WINSTON-SALEM, N.C., March 4 /PRNewswire-FirstCall/ -- BB&T Corporation
(NYSE: BBT) today introduced BB&T SupplyChain360, an integrated financial
supply chain management service that connects buyers and suppliers around
the world.
That connectivity creates efficiency in the financial supply chain from
procurement to payment and greater visibility for a buyer and its
suppliers, BB&T officials say. It also integrates other BB&T financial
products and services into the supply chain.
The new service debuts at a time when the volume of trade around the
world continues to rapidly escalate. Global trade volume is expected to
grow to $17.5 trillion this year, an increase of nearly $15 trillion since
1986.
With BB&T SupplyChain360, both buyers and their suppliers will have
direct access to working capital so that they can finance their supply
chain operations in step with the physical production and transportation of
goods, reducing both cost and risk and improving efficiency.
Buyers and suppliers will have on-demand views of their financial
supply chain from the purchase order all the way through to the invoice
settlement.
"BB&T SupplyChain360 is the result of collaboration among several
divisions at BB&T to come up with a new solution that combines traditional
banking tools with innovative new products - all through a common
electronic platform," said BB&T Operations Division Manager Leon Wilson.
"With this new integrated service, we'll have complete access to our
clients' supply chain transactions - whether through a letter of credit or
executed directly through open-account terms - so we can identify
opportunities to offer risk management, supplier financing and payment
processing services."
Companies earning $1 billion in annual revenue can expect to free up
$10 million to $40 million a year in working capital "with better control
of their basic (international) trade processes," according to the Aberdeen
Group, a global research firm.
With BB&T SupplyChain360, buyers and suppliers can submit purchase
orders, invoices and other documents in paper or electronic format. Powered
by technology from GXS, BB&T SupplyChain360 then converts the paper
documents and electronic data into a single format for integration into a
buyer's purchasing system.
By capturing the lifecycle of the transaction and connecting the
physical and financial supply chain, BB&T can offer clients both
traditional and newer payment and risk management tools, as well as
innovative trade finance programs.
"Clients want to make the most of their working capital and improve
efficiency by using technology to streamline operations and provide more
visibility into the supply chain," said BB&T Specialized Lending Manager
Clarke Starnes. "BB&T SupplyChain360 helps them meet those important goals,
manage their risk, and integrate finance and payment tools."
With $132.6 billion in assets, Winston-Salem, N.C.-based BB&T
Corporation is the nation's 14th largest financial holding company. It
operates nearly 1,500 financial centers in 11 states and Washington, D.C.
More information about the company is available at http://www.BBT.com.
SOURCE BB&T Corporation
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Related links:
http://www.bbt.com
http://www.prnewswire.com/comp/809325.html /
CONTACT:
Neal Harm, Senior Vice President, BB&T
SupplyChain360, +1-336-733-1446, or Jeff Nichols, Vice President,
BB&T Corporate Communications, +1-336-733-1472
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