Partnership adds 92,000 suppliers, helps Aztec Exchange establish sizable foothold in Latin America
DUBLIN and SANTIAGO, Chile, Oct. 11, 2016 /PRNewswire/ -- Aztec Exchange, a global supplier of invoice finance products and services, today announced a significant move into the Latin American market, launching its invoice early payment tool, ePayMe (epayme.cl), with Chile-based Gosocket. Through this partnership, Aztec will provide Gosocket's $150 billion annual volume e-invoice network with on demand invoice payment via ePayMe, enabling 92,000 suppliers to log in and quickly monetize outstanding electronic invoices. ePayMe will service Gosocket's $200 million in monthly invoice finance requests with proprietary and institutional investor capital.
ePayMe takes traditional early payment services like factoring and turns it on its head. Typically issuing payment within 24 hours, ePayMe offers complete transparency, so there are no hidden fees, credit checks or interest charges, and suppliers only pay a minimal invoice discount charge. Additionally, a supplier using the ePayMe portal can sell as many outstanding invoices as they choose from approved corporate buyers, and there are no restrictive long-term contracts.
"The Latin American market is certainly ahead of the curve when it comes to understanding the value of e-invoicing and early payment. This partnership with Gosocket presents tremendous opportunities for their customers to get the working capital they need in a completely transparent environment," said Aztec CEO Edwin Hagan-Emmin. "There is pent up demand for a flexible, cost-effective service like ePayMe, where access to early payment is available to all suppliers, all of the time. We fund invoices based on the quality of the buyer not the creditworthiness of the supplier. ePayMe represents a big economic multiplier for suppliers and corporations and a great risk-adjusted return for investors."
"Gosocket's main goal is to empower companies based on the exchange of compliant electronic invoices in Latin America. With ePayMe, we will empower companies not only operationally but financially," said Sergio Chaverri, co-Founder/CMO of Gosocket. "We are happy to be working with Aztec Exchange to lead this new era of e-commerce B2B for Latin America."
Aztec Exchange launched their early payment service in May 2016 with the Dublin-based firm Celtrino, servicing their network of more than 4,000 suppliers. On October 6, the company launched exclusively with Grupo SERES in Spain. It expects to announce additional partners servicing a global customer base in the months ahead.
About Aztec Exchange
Aztec Exchange is a leading payment company dedicated to streamlining global supplier finance. Founded by former Morgan Stanley and HSBC executives, Aztec Exchange's flagship service is PayMe (known as ePayMe in Latin America and Spain) - a reliable, cost-effective and easy-to-use early payment solution. With PayMe, suppliers sell their invoices and receive working capital within days rather than weeks or even months. PayMe is available as a white-label service and can be easily integrated into e-invoicing networks.
Headquartered in Dublin, Ireland, and with operations in Los Angeles and Miami, Aztec can be found online at www.aztecexchange.com.
Gosocket, a corporate social network that connects companies from electronic invoices issued and received in different countries in Latin America where electronic invoicing is allowed. From this connection provides value-added services of financial or operating. Founded in 2012, connects more than 500 million electronic invoices over 1 million companies throughout Latin America. Access is via a web portal www.gosocket.net, which can also be accessed through mobile devices either by their mobile web version m.gosocket.net or through native applications for your smartphone or tablet iOS, Android, Windows Phone or Windows 10.
SOURCE Aztec Exchange