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C2FO Powers Early Payment Programs for the World’s Largest Companies.
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Air France joins the C2FO network and is the first airline to offer its suppliers the C2FO programme.
PARIS, FRANCE (February 1, 2019) — C2FO, the world’s largest market for working capital, is proud to announce our network’s latest customer, global air transport leader, Air France. The company is the first airline to offer its suppliers the C2FO program, a voluntary and flexible solution they can use to request early payment of their invoices. Suppliers will have control over if and when they choose to participate in the program, and also over the rate of discount they wish to offer in exchange for early payment.
“Confident in the validity of the working capital marketplace concept to create value, Air France wishes to endorse a successful trendsetter role. Innovation efforts in progress at Company level are here well exemplified in the Finance area. We trust industry participants involved in the airline supply chain will be soon onboarded to enhance liquidity and match interests by improving margins or capital needs,” says Marc Verspyck, Air France CFO.
The C2FO initiative resulted from a strong collaboration between treasury and procurement leaders at Air France. Air transport is a capital-intensive vertical, due in part to fuel price volatility and rising maintenance costs, as well as the need to invest in rapid technology evolution and fleet. The initiative, considered as a strategic use of working capital, enables Air France treasury and procurement teams to meet KPIs while delivering substantial value to their entire organization and supplier base.
The C2FO and Air France relationship is a strong endorsement for our brand new strategic partnership with the International Air Transport Association (IATA) the trade association for the world’s airlines, representing some 290 airlines or 82% of total air traffic. Together, Air France, IATA, and C2FO share the mission to support the financial health of the airline industry supply chain.
“We are enthusiastic about the value-ad our working capital marketplace will deliver to the air travel sector. Airlines globally are impacted by ever growing cost pressures and volatility which C2FO alleviates through better use of cash and AP optimization”, says C2FO Managing Director Antoine Trépant. “Air France is a pioneer in the sector and we are proud to join forces with them with the support of IATA to deliver incremental value across this high-potential industry.”
With the IATA partnership, C2FO can offer the airline industry and its supplier base a collaborative tool that helps airlines improve margins while supporting their supply chain with access to affordable, convenient cash flow to fund growth and invest in the development of new technology for the industry.
Air France, a global airline of French inspiration, with high standards and a caring attitude, turns the flight into a moment of real pleasure on all its daily operations in France, Europe and worldwide.
Air France-KLM is the leading Group in terms of international traffic on departure from Europe. It offers its customers access to a network covering 314 destinations in 116 countries thanks to its five brands Air France, KLM Royal Dutch Airlines, Transavia, Joon and HOP! Air France. With a fleet of 548 aircraft and 101.4 million passengers carried in 2017, Air France-KLM operates up to 2,300 daily flights, mainly from its hubs at Paris-Charles de Gaulle and Amsterdam-Schiphol.
Its Flying Blue frequent flyer program is one of the leaders in Europe with over 15 million members.
Together with its partners Delta Air Lines and Alitalia, Air France-KLM operates the largest transatlantic joint venture with more than 275 daily flights.
The group also offers cargo transport and aeronautical maintenance solutions.
Air France-KLM is also a member of the SkyTeam alliance which has 19 member airlines, offering customers access to a global network of over 14,500 daily flights to more than 1,150 destinations in more than 175 countries.
IATA (International Air Transport Association) represents some 290 airlines comprising 82% of global air traffic. For over 70 years, IATA has developed global commercial standards upon which the air transport industry is built.
C2FO is the largest working capital marketplace in the world. Companies across the globe use C2FO to improve their financial position every day. C2FO is a leader in the retail, industrial, manufacturing, energy, healthcare, technology, telecom, and transportation sectors.
By connecting with C2FO’s network, the partnership will empower GTreasury clients to streamline payables and receivables and optimize cash flow.
Partnership brings together two platform solutions, directly connecting working capital to ESG performance to help businesses more easily meet their sustainability goals.
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