Project Proposal: Purchase Order Financing Request
other
| Submitted date | Last Update Date | Version | Approval Status | Project Page |
|---|---|---|---|---|
| 2014-11-05 | 2014-11-05 | 1.0 |
Official
| Purchase Order Financing Request |
Project Purpose
The purpose of the project is to develop a UN/CEFACT business standard for Purchase Order Financing. Purchase Order (PO) financing (POF) is a financing option for trading parties that lack the funds to pay their suppliers (e.g. manufacturers), or Sellers that need cash in advance and on this basis can also offer extended payment terms to their Buyers. Once payment is collected from the buyers who signed the purchase orders, the purchase order financing company will be reimbursed for its outlays and collect its fee. Purchase order financing is a variation on factoring, which is tipically based on invoices. In a competitive market it is vital that company's businesses have access to on-going working capital as and when they need it, without the need for constant re-negotiation. Purchase Order Financing service supports optimization of company treasury and cash management, avoiding a debilitating shortage of cash which can eventually lead to the breakdown of profitable trading. From a wider point of view, this service can support the automation and improve the efficiency of the internal companies processes. The purchase order financing service gives companies the opportunity to transform orders into working capital. In fact, it allows companies to get the money needed, for example, to pay their suppliers. The project will include creation of required descriptions; Business Requirement Specifications (BRS) and Requirement Specification Mapping (RSM). The purchase order financing process is to be described together with the included business messages and transactions. The output will be used to obtain XML guidelines to support the business transactions for trading parties. The project's deliverables will benefit corporate customers, banks and other financial institutions and vendors.Project Scope
Project Deliverables
Exit Criteria
Project Team Membership and Required Functional Expertise
Head of Delegation Support
Geographical Focus
Initial Contributions
Resource Requirements
Project Leadership
Milestones
DELIVERABLE NAME | Project Inception | Expected Completion Date | Requirements Gathering | Expected Completion Date | Draft Development | Expected Completion Date | Public Review | Expected Completion Date | Project Exit | Expected Completion Date | Publication | Expected Completion Date | Maintenance | Expected Completion Date |
| YES | YES | YES | YES | YES | YES | YES | ||||||||
| YES | YES | YES | YES | YES | YES | YES | ||||||||
| YES | YES | YES | YES | YES | YES | YES |
Project Proposal Files