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January 24, 2019 7:30 PM, EST

MUFG Union Bank to Acquire Trade Payable Services

Mitsubishi UFJ Financial Group Union Bank, a subsidiary of MUFG Americas Holdings, will acquire Trade Payable Services, a supply chain finance platform, from GE Capital, per a Jan. 16 press release. Terms were not disclosed.

More than 30,000 suppliers participate in TPS’ accelerated payment program, which provides expedited invoice payments as well as financial metrics, forecasting and invoice reconciliation. The platform has been in service for more than 20 years. — Transport Topics