At the annual ceremony in Amsterdam, the Supply Chain Finance Community awarded Kuehne + Nagel’s supply chain finance solution as the best program in the category Transport & Logistics. Kuehne + Nagel has leveraged its existing Tradeshift e-invoicing platform by adding a Supply Chain Finance (SCF) layer on top. The platform now not only provides full transparency on invoice status but also gives access to all SCF related information.
From left to right: Prof. Dr Michael Henke, Fraunhofer IML, Vice Chair, SCF Award Judging panel; Roger Sutter, Group Treasurer Kuehne + Nagel Management AG; Robert O'Donoghue, Global Head of Working Capital Solutions, ING Bank N.V., Sponsor of SCF Awards
Early payment facilities are especially important for small and medium sized suppliers. Kuehne + Nagel’s SCF solution allows the suppliers to raise invoices online and have them paid within a few days. By integrating these activities in one platform, Kuehne + Nagel can offer its suppliers a convenient way to send invoices and to process payments fast under SCF.
The jury from the Supply Chain Finance Awards noted: "Kuehne + Nagel’s solution is a truly integrated platform, enabling smart integration of an existing platform for e-invoicing with an add-on for receivable financing, making it easier to onboard suppliers.”
Markus Blanka-Graff, CFO Kuehne + Nagel International AG: "Our supply chain finance solution significantly improves the cash-conversion-cycle of our suppliers and enhances the relationship between us and our suppliers. It has been very well received in the market. This award is a great recognition of Kuehne + Nagel’s efforts to create benefits for all parties by improving its invoicing processes.”
Through its banking partner Citi, Kuehne + Nagel offers an early payment option in 16 European and North-American countries covering eight currencies. The company will further expand this program to countries in Asia and Middle-East.
The Supply Chain Finance Community is an independent global community consisting of knowledge institutions, corporations, and supply chain finance professionals who share best practice and new research in an open, collaborative environment.
Roger Sutter, Group Treasurer Kuehne + Nagel Management AG: "Supply Chain Finance is mainly about speed. It was our ambition to provide our suppliers with an early payment solution which is fast and convenient. We decided to integrate SCF in the existing e-invoicing platform. We thereby considerably improve processing times and allow fast payments in a simple way.”
In June 2017, Kuehne + Nagel was already recognised as highly commended winner in the category “Best Trade / Supply Chain Finance Solution” at the 2017 Adam Smith Awards.