Kuehne + Nagel's supply chain finance solution honoured at the 2017 Adam Smith Awards
Kuehne + Nagel’s solution enables suppliers to raise their electronical invoices online and to receive payments within a few days once they have signed up for the receivables purchase programme. By participating in the programme, suppliers are able to significantly shorten their cash conversion cycle. Further, the platform allows suppliers to monitor the status of their invoice as well as interface all details related to the early payment into their accounting system.
Roger Sutter, Group Treasurer Kuehne + Nagel Management AG: "Together with our e-invoicing partner Tradeshift and our key relationship bank Citi, we developed a fully integrated, one channel and seamless invoice-to-cash platform. It is complemented with an accelerated supplier payment feature in the form of a receivable purchase option."
Treasury Today noted: "Our decision to award Kuehne + Nagel’s solution was based on a combination of factors such as; the current geographical scope of 11 European countries as well as Canada, Mexico and the US, with plans to extend globally; an effective early payment solution combining the banking partner Citi with the Tradeshift platform leveraging its e-invoicing solution; impressive working capital benefits; ERP integration opportunities; and, a win-win situation for all parties."
Markus Blanka-Graff, CFO Kuehne + Nagel International AG: "In collaboration with our key partners, Kuehne + Nagel’s solution is able to significantly improve the cash cycle of our suppliers, allow efficient invoice-to-cash processing through one platform and create working capital benefits for all participants."
The Adam Smith Awards are considered the highest global awards for achievements in corporate treasury. In 2016, Kuehne + Nagel was awarded overall winner in the category "Best SWIFT Solution" for its in-house developed global interface to connect with the company’s banks worldwide through one channel, one format, one security module and one security policy.
Kühne + Nagel International AG
With approximately 70,000 employees at more than 1,300 locations in over 100 countries, the Kuehne + Nagel Group is one of the world's leading logistics companies. Its strong market position lies in the seafreight, airfreight, contract logistics and overland businesses, with a clear focus on providing IT-based integrated logistics solutions. Further information can be found at www.kuehne-nagel.com