Hodoko has partnered with global financial services firm Citi to power payments for its first-of-its kind renewable energy marketplace Covento.
According to Hodoko, the strategic collaboration will deliver a best-in-class and frictionless B2B BNPL solution that enables large global businesses to offer trade credit on e-commerce platforms and marketplaces.
Covento’s stated aim is to transform the cumbersome buying processes for spare parts within the renewable energy space, that are currently fragmented and lacking in transparency.
Hodoko said Covento provides a central online solution to connect buyers and sellers of spare parts across various renewable energy technologies, delivering transparency for prices, product availability and delivery tracking.
Covento’s search algorithm enables a buyer to search for a part with whatever information they have available (any ID or even just generic searching) and be able to find the part with all relevant offers from all Covento suppliers.
The marketplace is also now enabling supplier consolidation by the innovative payments solution, getting into the payment experience and separating buyer pay-in with supplier pay-out.
Hodoko underlined that by joining forces with Citi, the firms have created a payment experience for Covento’s customers that includes API integrated customer registration, with instant credit scoring and limits setting, automated assessment and processing to allow trade credit in under 24 hours and flexible deferred payment options thanks to Hokodo’s B2B BNPL collections and credit management.
Citi Treasury and Trade Solutions global head of corporate, commercial and public sector Steven Elms said, “Through our partnership with Hokodo, Citi is helping to transform buyer and seller experiences across the renewable aftermarket through this transformative B2B marketplace. We’re excited to create new industry models to help our clients solve complex problems in the provision of innovative payment and finance solutions.”
Raphael Caruso – director of strategic projects and partnerships at Hodoko – added, “Hokodo’s proprietary underwriting engine and instant credit decisions, combined with Citi’s unmatched financing capability means we’re able to offer Covento customers the payment terms they desire, while suppliers receive payment up front. We’re super excited to support Covento as the marketplace expands into new geographies.”
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