IFC Surpasses $1.5 Billion in Annual Digital Trade Financing on Infor Nexus Digital Commerce Network
Arm of World Bank tasked with financing trade in emerging regions plugs into cloud network to support its mission
NEW YORK, Oct. 22, 2020 /PRNewswire/ -- Infor today announced that the volume of trade financing provided by the International Finance Corporation's (IFC's) Global Trade Supplier Finance (GTSF) Program, which serves emerging market suppliers through Infor, has exceeded $1.5 billion per year1. GTSF leverages the Infor Nexus digital commerce network to deliver trade financing to suppliers in countries such as Bangladesh, Pakistan, Vietnam, Honduras, Cambodia, Sri Lanka and Ethiopia, where they often lack access to funding.
Learn more about the Infor Nexus digital commerce network: www.infor.com/products/infor-nexus
"For a long time, suppliers in places like Bangladesh were off the financing grid due to traditional funding methods," said Sabine Schlorke, IFC manager, Global Manufacturing and Supplier Finance. "Infor's digital trade network gives us the visibility and data we need to deliver funding with confidence to many underserved suppliers. Infor's cloud-based platform and local support presence around the world makes this possible." Nike and Puma are among the supply chain communities served by IFC through Infor.
"IFC has been a bold partner and innovator that was quick to grasp the power of a supply chain network, which digitally connects the parties, documents and systems that make the engine of global commerce hum," said Gary Schneider, Infor vice president of financial services at Infor. "Through our partnership, we can help address two major risks in today's supply chains: supplier liquidity and responsible production, based on ethical and sustainable business practices. As more enterprises and finance providers embrace digital commerce and cloud platforms, we expect to see a further increase in innovative programs such as this, which optimize data, capital and goods movement to improve the health of global supply chains."
Since 1956, IFC has leveraged $2.6 billion in capital to deliver more than $285 billion in financing for businesses in developing countries. This includes the Global Trade Supplier Finance Program that provides short-term financing to emerging market suppliers selling to large domestic buyers or international buyers, by discounting invoices once they are approved by the buyer. Interest rates of financing provided by GTSF are often linked to suppliers' environmental and social performance.
About Infor
Infor is a global leader in business cloud software specialized by industry. Providing mission-critical enterprise applications to 67,000 customers in more than 175 countries, Infor software is designed to deliver more value and less risk with more sustainable operational advantages. We empower our 17,000 employees to leverage their deep industry expertise and use data-driven insights to create, learn and adapt quickly to solve emerging business and industry challenges. Infor is committed to providing our customers with modern tools to transform their business and accelerate their own path of innovation. To learn more, please visit www.infor.com.
Media contact:
Steve Bauer
Infor
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1 During IFC's financial year 2020 that ended on June 30.
SOURCE Infor
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