{"id":751844,"date":"2023-04-27T04:03:05","date_gmt":"2023-04-27T08:03:05","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/hokodo-and-citi-join-forces-to-power-payments-on-new-renewables-marketplace-covento\/"},"modified":"2023-04-27T04:03:05","modified_gmt":"2023-04-27T08:03:05","slug":"hokodo-and-citi-join-forces-to-power-payments-on-new-renewables-marketplace-covento","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/hokodo-and-citi-join-forces-to-power-payments-on-new-renewables-marketplace-covento\/","title":{"rendered":"Hokodo and Citi Join Forces to Power Payments on New Renewables Marketplace, Covento"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Hokodo and Citi Join Forces to Power Payments on New Renewables Marketplace, Covento<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nCollaboration marks the first step in new and improved payment solutions on B2B marketplaces<\/p>\n<\/li>\n<li>\nWorking with Covento, the Citi and Hokodo partnership is supporting processes needed for a low carbon economy<\/p>\n<\/li>\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fcovento.com%2F&amp;esheet=53388362&amp;newsitemid=20230427005094&amp;lan=en-US&amp;anchor=Covento&amp;index=1&amp;md5=fcbb9dbd8b6bc280cca17b1c023dd708\">Covento<\/a> serves the needs of renewable energy field engineers, technicians, site managers, and procurement professionals\n<\/li>\n<\/ul>\n<p>LONDON&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nA leading provider of B2B payment solutions, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.hokodo.co%2F&amp;esheet=53388362&amp;newsitemid=20230427005094&amp;lan=en-US&amp;anchor=Hokodo&amp;index=2&amp;md5=c71a58dd4b92f9b73747ea71292b0f10\">Hokodo<\/a>, and global financial services firm Citi today announced their collaboration to power payments for Covento, a first-of-its-kind renewable energy marketplace.<\/p>\n<p>\nThe strategic collaboration will deliver a best-in-class and frictionless B2B Buy Now, Pay Later (BNPL) solution that enables large global businesses to offer trade credit on e-commerce platforms and marketplaces.<\/p>\n<p>\nThe e-commerce operation to benefit from this B2B payment solution is Covento, a B2B marketplace for renewable energy spare parts and tools that has been created by Vestas, the global leader in sustainable energy solutions.<\/p>\n<p>\nCovento\u2019s 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.<\/p>\n<p>\nAccording to Covento, failing to provide buyers with B2C basics like pricing, delivery information and tracking, and product imagery were top of the list during their <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fcovento.com%2Fdk_en%2FBlog%2Frevolutionizing-the-wind-turbine-spare-parts-market%2F&amp;esheet=53388362&amp;newsitemid=20230427005094&amp;lan=en-US&amp;anchor=initial+market+research+and+customer+interviews&amp;index=3&amp;md5=8a896de3b37eca073ab82acd848d7769\">initial market research and customer interviews<\/a>. The company also saw that counterintuitively, by staying out of the payment flow, traditional marketplaces still need to agree on individual payment terms and add each supplier in their systems to facilitate the transactions. Covento believes this defeats the goal of consolidation.<\/p>\n<p>\nCovento 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\u2019s 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. Covento is also now enabling supplier consolidation by the innovative payments solution, getting into the payment experience (i.e., Covento is in the funds flow) and separating buyer pay-in with supplier pay-out.<\/p>\n<p>\nBy joining forces, Citi and Hokodo have created a payment experience for Covento\u2019s customers that includes:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nAPI integrated customer registration, with instant credit scoring and limits setting<\/p>\n<\/li>\n<li>\nAutomated assessment and processing to allow trade credit in under 24 hours<\/p>\n<\/li>\n<li>\nFlexible deferred payment options thanks to Hokodo\u2019s B2B Buy Now, Pay Later<\/p>\n<\/li>\n<li>\nCollections and credit management<\/p>\n<\/li>\n<\/ul>\n<p>\nThis unified marketplace was made possible through combining the strength of Vestas\u2019 global network, Citi\u2019s capabilities and Hokodo\u2019s digital trade credit platform.<\/p>\n<p>\nThe news today marks an important innovation for new and improved payment solutions that will increasingly become available on B2B marketplaces.<\/p>\n<p>\n\u201cHokodo\u2019s proprietary underwriting engine and instant credit decisions, combined with Citi\u2019s unmatched financing capability means we\u2019re able to offer Covento customers the payment terms they desire, while suppliers receive payment up front\u201d explains <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fraphaelcaruso%2F&amp;esheet=53388362&amp;newsitemid=20230427005094&amp;lan=en-US&amp;anchor=Raphael+Caruso&amp;index=4&amp;md5=2e3d513021b7285b80bc2aeef38d5caf\">Raphael Caruso<\/a>, Director of Strategic Projects and Partnerships at Hokodo. \u201cWe\u2019re super excited to support Covento as the marketplace expands into new geographies.\u201d<\/p>\n<p><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fsteven-elms-1777828%2F&amp;esheet=53388362&amp;newsitemid=20230427005094&amp;lan=en-US&amp;anchor=Steven+Elms&amp;index=5&amp;md5=0c97fe496e59968b880d0dc8687d81a5\">Steven Elms<\/a>, Global Head of Corporate, Commercial and Public Sector sales at Citi Treasury and Trade Solutions, said: \u201cThrough our partnership with Hokodo, Citi is helping to transform buyer and seller experiences across the renewable aftermarket through this transformative B2B marketplace. We\u2019re excited to create new industry models to help our clients solve complex problems in the provision of innovative payment and finance solutions.\u201d<\/p>\n<p>\n\u201cWe 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 to pay or finance their purchases and sales.\u201d said Peadar Mac Canna, EMEA Head of Trade &amp; Working Capital Solutions at Citi<\/p>\n<p>\n\u201cThe 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. By offering a comprehensive, user-friendly, and secure platform, we empower the industry to optimise their operations, reduce cost, and contribute to a greener future,\u201d said <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fjillbrandt%2F&amp;esheet=53388362&amp;newsitemid=20230427005094&amp;lan=en-US&amp;anchor=Jill+Brandt&amp;index=6&amp;md5=7c163f2728b42a2ac9d365152bc40d3e\">Jill Brandt<\/a>, CEO of Covento.<\/p>\n<p>\nENDS<\/p>\n<p><i>About Hokodo<\/i><\/p>\n<p><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.hokodo.co%2F&amp;esheet=53388362&amp;newsitemid=20230427005094&amp;lan=en-US&amp;anchor=Hokodo&amp;index=7&amp;md5=4db08ca830fb304628e33b0726e3a0f9\">Hokodo<\/a> offers a scalable, all-in-one payment solution for B2B, complete with trade credit and up front payment options. We enable European businesses to achieve growth goals without being hindered by operational inefficiencies, outdated payment processes or working capital constraints. Hokodo\u2019s solutions are backed by Lloyd\u2019s of London via the Channel Syndicate, a unit of SCOR SE.<\/p>\n<p><i>About Citi Treasury and Trade Solutions<\/i><\/p>\n<p>\nCiti Treasury and Trade Solutions (TTS) enables our clients&#8217; success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry&#8217;s largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry a comprehensive range of digitally enabled treasury, trade and liquidity management solutions.<\/p>\n<p><i>About Citi<\/i><\/p>\n<p>\nCiti is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.<\/p>\n<p>\nAdditional information may be found at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.citigroup.com&amp;esheet=53388362&amp;newsitemid=20230427005094&amp;lan=en-US&amp;anchor=www.citigroup.com&amp;index=8&amp;md5=77304fce472b8405c52aaef015434ec9\">www.citigroup.com<\/a> | Twitter: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.twitter.com%2Fciti&amp;esheet=53388362&amp;newsitemid=20230427005094&amp;lan=en-US&amp;anchor=%40Citi&amp;index=9&amp;md5=e9a50de27eb7831fcac3acacdc4041e2\">@Citi<\/a> | YouTube: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.youtube.com%2Fciti&amp;esheet=53388362&amp;newsitemid=20230427005094&amp;lan=en-US&amp;anchor=www.youtube.com%2Fciti&amp;index=10&amp;md5=514267bd316c6fa7d4dfdf33a139bd5d\">www.youtube.com\/citi<\/a> | Blog: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fblog.citigroup.com&amp;esheet=53388362&amp;newsitemid=20230427005094&amp;lan=en-US&amp;anchor=http%3A%2F%2Fblog.citigroup.com&amp;index=11&amp;md5=5e4f9bfd4dd1db77b81b09090711296a\">http:\/\/blog.citigroup.com<\/a> | Facebook: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.facebook.com%2Fciti&amp;esheet=53388362&amp;newsitemid=20230427005094&amp;lan=en-US&amp;anchor=www.facebook.com%2Fciti&amp;index=12&amp;md5=86b70bacbb097a17ffc32ca1bf7429f6\">www.facebook.com\/citi<\/a> | LinkedIn: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fciti&amp;esheet=53388362&amp;newsitemid=20230427005094&amp;lan=en-US&amp;anchor=www.linkedin.com%2Fcompany%2Fciti&amp;index=13&amp;md5=87858d25429d65214a7c450aff44dfdc\">www.linkedin.com\/company\/citi<\/a><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230427005094r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230427005094\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230427005094\/en\/<\/a><\/span><\/p>\n<p>\nFor more information contact:<br \/>\n<br \/>Ethan Cumming<br \/>\n<br \/>Content &amp; PR Manager at Hokodo<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:contact@hokodo.co\">contact@hokodo.co<\/a><\/p>\n<p>\nCiti Media Contact<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Victoria.durman@citi.com\">Victoria.durman@citi.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United Kingdom Europe<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Fintech Professional Services Business Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230427005094\/en\/386817\/3\/citi_2c-blu_pos_rgb.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Hokodo and Citi Join Forces to Power Payments on New Renewables Marketplace, Covento Collaboration marks the first step in new and improved payment solutions on B2B marketplaces Working with Covento, the Citi and Hokodo partnership is supporting processes needed for a low carbon economy Covento serves the needs of renewable energy field engineers, technicians, site managers, and procurement professionals LONDON&#8211;(BUSINESS WIRE)&#8211; A leading provider of B2B payment solutions, Hokodo, and global financial services firm Citi today announced their collaboration to power payments for Covento, a first-of-its-kind renewable energy marketplace. The strategic collaboration will deliver a best-in-class and frictionless B2B Buy Now, Pay Later (BNPL) solution that enables large global businesses to offer trade credit on e-commerce platforms and marketplaces. The &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/hokodo-and-citi-join-forces-to-power-payments-on-new-renewables-marketplace-covento\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Hokodo and Citi Join Forces to Power Payments on New Renewables Marketplace, Covento&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-751844","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Hokodo and Citi Join Forces to Power Payments on New Renewables Marketplace, Covento - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/hokodo-and-citi-join-forces-to-power-payments-on-new-renewables-marketplace-covento\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hokodo and Citi Join Forces to Power Payments on New Renewables Marketplace, Covento - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Hokodo and Citi Join Forces to Power Payments on New Renewables Marketplace, Covento Collaboration marks the first step in new and improved payment solutions on B2B marketplaces Working with Covento, the Citi and Hokodo partnership is supporting processes needed for a low carbon economy Covento serves the needs of renewable energy field engineers, technicians, site managers, and procurement professionals LONDON&#8211;(BUSINESS WIRE)&#8211; A leading provider of B2B payment solutions, Hokodo, and global financial services firm Citi today announced their collaboration to power payments for Covento, a first-of-its-kind renewable energy marketplace. The strategic collaboration will deliver a best-in-class and frictionless B2B Buy Now, Pay Later (BNPL) solution that enables large global businesses to offer trade credit on e-commerce platforms and marketplaces. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/hokodo-and-citi-join-forces-to-power-payments-on-new-renewables-marketplace-covento\/","og_locale":"en_US","og_type":"article","og_title":"Hokodo and Citi Join Forces to Power Payments on New Renewables Marketplace, Covento - Market Newsdesk","og_description":"Hokodo and Citi Join Forces to Power Payments on New Renewables Marketplace, Covento Collaboration marks the first step in new and improved payment solutions on B2B marketplaces Working with Covento, the Citi and Hokodo partnership is supporting processes needed for a low carbon economy Covento serves the needs of renewable energy field engineers, technicians, site managers, and procurement professionals LONDON&#8211;(BUSINESS WIRE)&#8211; A leading provider of B2B payment solutions, Hokodo, and global financial services firm Citi today announced their collaboration to power payments for Covento, a first-of-its-kind renewable energy marketplace. The strategic collaboration will deliver a best-in-class and frictionless B2B Buy Now, Pay Later (BNPL) solution that enables large global businesses to offer trade credit on e-commerce platforms and marketplaces. 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