The UK’s biggest supermarket chain has responded to criticism by pledging to speed up payments to its suppliers.
Tesco’s chief executive, Dave Lewis, said that from next June the company would ensure that payments to its smallest suppliers that deliver up to £100,000 of products annually went out within 14 days. He also promised a “simpler” payment model for the 2,000 firms that supply Tesco, which include a number of small family-owned businesses.
Medium-sized suppliers providing up to £10m of products per year, will have their accounts settled within 23 days and major suppliers will have to wait no more than 28 days.
The company hopes that the move will improve its reputation after accusations were made that it deliberately delayed payments, employed unacceptable methods in booking commercial income from suppliers and routinely flouted industry standards on payments.
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On the third day of the annual Money 20/20 conference in Las Vegas the power of blockchain and the deregulation of the US payments industry were hot topics.
Financial inclusion, digital banking, omnichannel payments and even lightsabers were discussed on the second day of Money 20/20 in Las Vegas this year.