Kyriba, the global leader in cloud treasury and finance solutions, today announced that the company’s strategic partnership with Scientist.com has led to the creation of SciPay™, an early payment platform for suppliers of pharmaceutical R&D services. All of Scientist.com’s 3,100+ signed suppliers now have the ability to choose from multiple early payment options, use dynamic discounting and manage invoices online. Suppliers can even choose to receive payment the same day, an advantage previously only available to large suppliers.
“SciPay is powered by Kyriba’s industry-leading supply chain finance technology,” said Kris Kagan, Vice President of Finance, Scientist.com. “Together, we have created a state-of-the-art online platform that enables suppliers to receive early payments, manage invoices and increase cash flow. Suppliers benefit from an acceleration in their project timelines and a reduction in research gaps resulting from better access to capital and on-time payments.”
Launched just six months ago, SciPay’s initial results have been impressive:
- >95% of payments made on time
- 50% reduction of the procurement process lifecycle
- 60-day reduction in payment terms
- $4M in early payments to suppliers
- 130% year-over-year increase in suppliers’ gross merchandise value
“The early payment option in Scientist.com’s SciPay platform has met the payment needs of our company and our customers,” said Michael Biron, CEO at Altis Biosystems. “Without SciPay, the payment process may have taken too long for some of our customers’ projects to be completed within their development schedule.”
“Scientist.com is improving the medical research process with SciPay, an innovative application of working capital technology that enables faster access to capital,” said Jean-Luc Robert, Chairman and CEO, Kyriba. “This is an excellent use case of how organizations can leverage Kyriba’s SaaS technology to deliver transformative results with minimal startup costs.”
Scientist.com was Highly Commended at the Supply Chain Finance (SCF) Awards held on November 28, 2019 in Amsterdam in the category of Best SCF Programme in Technology & Telecoms.
About Kyriba Corp.
Kyriba empowers CFOs and their teams to transform how they activate liquidity as a dynamic, real-time vehicle for growth and value creation, while also protecting against financial risk. Kyriba’s pioneering Active Liquidity Network connects internal applications for treasury, risk, payments and working capital, with vital external sources such as banks, ERPs, trading platforms, and market data providers. Based on a secure, highly scalable SaaS platform that leverages artificial and business intelligence, Kyriba enables thousands of companies worldwide to maximize growth opportunities, protect against loss from fraud and financial risk, and reduce costs through advanced automation. Kyriba is headquartered in San Diego, with offices in New York, Paris, London, Tokyo, Dubai and other major locations. For more information, visit www.kyriba.com.
For more information about Kyriba Supply Chain Finance, visit www.kyriba.com/solutions.
Scientist.com is the world’s leading marketplace for outsourced R&D. The marketplace simplifies R&D sourcing, saving time and money, reducing risk and providing access to the latest innovative tools and technologies. Scientist.com operates private enterprise marketplaces for most of the world’s major pharmaceutical companies, the Biotechnology Innovation Organization (BIO) and the US National Institutes of Health (NIH). Since its founding in 2007, Scientist.com has raised $32 million from 5AM Ventures, Leerink Transformation Partners and Heritage Provider Network among others. Visit scientist.com to learn more.