Paul Christensen, co-founder and CEO of Previse commented: “From the aftershocks of the Carillion disaster to the everyday struggle of entrepreneurs chasing down money they are owed, it is clear that slow payments are having a corrosive effect on small businesses’ prospects and on the economy as a whole. However, speeding up payments within large businesses is very difficult, as there are a number of important processes within the business that just take time.
“What we need is the commitment of the whole business community to implement affordable and sustainable programmes for small businesses to receive their money much faster, so that they don’t need to rely on expensive financing. Artificial intelligence makes that possible, in ways that can benefit both small suppliers and their corporate buyers alike.”
Currently being adopted by a number of the UK’s largest institutions, Previse’s machine learning technology enables large buyers to safely ensure they pay all suppliers instantly, cash-on-delivery, underwritten by external funding providers, removing the need for SMEs to access costly financing. Previse is cheaper, easier and safer than alternatives.