29 November 2015

OB10 launches Express Payments for supply chain financing

25 October 2012  |  5319 views  |  0 cash

E-invoicing network OB10 has launched a supply chain finance package that enables small businesses to receive payment on approved invoices within three days.

The release of the Express Payments system comes just days after the UK Government pledged to support a new national scheme under which banks may release advanced payments to suppliers upon receipt of an approved invoice from large corporate customers.

Many companies, especially SMEs, are looking for faster payment of their invoices, especially as they face extended payment terms and restricted lending from banks.

Under the OB10 programme, once an invoice has been approved, suppliers can choose to receive guaranteed early payment direct to their bank within three working days. Suppliers agree to a discount in return for more immediate payment.

Luke McKeever, CEO at OB10, says: "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.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

23 October, 2012
20 September, 2011
15 July, 2011
09 March, 2011
02 December, 2010
04 August, 2010
10 May, 2010
30 July, 2009
07 April, 2009
29 January, 2009
28 November, 2008
30 August, 2007

Related company news


Top topics

Most viewed Most shared
BBVA buys 29.5% stake in Atom for £45...
7939 views comments | 34 tweets | 41 linkedin
Former Barclays chief forecasts massive jo...
6629 views comments | 29 tweets | 32 linkedin
BNP Paribas to test contactless payment di...
6233 views comments | 17 tweets | 25 linkedin
WeChat launches mobile wallet in South Afr...
5700 views comments | 18 tweets | 15 linkedin
Hilton confirms data breach
5589 views comments | 11 tweets | 17 linkedin

Featured job

to USD $130K base, double OTE
New York City, NY

Find your next job