Information Technology

Staff Reporter

, Singapore

Published:

6 years ago

CIMB Singapore to finance SESAMi's digital invoice system

Suppliers will be paid immediately on outstanding invoices within two business days.

CIMB Bank Berhad’s Singapore branch (CIMB) has partnered with SESAMi Holding and Capital Match to finance the SESAMi trading community’s digital invoicing workflow, according to an announcement

Suppliers on SESAMi will be paid immediately on their outstanding invoices on the platform within two business days as soon as they are on-boarded to the supply-chain financing program. Previously, the process takes as much as two months, said CIMB.

SESAMi, an e-procurement platform in Singapore serving supply chain needs of companies like Singtel, SATS, and SIA, was also revealed to have acquired the invoice financing marketplace invoice financing Capital Match.

The process of onboarding is simplified as e-invoices can be selected via the SESAMi platform, with no need to submit any physical invoices, the announcement added.
SESAMi’s integrated procure-to-pay and supply chain financing will also allow suppliers to access lower cost of funds.

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