Abbey unveils corporate e-invoicing system to cut costs

Abbey is launching a new supplier payments product for firms to enable them to benefit from improved cash flow and cost savings.

Abbey is 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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