Cass has powered the Oildex payment platform for years. Here, Oildex announces its new supply chain finance program, also enabled by Cass.
Oildex Announces Supply Chain Finance Program for Oil & Gas Operators and Suppliers
New program leverages Oildex’s industry-leading OpenInvoice platform to create a supply chain finance program that benefits operators and suppliers alike
April 24, 2018 DENVER, CO – Oildex, the leader in financial automation solutions for the oil and gas industry, today announced the availability of its Supply Chain Finance Program through its leading OpenInvoiceTM automated payables platform. The program is part of the Oildex Innovation Agenda to develop and deliver new solutions that provide tangible benefits to both operators and suppliers.
“We see a clear market need and a unique opportunity for Oildex to leverage our existing relationships with major operators already using our OpenInvoice platform, along with our extensive network of suppliers, to create a ‘win/win’ solution for everyone involved,” said Craig Charlton, CEO of Oildex.
OpenInvoice Supply Chain Finance is enabled through Cass Information Systems, a long-term strategic partner of Oildex. The program is simple: Cass Information Systems will pay suppliers quickly, less a competitive early pay discount, allowing the operator to maintain or even extend their payment terms to maximize working capital returns. In addition, there is an opportunity for the operator to also receive a financial rebate based on the transactions.
Read the full release at Oildex.com.