits."