B2B eProcurement and eMarketplace SESAMi has debuted a collaboration with its five banking partners — including OCBC, CIMB and Linklogis — that will allow suppliers to get paid immediately on their outstanding invoices and purchase orders, according to a Bloomberg report Wednesday (July 27).
The next step for SESAMi is reaching out to the supplier community to kick off the program with as many of them as possible, the report said.
“The funding process will be massively sped up through leveraging on our Early Payment System (EPS), which was launched earlier this year for the SESAMi supplier community,” said Sharath Singh, commercial director for SESAMi, in the report. “With the digital financing program, suppliers only need to submit minimal documents to be on-boarded under the program.”
The SESAMi marketplace will allow suppliers to choose the financing partner that’s best suited for their specific needs, the report said. The financing partners will then leverage the data provided by SESAMi’s eProcurement system to make faster and more accurate credit decisions in real time. This will give suppliers access to financing at a lower interest rate than conventional, off-the-shelf products.
“Customer experience remains key to this initiative whilst we also acknowledge the local businesses priorities is to keep their costs low,” said Ong Teck Soon, SESAMi Holdings’ chairman and group CEO. “This marketplace will give them the best of both worlds.”
Related: NCR Says Financial Literacy Should Be Left to Community Banks and Credit Unions, Not TikTok
Social media tends to be the go-to information source for Gen Z and millennials, and as NCR Digital Banking President Doug Brown recently told PYMNTS CEO Karen Webster, that’s not a good thing when it comes to increasing financial literacy.
“The FIs need to reach out and meet these customers where they are, where they want to be met,” said Brown. “That does involve an education curriculum model that they can extend out, usually through digital format. We have a lot of clients who do it in that manner.”
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