Citi is working with SCF platform Stenn to offer deep-tier financing to smaller firms in its clients' supply chains. Citi described the move as part of an expansion of its global trade payables finance product suite to cover onboarding, compliance, risk management, and potential financing for deep-tier suppliers.
Chris Cox, head of trade and working capital, treasury, and trade solutions at Citi, said, ‘Deep tier supplier financing provides our clients with solutions that can further strengthen relationships with suppliers and help to improve the resilience of supply chains. Developing these offerings with fintechs like Stenn helps deliver that capability.’
Greg Karpovsky, CEO at Stenn, described the Citi partnership as, ‘A significant milestone.’
Italian food company Barilla is the latest customer for Kyriba's Enterprise Liquidity Management platform to support its treasury, risk management and supply chain finance operations.
The solution will centralise Barilla’s multiple supply chain finance programs into a single Dynamic Discounting programme. The platform, says Barilla, will also increase cash visibility, improve cash forecasting, and digitise FX, interest rate, and commodities risk management.
'We set out to bring more value to the Barilla enterprise and required a provider that would deliver an easy-to-use solution with proven expertise in supply chain finance, and a robust multi-bank connection capable of onboarding suppliers anywhere in the world', said Giangaddo Prati, Group Chief Financial and Information Technology Officer at The Barilla Group. 'Kyriba is the only provider to bundle treasury management and supply chain finance in a unique solution.'