SourceNet Solutions, a Mellon Financial Corporation (NYSE:MEL) business, has formed a marketing alliance with Orbian Corp., under which Orbian will offer a distinctive trade payment, settlement and finance solution to SourceNet customers.
“By using Orbian’s electronic payables presentment/payment and receivables finance services, our customers will be able to achieve their working capital requirements while reducing supply-chain finance costs and providing their suppliers with access to a tool to generate increased cash flow,” says Leon J. Busch, SourceNet President and CEO. “Orbian’s services will also enable our customers to enhance their financial strength by generating cash flow and increase their purchasing power, thus reducing the cost of goods and services.”
Utilizing the latest technology, Orbian leverages existing investments in enterprise resource planning (ERP) systems, enabling buyers to transmit approved payables and associated remittance information securely to their supply chain at the point of payment approval, and to disburse the approved payment amount on the payment’s net date. Orbian’s receivables finance service offers a buyer’s supply chain the opportunity to accelerate cash flow at the lowest rates available in the marketplace with virtually unlimited capacity.
“Because Orbian’s financial supply chain solution is integrated with the buyer’s standard accounts payable and reconciliation processing, our solution is a natural extension of SourceNet’s accounts payable services,” says Kenneth A. Roche, Orbian CEO. “We believe our alliance with SourceNet will play a key role in Orbian’s strategy for expansion into new industry sectors and global markets.”