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Danone to create Early Payment program for its suppliers with C2FO.
April 16, 2020, Paris – Danone, one of the world’s leading food companies, will now offer C2FO to its suppliers. C2FO is the only global marketplace for working capital.
The C2FO platform allows Danone suppliers which would like to be paid in advance rather than at terms, to offer a discount rate of their choice for outstanding, approved invoices.
Danone, a global leader with a unique health-focused portfolio in food and beverages, will be able to optimise its cash flow without risk by making it available to its suppliers in need of liquidity.
Its suppliers, on the other hand, will significantly reduce their average time to payment. In 2019, thanks to C2FO, suppliers reduced the time it takes to collect their invoices by an average of 26 days: that is a significant figure considering that the average payment term threshold is approximately 60 days globally, and is higher in many sectors.
C2FO is already used by many multinationals such as Costco, Perfetti van Melle and Siemens. In France, Danone joins Lyreco and Air France which have already made the platform available to their suppliers.
“It is imperative for Danone to support its suppliers in their financing needs. Fortunately, C2FO allows us to make the most of our customer-supplier relationships, by implementing a flexible solution for us and personalised financing for them. The use of a digital solution is an advantage that will strengthen our links with our partners in a secure and efficient environment. This long-term solution is also complementing the liquidity facility in the tune of 250 million euros that Danone has committed to offer to the most weakened suppliers and customers during the current COVID-19 crisis,” explains Yves Pellegrino, SVP Corporate Finance, Control and Services at Danone.
C2FO’s technology is simple because it is designed to be synchronised with the existing management software (ERP) without changing processes or payment methods to the vendors. As soon as the discount proposed by the supplier is accepted, the invoice is paid automatically, directly by the buyer, without any change to the existing settlement process.
“Danone’s decision confirms the relevance of our business model and gives new impetus to our growing presence in France, where we already have excellent feedback from existing customers, whether suppliers or buyers. The overwhelming majority of them have confirmed to us that their cash flows have been optimised at very advantageous rates,” said Antoine Trépant, Managing Director at C2FO France. “Our tool is particularly valued in the current liquidity crisis, born out of the COVID-19 epidemic, even as governments and central banks try to contain it as best as possible,” Trépant adds.
At any moment in the world, almost $43 trillion are trapped in account payables. Since its first transaction in May 2010, C2FO has released more than $100 billion in working capital through accelerated invoices.
To date, C2FO has rolled out more than 200 programmes worldwide, including 25 with the top 100 companies in the world. In the space of a few years, this fintech has become the world’s largest provider of cash after the banks.
Dedicated to bringing health through food to as many people as possible, Danone is a leading global food & beverage company building on health-focused and fast-growing categories in 3 businesses: Essential Dairy & Plant-Based, Waters and Specialized Nutrition. With more than 100,000 employees, and products sold in over 120 markets, Danone generated €25.3 billion in sales in 2019. To learn more, visit: www.danone.com
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