20 February 2017
visit nextgenbanking.co.uk

OB10 launches Express Payments for supply chain financing

25 October 2012  |  5953 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)

Finextra news in your inbox

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

Related stories

UK Government promotes national supply chain finance scheme

UK Government promotes national supply chain finance scheme

23 October 2012  |  7979 views  |  1 comments | 8 tweets | 3 linkedin
Deutsche and SEB team on Electrolux supply chain finance

Deutsche and SEB team on Electrolux supply chain finance

20 September 2011  |  6324 views  |  0 comments
PayPal makes e-invoicing play

PayPal makes e-invoicing play

15 July 2011  |  9207 views  |  0 comments
Lack of standards hindering European e-invoicing take up - survey

Lack of standards hindering European e-invoicing take up - survey

09 March 2011  |  9062 views  |  6 comments
EC pushes e-invoicing adoption

EC pushes e-invoicing adoption

02 December 2010  |  10856 views  |  0 comments
Barclaycard partners KashFlow on e-invoicing trial

Barclaycard partners KashFlow on e-invoicing trial

04 August 2010  |  8328 views  |  0 comments
Danish start-up Tradeshift launches e-invoicing platform

Danish start-up Tradeshift launches e-invoicing platform

10 May 2010  |  10318 views  |  0 comments
Visa and US Bank form financial supply chain network

Visa and US Bank form financial supply chain network

30 July 2009  |  6955 views  |  0 comments
Deutsche partners Inttra for container shipping e-invoicing service

Deutsche partners Inttra for container shipping e-invoicing service

07 April 2009  |  5395 views  |  0 comments
EC rule changes to give boost to e-invoicing

EC rule changes to give boost to e-invoicing

29 January 2009  |  8552 views  |  0 comments
Swift set for greater involvement in e-invoicing

Swift set for greater involvement in e-invoicing

28 November 2008  |  15868 views  |  0 comments
E-invoicing network to save EUR243 billion in EU supply chain costs

E-invoicing network to save EUR243 billion in EU supply chain costs

30 August 2007  |  7388 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit Yelloco.co.ukvisit dh.com

Top topics

Most viewed Most shared
IBM and Visa join forces to turn billions of connected devices into points of saleIBM and Visa join forces to turn billions...
15809 views 11 comments | 51 tweets | 85 linkedin
Nesta launches £5 million Open API challengeNesta launches £5 million Open API ch...
10201 views comments | 21 tweets | 19 linkedin
Jaguar embeds payments into digital dashboardJaguar embeds payments into digital dashbo...
9800 views comments | 49 tweets | 57 linkedin
The fintech effect: Banks buy in to benefits of boosting financial well-beingThe fintech effect: Banks buy in to benefi...
9063 views comments | 16 tweets | 11 linkedin
Kevin the bot uses blockchain to offer insurance for P2P transactionsKevin the bot uses blockchain to offer ins...
7935 views comments | 17 tweets | 13 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job