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.