Abbeyis launching a new supplier
payments product for firms to enable them to benefit from improved
cash flow and cost savings.
Abbey UK Corporate Banking has joined forces with global
e-invoicing network
OB10 to launch
the supplier payments service.
The service is aimed at large and mid-size corporates, as well
as public sector organisations.
It is designed for those who want to make their supply chains
more competitive by improving working capital management and
cutting the costs of accounts payable and accounts receivable
processing.
David Goucher, managing director at Abbey UK Corporate Banking,
said, "supplier payments is a global working capital solution that
allows your suppliers to be paid quickly while you realise value
through extended payment terms or lower cost of goods and
services."
Goucher said integration with OB10's global e-invoicing network
allows invoices to be processed quicker and costs to be
reduced.
Abbey is using reverse factoring - a specialist form of supply
chain finance - to enable suppliers to be paid quickly at a lower
financial cost than generally available through more traditional
borrowing products.
This in turn helps large buyers at the top of the supply chain
to extract value through benefits such as the lower cost of goods
or an extension in trade credit terms.
The e-Invoicing system also reduces an organisation's reliance
on paper, cutting costs further.
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