Global financial technology leader FIS® (NYSE: FIS) announced today that its Supply Chain Finance Platform (formerly Demica) was selected by Glencore PLC to support the inaugural trade receivables securitization program for its oil and gas commodity business.
Trade receivables securitization is a specialized form of structured trade finance enabling corporates to monetize large pools of receivables, thereby unlocking liquidity. Glencore’s $2.55B facility, backed by a consortium of six leading financial institutions, marks a significant milestone in the evolution of structured trade finance for the commodities sector.
Glencore PLC, one of the world's largest diversified natural resources companies and a leading marketer and producer of commodities across metals, minerals and energy products, selected the FIS Supply Chain Finance Platform to provide the technology infrastructure, reporting capabilities and operational support for this complex, multi-jurisdictional transaction.
The FIS Supply Chain Finance Platform provides the flexibility and functionality needed to deliver working capital solutions at scale. Deal set up, portfolio monitoring and reporting, securely hosted on Microsoft Azure, support programs across industries and client sizes.
“The size and scale of Glencore’s oil and gas trade securitization exemplifies how the FIS Supply Chain Finance Platform enables sophisticated financial structures that optimize working capital for global enterprises,” said Steve Sabin, SVP, Lending at FIS.
FIS began the trading day down 22 cents to $42.14.
Related Stories
