NEW YORK, Oct. 21, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Supply Chain Finance unit, part of its Commercial Services division, is expanding its capabilities to better serve its financing clients.
Buyers and suppliers can now optimize their working capital by leveraging Supply Chain Finance's enhanced technical capabilities and product expertise to structure, implement and manage programs. In contrast to other financial institutions and providers, CIT is focused on underserved mid-sized and small businesses in such industries as packaging, transportation logistics. manufacturing, healthcare, aerospace and automotive.
To further increase efficiency and technical capabilities, CIT's Supply Chain Finance unit is preparing to implement for its clients a new cloud-based supply chain finance platform.
The new platform will give Supply Chain Finance clients around-the-clock access to a new source of liquidity, empowering them to easily exchange electronic records and trigger financial transactions. Purchase of an invoice can happen quickly, rather than taking days or even weeks.
"Mid-sized and smaller businesses can achieve great benefits by supporting financing for the companies in their supply chain," said Joerg Obermueller, who leads the Supply Chain Finance unit. "Bringing advanced supply chain finance services and enhancing online capabilities for these underserved clients plays to our core strengths."
By extending these capabilities to their own suppliers, buyers can greatly increase their financial agility and flexibility, giving their business a competitive edge.
CIT's Commercial Services business is one of the nation's leading providers of working capital solutions, factoring, credit protection, accounts receivable management and lending services to consumer product companies, manufacturers, dealers, importers and resellers.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience, approximately $50 billion in assets as of June 30, 2019, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT's consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank, a division of CIT Bank, N.A. Discover more at cit.com/about.
SOURCE CIT Group Inc.