40Seas Partners with JingSourcing to Revolutionize Global Sourcing

NEW YORK, Sept. 20, 2024 /PRNewswire/ -- 40Seas, the leading platform to finance, manage, and automate accounts receivable for global trade, has announced a new partnership with JingSourcing, one of the largest sourcing agencies in China.

JingSourcing will leverage 40Seas' recently launched Global Accounts Receivable platform – which centralizes invoice data in a user-friendly dashboard, allowing companies elevate their offering to customers, with multiple payment methods, different currencies, as well as 40Seas' Order-Now-Pay-Later solution to extend payment terms. The integration of 40Seas will enable JingSourcing to easily track payment statuses, manage due dates, and expedite invoice approvals, mitigating the risk of payment delays. 

Having already helped thousands of sellers worldwide import from China, JingSourcing is in pole position to lead the digital transformation of sourcing in the region, with a view to improving transparency between sellers and suppliers, fostering trust and ensuring that international transactions run smoothly.

This partnership signifies another important milestone in 40Seas' journey to digitize key steps in B2B global trade, with JingSourcing now joining the dozens of companies worldwide that are already using the 40Seas AR platform, including global shipping giant ZIM, e-commerce fulfillment platforms Portless and NextSmartShip, and global e-Bike brand Himiway.

By automatically connecting their ERP or accounting software to 40Seas' AR platform, companies can enjoy a streamlined reconciliation process, matching invoices with purchase orders and delivery receipts in real-time, while collecting payments via credit card, direct debit or digital wire transfers in different currencies worldwide – particularly important for companies participating in the global trade. The 40Seas platform also enables companies to offer extended payment terms of up to 90 days to their customers, without absorbing any credit risk, so they can focus on driving sales volumes rather than debt collection and underwriting payments. 40Seas is available as an API or stand-alone platform, both of which can be seamlessly embedded into checkout portals to improve business flow and deliver more convenience to customers. 

The launch of 40Seas' Accounts Receivable platform continues the company's strong arc of growth, having announced its $117 million funding raise in 2023, which included a $100m credit facility from ZIM. Headquartered in New York with offices in Shenzhen, Toronto and Tel Aviv, 40Seas was founded by industry experts with more than 60 years of combined experience in cross-border payments, logistics, and trade financing. 

Eyal Moldovan, Co-founder and CEO of 40Seas said: "By utilizing our AI-powered invoice management system, JingSourcing is further alleviating the complexities involved in importing goods from China. We look forward to working closely with JingSourcing in the future to offer even better services to global customers, empowering businesses to focus on growth rather than administrative burdens."

Jing Zhu, Founder of JingSourcing said: "This milestone integration demonstrates our commitment to offering our customers more streamlined payment solutions, bringing new solutions like B2B BNPL and digital payments into the sourcing arena. With 40Seas' advanced invoice management system, we can accelerate our digital transformation journey, while creating additional value for clients through digital initiatives."

About 40Seas

40Seas is an accounts receivable management platform built for businesses engaged in global commerce. The company's fully embedded, end-to-end solution not only disrupts legacy trade-financing models by leveraging AI and data-driven technologies enabling 'Order Now, Pay Later'; it digitizes and streamlines invoice-to-cash workflows, FX, and enables various online cross-border payment options. 40Seas empowers all global supply-chain players – importers, exporters, freight forwarders, and sourcing agencies – to grow and scale their business.

About JingSourcing

JingSourcing handles the entire sourcing process from finding suppliers to delivering products. As the leading sourcing agent in China, Jingsourcing has successfully helped thousands of sellers worldwide import from China, thanks to our outstanding services and 100+ dedicated staff.

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SOURCE 40Seas