Xie Cheng Enterprise Improves Cash Flow Using GT Nexus
Shoe Manufacturer Receives Payment When Shipments Leave Factory Instead of Waiting Weeks
New York, NY, April 15, 2016 – GT Nexus announced today that Xie Cheng Enterprise Development, a manufacturer of men’s and women’s footwear based in the Fujian Province of China, is transacting on the GT Nexus network to improve cash flow and support investment in materials, equipment, and plants.
Xie Cheng exports to the U.S., Europe and Australia. The footwear company began transacting on GT Nexus in January of 2015.
“We previously sought financing from a local bank but the process and costs were challenging,” said Bruce Li, Vice President of Xie Cheng. “Using GT Nexus, once our shipments leave the factory and we update the system, payment is triggered and we receive 80% of the invoice value from our finance provider, RTS International, through GT Nexus. Additional funds arrive later. It is fast and reliable, and it has improved our relationships with our customers.”
Xie Cheng accesses capital using an early payment program funded by finance provider RTS International, through the GT Nexus network.
“The combination of networked technology and data visibility are changing the way global supply chains are financed,” said Kurt Cavano, President, GT Nexus. “Events-triggered funding, such as the program deployed between RTS International, Xie Cheng and its customers, are removing friction and pain from global transactions. Costs and risk are eliminated and as a result, the relationship between buyer and supplier are enhanced. This level of multi-party value can only be achieved in a cloud network.”
RTS International provides funding solutions for clients in more than 40 countries and has partnered with GT Nexus since 2012.
“The GT Nexus platform is a perfect match for the financial services that we provide our clients around the world,” said Luis Mondragon, Vice President of Sales for RTS International. “The success of our business depends on transactions that are quick, accurate and reliable, and GT Nexus helps us achieve that.”