Pimkie Selects Kyriba for its Collaborative Reverse Factoring Project
March 16, 2017
New York, March 16, 2017 – Kyriba Corp., the global leader in cloud-based treasury and working capital solutions, announced Pimkie has chosen Kyriba's supply chain finance solution to manage its supplier invoice financing program.
Pimkie, a major player in women's fashion, works with a number of suppliers, some of which are based in Asia, Turkey and North Africa. In order to strengthen its supply chain and build loyalty within its supplier network, Pimkie will allow its suppliers to opt for early payment of invoices through implementation of Kyriba's reverse factoring solution.
"Our suppliers will be able to access a secure portal to view all of their approved invoices, and select those they wish to pre-finance. We chose Kyriba's multi-bank platform, integrating two international financial partners, a bank and an international financial institution, in order to remain in closer contact with our main suppliers as part of our Corporate Social Responsibility (CSR) Policy, helping them to improve and make progress on these social and environmental criteria," said Grégory Ambrosio, Group Treasury Manager at Pimkie.
In the end, the Kyriba solution will optimize the Customer / Supplier relationship by offering suppliers the opportunity to obtain early payment of their invoices, thus benefiting from cash advances. Use of this solution will also allow Pimkie to move to a fully paperless supplier payment system, gradually abandoning the use of letters of credit.
"Globalization of supplier relations requires the implementation of technological solutions able to securely manage transactions in a multi-country, multi-bank and multi-currency context. Pimkie suppliers will have full visibility of approved invoices, and will be able to select early payment of one or more invoices, with more attractive rates than short-term financing," said Edi Poloniato, VP Sales & Marketing at Kyriba. "Pimkie will continue to pay its invoices at contractual maturities without impacting its working capital levels."
About Kyriba Corp. Kyriba is the global leader in cloud-based treasury, cash and risk management solutions, delivering Software-as-a-Service (SaaS) financial technology to corporate CFOs and Treasurers. More than 1,500 global organizations use Kyriba to deliver global cash visibility, improve financial controls, and increase productivity across their cash and liquidity, payments, supply chain finance and risk management operations. Kyriba is headquartered in New York, with offices in San Diego, Paris, London, Tokyo, Singapore, Dubai, Hong Kong, Shanghai and Rio de Janeiro.