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LONDON -- In what is being described as a U.K. food retail industry first, U.K. food retailer J Sainsbury plc here has chosen Atlanta-based PrimeRevenue's technology and services to power the Sainsbury's Trading Finance Platform, through which all of its suppliers will be paid. Morgan Stanley will provide funding to suppliers opting to trade their invoices for early settlement.
Using the platform, suppliers will be able to view their Sainsbury's trading accounts online, including invoices, debit notes, remittance advices, and payment dates, giving them improved visibility of their expected cash flow.
Noted Mike Coupe, Sainsbury's trading director, in a statement: "This is a fundamentally new way of managing the financial relationship we have with our suppliers. The PrimeRevenue-powered system provides additional benefits, giving suppliers the information they need to better manage their financial flows. They can also use the system to leverage Sainsbury's borrowing power if they opt for early payment."
Added Morgan Stanley managing director Ellen Brunsberg: "Our involvement with PrimeRevenue in this and other programs that are active in this country, in the United States, and on the Continent reflects the growing demand for this type of solution as companies are focused on creating new efficiencies in their supply chains."
PrimeRevenue c.e.o. Joe Juliano said that "companies such as Sainsbury's are taking advantage of leading technology in this powerful new area, and we foresee great results for this program, to the benefit of Sainsbury's and its suppliers. Financial flows in supply chains today are only now getting the attention they deserve, and there is plenty of value to be gained by all participants in this deployment."
Employing 153,000 people, No. 3 U.K. supermarket operator J Sainsbury plc consists of Sainsbury's Supermarkets, Sainsbury's Local, Bells Stores, Jacksons Stores, Sainsbury's Online, and Sainsbury's Bank.