Retail Apparel Manufacturer United Legwear First to Utilize Integration to Support International Suppliers
ORLANDO, Fla. (October 11, 2023) – LSQ, a leading provider of working capital finance and payments solutions, and Infor Nexus™, the leading global supply chain platform and a division of Infor®, the industry cloud company, today announced an agreement that provides their network of suppliers access early payments through an LSQ FastTrack® supply chain finance program.
“The agreement opens up a world of opportunity for global suppliers to seize the advantages of LSQ’s supply chain finance program and improve their working capital – all within a system they already use with their buyers,” said Vikas Shah, LSQ Chief Revenue Officer. “We know traditionally, supply chain finance programs – especially those in the retail space – are difficult for non-U.S. suppliers to access.
“With this new partnership, we are removing the barriers created by inventory-in-transit, cross-border payments, and international procurement processes.”
“Providing efficient early payments through a supply chain finance program to support cash flow has been one of the largest needs of both U.S.-based companies and their international suppliers for some time,” Ted Barba, Vice President of Global Supply Chain Finance Solutions, Infor Nexus, said. “Supply chain issues, higher inflationary pressure and increased interest rates have greatly exacerbated the problem. By partnering with LSQ, we have created an easy-to-use solution that will strengthen global supply chains and support growth.”
The partnership solution is currently implemented with international suppliers of United Legwear (an existing LSQ supply chain finance customer). The suppliers, primarily in Asia, are able to access early payments from their Infor Nexus system with the push of a button. Several other buyers are in the early stages of integration to enable global suppliers to join their supply chain finance program.
“Traditionally, international suppliers encumber their accounts receivable by factoring their invoices or standing up cumbersome lines of credits with their local banks,” said Shah. “All of that friction and paperwork is now eliminated with a seamless procurement, payments, and finance solution provided through a single, unified user experience.”
“While early, we have seen steady adoption of the LSQ supply chain finance among our suppliers in Asia,” said Alan B. Mandell, SVP and Group Financial Controller at United Legwear. “For us, being able to combine a working capital solution with our existing Infor Nexus supply chain management platform has let us make the most of our existing technology investments, all while strengthening our relationships with our suppliers and improving the health of our supply chain.”
As part of the strategic partnership, LSQ, in addition to funding, is providing payments automation, credit management and a variety of financial insights to help buyers and suppliers manage their working capital.
About LSQ | lsq.com
LSQ is a market leader and pioneer in working capital finance and payments solutions. For more than 25 years, LSQ has leveraged innovative technology, credit and risk expertise, and proprietary data that empowers thousands of businesses to optimize their working capital, automate and accelerate payments, manage collections, and mitigate risk. Every year, we accelerate billions of dollars in payments to businesses and their suppliers through our LSQ FastTrack® platform to help them obtain the funds they need to grow and thrive. LSQ is headquartered in Orlando, Florida. Learn more at www.lsq.com.
About Infor Nexus
Infor Nexus™ is the leading global supply chain platform. Infor Nexus connects a network of over 85,000 brands, retailers, manufacturers, suppliers, logistics providers and banks on a single-instance network platform to seamlessly orchestrate global supply chain processes from source through to delivery and payment. Companies streamline their operations, eliminating inefficiencies and waste while gaining data-driven insights and optimize the flow of capital for improved agility, resilience, and sustainability. Visit www.infor.com/solutions/scm/infor-nexus.
Infor is a global leader in business cloud software specialized by industry. We develop complete solutions for our focus industries. Infor’s mission-critical enterprise applications and services are designed to deliver sustainable operational advantages with security and faster time to value. Over 60,000 organizations in more than 175 countries rely on Infor’s 17,000 employees to help achieve their business goals. As a Koch company, our financial strength, ownership structure, and long-term view empower us to foster enduring, mutually beneficial relationships with our customers. Visit www.infor.com.