This is a press release from our partner, ETR Digital
London, UK; Miami, FL – 19th May 2026
ETR Digital and Calculum are strengthening their collaboration, helping corporates identify, quantify and execute working capital opportunities through a combination of advanced analytics and new financing capabilities.
This collaboration combines Calculum’s Ada platform, which uses AI-driven analytics to assess and optimise payment terms, with ETR Digital’s Working Capital Notes™ (WCNs), helping treasury and procurement teams to unlock liquidity, optimise cash conversion cycles, and support supplier funding needs more efficiently.
Ada is a web-based platform that enables companies to analyse supplier payment terms, cost of debt, sustainability metrics, and assess their working capital performance against their peers. As a result, corporates gain greater visibility into payment terms positioning, liquidity opportunities, and working capital improvement potential across their supply chains.
Meanwhile, Working Capital Notes™ provide a digital framework through which approved B2B invoices can be financed more efficiently, enabling suppliers to access liquidity earlier while supporting more flexible working capital management across supply chains. WCNs can be used by both corporates and financial institutions for growth and value creation – and have gained attention as a solution to sweep aside long-standing inefficiencies in trade and supply chain finance.
Oliver Belin, CEO, Calculum, commented:
“Companies are under increasing pressure to improve liquidity and optimise working capital, but identifying optimisation opportunities is only part of the challenge. Calculum is excited to further integrate with ETR Digital to provide our customers with a holistic solution. Combining the power of both analysis and solution-driven technology gives our customers a full-service offering from one platform. This will empower businesses to unlock the full potential of their financial supply chains – and achieve sustainable growth.”
Wayne Mills, CPO, ETR Digital, commented:
“Working capital has become a much more strategic priority for both treasury and procurement teams, particularly in sectors managing long payment cycles and complex international supply chains. Earlier access to liquidity can have a meaningful impact across supplier networks, but implementation needs to work within existing commercial relationships and operational processes. As such, we are delighted to deepen our partnership with Calculum – the powerful combination of their AI technology and our Working Capital Notes™️ service represents a transformational offering for corporate treasury and procurement teams globally.”
Eleanor Hill, Board Member, Treasury Masterminds, commented:
“Good to see more examples of data-driven decision making (combined with AI) starting to come to life in working capital – and, crucially, with practical solutions attached.
For several years, treasury and procurement teams have actually had increasing visibility into payment terms, supplier behaviour and working capital inefficiencies. But visibility alone has never been the hard part! The challenge has been translating insight into action…in a way that is both operationally realistic and commercially viable (not always the case with traditional solutions).
That’s why developments linking AI-driven analytics with newer financing structures – such as Working Capital Notes™️ – are interesting for the market. From conversations I’ve had on this topic, it’s clear that the real opportunity lies not simply in identifying where working capital is underperforming, but in creating clearer routes to action based on accurate data and practical execution.
It will be interesting to see how models like this evolve as treasury teams look for smarter, more flexible ways to manage liquidity across increasingly complex supply chains.”
Patrick Kunz, Founder/Board Member, Treasury Masterminds, commented:
“Working capital; there is no department 100% responsible for it. It is shared between procurement, sales, credit and treasury. So who owns it? Nobody or all(?). Well, Treasury has probably the most interest in optimising working capital, but often not the capacity to do so. Also, in working capital, a lot of data and paperwork are often involved.
AI has big potential here. Analysing payment terms, optimising flows and terms. Not easy to implement, but the current (manual) way is definitely outdated.
The Working Capital Notes™️ are one way to achieve more efficiency in working capital finance, especially for smaller programs. In combination with AI, this seems even more promising. Exciting times.”
Turning working capital insights into action: free webinar
The treasury efficiencies resulting from this collaboration will be discussed further during a global webinar on 24 June, hosted by Patrick Kunz, Founder, Treasury Masterminds, and featuring Oliver Belin, CEO of Calculum, and Wayne Mills, Chief Product Officer at ETR Digital.
The session will explore how corporates can use payment terms analytics and working capital structures to improve liquidity across global supply chains.
About ETR Digital:
ETR Digital is an award-winning UK-based fintech specialising in digital working capital finance. Its Working Capital Note™ solution enables companies to enhance liquidity, reduce operating costs, and improve EBITDA by optimising working capital.
About Calculum:
Calculum is a US-based fintech specialising in AI-driven payment terms and working capital analytics. Its Ada platform helps treasury, finance and procurement teams benchmark payment terms structures, assess working capital opportunities, and improve liquidity across global supply chains through data-driven insights and AI-powered analytics.
Also Read
- Working Capital Notes™ Challenge
- Şişecam issues first Working Capital Note™ under multi-million dollar facility, launching new phase of liquidity strategy. ETR Digital and Faturalab Launch a Smarter Way for Companies to Free Up Cash from Supply Chains
- Investec Capital Solutions and ETR Digital Partner to Bridge UK Trade Finance Gap for SMEs
- Cash Conversion Cycle Calculator: Helping Businesses Unlock Trapped Working Capital and Make Trade Cheaper, Faster and Simpler
- The Secret Treasurer writes… How we unlocked liquidity through digital tools (and why you should too)
- Operationalising AI in Treasury: From Experiment to Execution
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