Kyriba Corp., the cloud-based treasury and working capital solutions company, announced Friday (March 18) that Pimkie chose its supply chain finance solution to manage its supplier invoice financing program.
In a press release, Kyriba said Pimkie is using its reverse factoring solution to offer suppliers early payment of invoices. Pimkie is a women’s fashion company with suppliers based in Asia, Turkey and North Africa.
“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 a press release.
Kyriba said Pimkie will be able to improve the customer/supplier relationship by offering suppliers the opportunity to obtain early payment of their invoices, 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, Kyriba said.
“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 and marketing at Kyriba, in the same press release. “Pimkie will continue to pay its invoices at contractual maturities without impacting its working-capital levels.”