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Morgan Stanley teams with retail giant on payments system

Morgan Stanley teams with retail giant on payments system

(29 November 2006 – UK) British supermarket giant Sainsbury’s has teamed up with Morgan Stanley to unveil a new type of payment system designed to benefit suppliers by giving them easy access to account information and quicker payment of invoice balances. Called the Trading Finance Platform, the system was formally launched at an industry conference. Suppliers can access the details of their Sainsbury’s trading account via the internet and retrieve invoices, debit notes, remittance advices and payment dates.

The new platform also allows suppliers to receive payments within several days following invoice approval, an improvement on the 45 days it takes currently.

Morgan Stanley will act as lender to suppliers, providing early cash settlements on approved invoices in exchange for an interest payment of 0.7 percent of net invoice value.

Sainsbury’s trading director, Mike Coupe, said the system represented a new approach to managing relationships with suppliers and provided more assistance to suppliers in managing cash flows.
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