In recent years, the topic of supply chain finance has gained a lot of attention from academia, but still, there are a lot of unexplored areas. For example, the literature demonstrates a clear gap of adequate application of numerous supply chain finance solutions for collaborative working capital management (Gelsomino et al., 2019). This issue becomes more and more important, specifically in terms of globalization and growing competition between supply chains when liquidity and profitability improvement is of paramount relevance. Companies focusing on their individual supply chain issues and taking their own interests into account rather than understanding the whole supply chain and collaborating with their partners are missing fruitful areas for improvements (Wuttke et al., 2016). The authors address this gap by developing a model for collaborative working capital management through supply chain finance adoption for the case of the three-stage supply chain. At the same time, the process of working capital optimization is received as a multi-objective problem. The results obtained indicate that the model of working capital optimization with concurrent use of multiple supply chain finance solutions is able to provide an optimal solution for all the cases considered in the research. It allows to decrease the total financial costs on working capital and supply chain finance solutions making individual ones not worse and at the same time achieve greater liquidity.

The issue of adequate application of quantitative supply chain (SCF) solutions for cooperative working capital management becomes more and more important in terms of globalization and growing competition between supply chains (SCs). Authors address the problem by developing models for cooperative working capital management (WCM) through SCF adoption for the case of the three-stage supply chain. The grounding for the optimization is multicriteria approach. The multi-objective working capital optimization model (Ivakina et al., 2021) allows to nd optimal solution regardless initial financial and liquidity position of SC. In the article, we use this model to quantitatively implement a multi-objective working capital management strategy on the cases of real supply chains. The results obtained in the paper indicate that the model of working capital optimization with concurrent use of multiple supply chain finance solutions can provide an optimal solution for all the cases considered in the research. It allows to decrease the total financial costs on working capital and supply chain finance solutions making individual ones not worse and at the same time achieve greater liquidity.

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