Hokodo & Citi boost payments on renewables marketplace, Covento
By Gloria Methri
B2B payment solutions provider Hokodo, and global financial services firm Citi have announced their collaboration to power payments for renewable energy marketplace Covento.
The partners aim to deliver a frictionless B2B Buy Now, Pay Later (BNPL) solution that enables large global businesses to offer trade credit on eCommerce platforms and marketplaces.
The eCommerce operation benefiting from this payment solution is Covento, a B2B marketplace for renewable energy spare parts and tools created by Vestas.
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 and finds the part with all relevant offers from suppliers. Covento is also now enabling supplier consolidation by the innovative payment solution, getting into the payment experience and separating buyer pay-in from supplier pay-out.
“Hokodo’s proprietary underwriting engine and instant credit decisions, combined with Citi’s unmatched financing capability means we are able to offer Covento customers the payment terms they desire, while suppliers receive payment up front,” said Raphael Caruso, Director of Strategic Projects, and Partnerships at Hokodo. “We are super excited to support Covento as the marketplace expands into new geographies.”
“We are excited to partner with Hokodo and Covento to deliver a new marketplace experience for the renewables sector. Digitalising trade flows in the renewables ecosystem will make it easier and safer for buyers and sellers to interact, manage risks and pay or finance their purchases and sales,” said Peadar Mac Canna, EMEA Head of Trade & Working Capital Solutions at Citi.
“The climate crisis demands new innovative solutions, and the partnership with Citi and Hokodo enables us to simplify the ordering process of spare parts and increase customer satisfaction. We can now onboard new customers within seconds and provide them with multiple payment options,” said Jill Brandt, CEO of Covento.
IBSi Daily News Analysis
March 01, 2024
Banking Sector and regulatory framework: addressing India’s growing demand for secure lockersRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage