Electronic invoicing (e-invoicing) network OB10 has launched OB10 Express Payments, a supply chain finance service that enables companies to receive payment on approved invoices within three days of submission and thereby improve their working capital and cash flow.
It said that the service supports the agreement announced earlier this week between UK prime minister David Cameron and large organisations to consider, or continue, helping their suppliers’ cash flow through supply chain finance (SCF).
OB10 added that many companies, especially small and medium-sized enterprises (SMEs), are looking for faster payment of their invoices, especially as they face extended payment terms and restricted lending from banks. The new service would deliver a sought-after solution, by building on the benefits delivered by e-invoicing, including faster invoice delivery and approval and full visibility of payment progress. Once an invoice has been approved, suppliers can choose to receive guaranteed early payment direct to their bank within three working days. This also eliminates the costs of chasing unpaid invoices, while streamlining collections processes and strengthening relationships with customers.
“By listening to members on the OB10 network, we have created OB10 Express Payments to meet a critical need for businesses today,” said Luke McKeever, chief executive officer (CEO) at OB10. “Our solution offers companies greater liquidity and flexibility at a time when they need it most. The service is free to join, it is entirely optional and the payments are initiated by suppliers, not their customers.”
OB10 currently operates across Europe, North America and Asia, connecting 120,000 suppliers to major buyers and supports annual transactions of more than £90bn. The service claims to reduce the cost of invoice processing by 60% and to deliver a return on investment (ROI) in less than a year. A company can decide whether or not to take early payment and elect to apply it to one invoice, all invoices or selected transactions.
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