Sunbury, United Kingdom — December 11, 2007 — GXS™, a leading provider of business-to-business (B2B) e-commerce solutions, and Branch Banking and Trust (BB&T) today announced that BB&T has selected GXS Managed Services to power its integrated financial supply chain management solution. The new service from BB&T will bring a new level of business value to corporate clients through the seamless integration of three essential banking functions: international banking, commercial finance and payment services. Using GXS, BB&T can connect buyers and suppliers around the world on an integrated supply chain finance platform that will provide them with real-time visibility into invoice and payment processes and enable them to mirror activities in their physical supply chains.
Increases in global trade volumes and the continuing pressure to improve corporate cash flows has led to unnecessarily high levels of risk and cost in the supply chain. Buyers and suppliers alike need a comprehensive financial supply chain solution that parallels the physical supply chain and ensures that funding and payments are allocated appropriately and processed in a timely manner. BB&T’s integrated financial supply chain management solution will enable buyers and suppliers to finance their supply chain operations in alignment with the physical production and transportation of goods. This adds value to companies’ supply chain operations and limits unnecessary costs and risk by bringing visibility and financing to global supply chains where needed. In addition, the buyer and supplier relationship is streamlined with less guess work and fewer manual processes. GXS Trading Grid®’s on-demand order lifecycle visibility service will give BB&T customers comprehensive views of their financial supply chains from purchase order delivery through invoice settlement.
“With the help of GXS, BB&T is going above and beyond simple financing or payment services to help customers improve working capital, liquidity management and risk management,” said Bennett Bradley, executive vice president and Payment Solutions Division manager at BB&T. “With some banks, corporate customers must interface with three different lines of business to align their financial supply chains. With BB&T, they will have one resource to utilise for all functions—international, financing and payments. In addition, our partnership with GXS enables us to respond quickly to clients’ needs to improve visibility in their supply chains, by eliminating obsolete manual processes.”
GXS Trading Grid will enable integration between customers’ ERP systems and the bank’s product applications. Direct integration provides visibility to all supply chain transactions, whether they are facilitated through a letter of credit process or executed directly through open account terms. GXS can provide banks visibility to a wide variety of supply chain documents exchanged between buyers and suppliers, including purchase orders, purchase order amendments, bills of lading, shipment status messages, commercial invoices and invoice approvals. With visibility to the client’s supply chain, BB&T can identify opportunities to add value through risk management, buyer/supplier financing and payment processing services. One of the challenges confronted in linking the physical and financial supply chain is small businesses that lack e-commerce capabilities. For small suppliers, Trading Grid offers a web-based portal that can be used to send and receive electronic documents; software adapters that integrate with accounting packages such as Quickbooks and a service bureau that converts paper documents to electronic formats.
“Corporations are continuing to look to their banking partners for help aligning their financial and physical supply chains,” said Steve Keifer, vice president of Industry and Product Marketing at GXS. “By partnering with GXS, BB&T can quickly and easily gain visibility into their clients’ supply chains. Armed with rich data about the status of orders, shipments and invoices, BB&T can recommend solutions for clients to optimise their working capital and their supplier’s cash flows.”
GXS Trading Grid is a global B2B e-commerce and integration services platform that supports the creation and adoption of on-demand supply chain management solutions for companies of any size. As the world’s largest electronic business community, GXS Trading Grid is used by more than 35,000 customers to exchange goods and services, gain visibility into global logistics operations and to synchronise product data. Trading Grid helps customers automate global trading communities by shielding complexity from rapidly changing standards, eliminating manual and duplicative processes and enabling the highest levels of B2B integration and collabouration.
According to the TowerGroup1, “As banks strive to improve clients’ experience regarding integration of new business solutions, they are turning to technology partners to provide more than software to manage data transmissions. Banks large and small are refocusing on their core competencies, and many have identified B2Bank integration as a space where partnering with one or more integration solutions providers will yield significant benefits.”
Currently the 11th largest financial holding company in the nation with more than $127 billion in assets, BB&T offers a comprehensive line of financial services including insurance, capital markets, investments and retail brokerage, international banking and treasury management. BB&T is consistently rated as one of the top small business-friendly banks in the nation by the U.S. Small Business Administration, and was one of only 21 banks among 600 included in the biennial Greenwich study to receive the top “Greenwich Excellence Award” for overall banking services to small business.
GXS is a leading global provider of B2B e-commerce solutions that simplify and enhance business process integration and collabouration among trading partners. Organisations worldwide, including 75 percent of the Fortune 500, leverage the on-demand services on GXS Trading Grid® to extend supply chain networks, optimise product launches, automate warehouse receiving, manage electronic payments and gain supply chain visibility. GXS Managed Services, GXS’ B2B outsourcing solution, empowers customers with the expertise, technical infrastructure and program support to conduct B2B e-commerce with trading partners globally.
Based in Gaithersburg, Md., GXS has an extensive global network and has local offices in the Americas, Europe and Asia-Pacific regions. GXS can be found on the Web at www.gxs.co.uk.
All products and services mentioned are trademarks of their respective companies.
1 TowerGroup, “B2Bank Integration: A New Acronym for the Changing Ecommerce Landscape,” by Susan Feinberg, October 2006.
For further information please contact:
Denise Oakley, Director, Marketing Programmes International GXS
Tel – +44 (0) 1932 776408 / +44 (0) 7768 537 481 Email: firstname.lastname@example.org