C2FO, Philips Win TMI Award for Best Sustainable Supply Chain Finance Solution

In a virtual ceremony on March 30, the two companies received TMI’s Highly Commended Award for Best Sustainable Supply Chain Finance Solution.

C2FO’s Early Payment Program accelerates payment from Philips to its global network of suppliers, giving those companies quick access to fair, affordable working capital. That support makes it possible for smaller companies to survive and thrive, and it ultimately makes Philips’ supply chain more sustainable.

During the COVID crisis, Philips also used C2FO’s platform to provide special rates for suppliers that helped ramp up production of ventilators.

“On behalf of Philips and our spend management team, I’m extremely grateful and proud to receive recognition from TMI for the work done with our partner C2FO to sustainably support our partners through our supply chain finance solution,” said Alexander Visser, Philips’ global head of indirect procurement – spend management.

“As a team, we are committed to the sustainability agenda and to push it forward. Philips has been recognized globally as a leader in implementing effective ESG (environmental, social and governance) solutions for our suppliers, and this award showcases the innovative approach of using C2FO’s supply chain finance solution to further drive our ESG agenda.”

Andrew Burns, C2FO’s senior vice president for EMEA, praised Philips’ vision for its supplier network.

“Congratulations to Alexander and his team,” Burns said. “They’ve been working tirelessly in this field to really enable help for their suppliers. We’re very proud to be recognized alongside them in this agenda of ESG, which Philips has really taken the lead in on a global basis.”

Read this case study to learn more about how Philips is using early payment to strengthen its supplier network.