OB10, an e-invoicing network, is launching OB10 Express Payments, a supply chain finance service that allows organisations to receive payment on approved invoices within three days (view press release). The service supports the agreement announced this week between PM David Cameron and large UK organisations to aid suppliers’ cash flow through supply chain finance. The OB10 Express Payments solution builds on the benefits of electronic invoicing. Once an invoice has been approved, suppliers can agree to a discount in return for receiving early payment direct to their bank within three working days.
“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, 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. Building on our strength as a mature and trusted electronic invoicing network with over 120,000 suppliers and transactions worth in excess of GBP 90 billion each year, our supply chain finance solution will have a major impact on the way companies manage their working capital and cash flow.”