Hokodo and Citi Join Forces to Power Payments on New Renewables Marketplace, Covento
Hokodo and Citi have partnered to enhance B2B payment solutions for Covento, a marketplace for renewable energy spare parts. This collaboration introduces a Buy Now, Pay Later (BNPL) option, streamlining payment processes for large businesses. Covento aims to simplify purchases by providing transparent pricing and delivery tracking. The integrated payment system features API registration, instant credit scoring, automated credit assessment, and flexible payment terms. This innovation is expected to foster better buyer-seller experiences in the renewable energy sector, addressing current market inefficiencies.
- Partnership with Citi to enhance B2B payment solutions.
- Introduction of Buy Now, Pay Later (BNPL) to increase trade credit accessibility.
- Streamlined payment processes for Covento's customers.
- Integration of instant credit scoring and automated processing.
- Enhanced transparency in pricing and delivery tracking.
- None.
- Collaboration marks the first step in new and improved payment solutions on B2B marketplaces
- Working with Covento, the Citi and Hokodo partnership is supporting processes needed for a low carbon economy
- Covento serves the needs of renewable energy field engineers, technicians, site managers, and procurement professionals
The strategic collaboration will deliver a best-in-class and frictionless B2B Buy Now, Pay Later (BNPL) solution that enables large global businesses to offer trade credit on e-commerce platforms and marketplaces.
The e-commerce operation to benefit from this B2B payment solution is Covento, a B2B marketplace for renewable energy spare parts and tools that has been created by Vestas, the global leader in sustainable energy solutions.
Covento’s stated aim is to transform the cumbersome buying processes for spare parts within the renewable energy space, that are currently fragmented and lacking in transparency.
According to Covento, failing to provide buyers with B2C basics like pricing, delivery information and tracking, and product imagery were top of the list during their initial market research and customer interviews. The company also saw that counterintuitively, by staying out of the payment flow, traditional marketplaces still need to agree on individual payment terms and add each supplier in their systems to facilitate the transactions. Covento believes this defeats the goal of consolidation.
Covento provides a central online solution to connect buyers and sellers of spare parts across various renewable energy technologies, delivering transparency for prices, product availability and delivery tracking. Covento’s search algorithm enables a buyer to search for a part with whatever information they have available (any ID or even just generic searching) and be able to find the part with all relevant offers from all Covento suppliers. Covento is also now enabling supplier consolidation by the innovative payments solution, getting into the payment experience (i.e., Covento is in the funds flow) and separating buyer pay-in with supplier pay-out.
By joining forces, Citi and Hokodo have created a payment experience for Covento’s customers that includes:
- API integrated customer registration, with instant credit scoring and limits setting
- Automated assessment and processing to allow trade credit in under 24 hours
- Flexible deferred payment options thanks to Hokodo’s B2B Buy Now, Pay Later
- Collections and credit management
This unified marketplace was made possible through combining the strength of Vestas’ global network, Citi’s capabilities and Hokodo’s digital trade credit platform.
The news today marks an important innovation for new and improved payment solutions that will increasingly become available on B2B marketplaces.
“Hokodo’s proprietary underwriting engine and instant credit decisions, combined with Citi’s unmatched financing capability means we’re able to offer Covento customers the payment terms they desire, while suppliers receive payment up front” explains
“We are excited to partner with Hokodo and Covento to deliver a new marketplace experience for the renewables sector. Digitalising trade flows in the renewables ecosystem will make it easier and safer for buyers and sellers to interact, manage risks and to pay or finance their purchases and sales.” said
“The climate crisis demands new innovative solutions, and the partnership with Citi and Hokodo enables us to simplify the ordering process of spare parts and increase customer satisfaction. We can now onboard new customers within seconds and provide them with multiple payment options. By offering a comprehensive, user-friendly, and secure platform, we empower the industry to optimise their operations, reduce cost, and contribute to a greener future,” said
ENDS
About Hokodo
Hokodo offers a scalable, all-in-one payment solution for B2B, complete with trade credit and up front payment options. We enable European businesses to achieve growth goals without being hindered by operational inefficiencies, outdated payment processes or working capital constraints. Hokodo’s solutions are backed by Lloyd’s of
About Citi Treasury and Trade Solutions
Citi Treasury and Trade Solutions (TTS) enables our clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry a comprehensive range of digitally enabled treasury, trade and liquidity management solutions.
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
View source version on businesswire.com: https://www.businesswire.com/news/home/20230427005094/en/
For more information contact:
Content & PR Manager at Hokodo
contact@hokodo.co
Citi Media Contact
Victoria.durman@citi.com
Source: Citi
FAQ
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