A report by D&B has revealed that the number of prompt payments the UK government made to its suppliers decreased by 2.7% in September 2013, while large businesses (30.9%) are over twice as likely to pay late compared to small and medium enterprises (SMEs – 15.1%), despite the introduction of the Prompt Payment Code in the UK.
While the government’s payment performance has deteriorated, the D&B UK Quarterly Industry report reveals that all other UK sectors have improved payment times over the same period. The agriculture sector tops the leader board of prompt payments and is more than twice as likely as the government to pay on time. Across the board, the percentage of all UK businesses that pay bills within agreed payment terms has improved to 30% in September 2013, compared to 28.5% of all payments during October 2012.
The data also shows that the business services sector has shown a dramatic increase in prompt payments over the past year with prompt payments improving from 28.4% in October 2012 to 31.5% in September 2013. Overall, payment performance across all UK sectors has remained static since December 2012, underlining the more stable economic environment since the recession of 2008/09 and the prolonged period of low growth in 2011/12.
On day one of SIBOS, panellists unanimously agreed that doing nothing to modernise payments was no longer safe bet for transaction banking.
On day one of Sibos 2017, Stefan Dab, The Boston Consulting Group led a conversation examining the future of correspondent banking, and specifically the pain points corporate treasurers face in their cross-border payments operations and where technology can be developed to alleviate these.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
HSBC arguing that mid-market businesses are missing out on huge exporting opportunities, 3D printing being predicted to cut global trade by 23% in 2060 and the blockchain community launching a voluntary transparency project all hit the latest headlines in the world of treasury this week.