The program is part of the Oildex Innovation Agenda to develop and deliver new solutions that provide tangible benefits to both operators and suppliers.
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.
The Oildex model has several clear advantages over existing offerings, such as early pay discount programs and Vcards. It is delivered on the same proven, secure OpenInvoice platform that many operators and suppliers currently use to process invoices and payments. In addition, it works with all major enterprise resource planning (ERP) and information management systems.
With more than 67,000 suppliers on its network, Oildex is in a position to partner with operators to promote the program and drive adoption within the supplier community, as well as offering single point of contact for all operator and supplier support requests, further easing the burden on all parties involved.
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