Mastercard and Previse speed business payments globally
Previse to integrate Mastercard Cross-Border Services into its InstantPay platform to help businesses around the world get paid faster PURCHASE, N.Y. – October 25,…
Knowledge and news
5 things the incoming Small Business Commissioner should consider in the fight against slow payments
Originally posted in FinExtra Liz Barclay’s appointment as Small Business Commissioner was the latest development that reflected the UK’s longstanding and worsening slow payments…
30 days is still 30 days too long for Britain’s suppliers in the wait to be paid
On Monday, the government announced it was strengthening the Prompt Payment Code (PPC), mandating that its signatories must pay suppliers within 30 days, rather than the previous 60.
While this is a welcome step in the right direction, there is still a long way to go in addressing the chronic issue of slow payments. A 30-day payment period is still 30 days too long for many small businesses struggling to stay afloat.
Let’s give small businesses the gift of a better year ahead this Christmas
Paul Christensen, CEO of Previse reflects on a tough 2020 and looks ahead to 2021.
2020 has been a hard year for British businesses, from the UK’s smallest suppliers to its most powerful retailers, none have been infallible to the impact of Coronavirus.
Arcadia’s collapse into administration highlights just how precarious the UK’s market is. The demise of Philip Green’s retail empire, and the fire sale of Debenhams, demonstrates that now is not the time to carry on business as usual – it is the time for renewal.
Previse wins major grant from Banking Competition Remedies
Previse has been awarded a £2.5m grant by the Banking Competition Remedies’ Capability and Innovation Fund.
The money, which will be used to fund further development of Previse’s industry leading instant payments solution, was won after a competitive application process that saw £20m dispersed to 6 companies, as part of the BCR’s mission to facilitate the commercialisation of financial technology relevant to SMEs.
A Solution for the Future of B2B Commerce
Supply chains are at the heart of the Covid-19 economic crisis. Disruptions and shutdowns propagate up the supply chains, and massive but blunt interventions are struggling to reach the recipients most in need of support.
A better future
For more than a decade large firms have been able to support their suppliers with a range of supply chain finance (SCF) options. Yet, uptake of these programmes by SME suppliers has remained limited
Insuring an end to slow payments: How insurance and AI make InstantPay a reality
For more than a decade large firms have been able to support their suppliers with a range of supply chain finance (SCF) options. Yet, uptake of these programmes by SME suppliers has remained limited
Retailers can’t embrace independent suppliers until they tackle payment terms
It’s many entrepreneurs’ dream; that first big contract from a retailer which launches your start-up brand onto the national stage. It should be time to celebrate your success, but for many small firms this is the start of a new financial nightmare. To support these independent suppliers realise their potential, retailers need to become more flexible about their payment terms.
Instant Payments: The Application of Machine Learning
For more than a decade large firms have been able to support their suppliers with a range of supply chain finance (SCF) options. Yet, uptake of these programmes by SME suppliers has remained limited
Asking the right questions on slow payments
As the Government announces new enhanced powers for the Small Business Commissioner to tackle late payments, Paul Christensen, CEO and co-founder of Previse, points out that, unless these are coupled with reform to Prompt Payment reporting, they are unlikely to lead to practical changes for SME suppliers.
Time to turn to technology to fix the supplier payments problem
Following the announcement last week that company boards would be held directly responsible for payment practices, David Tyler, former Chairman of Sainsbury’s, and a member of Previse’s AdvisoryBoard, argues that if retailers do not make significant progress on improving supplier payments, they risk a harsher regulatory environment.
More of the same won’t speed up invoice payments
Many of the most progressive businesses are enthusiastic about putting an end to slow supplier payments. However, says Paul Christensen, CEO and co-founder of Previse, the archaic nature of current payment practices mean speeding up existing processes is a futile task. Firms need to completely rethink how their suppliers get paid to meet their ethical obligations.
Cloud computing powering automation in invoice processing
One year on since we started working with Oracle and our relationship goes from strength to strength. The partnership allows Previse to plug directly…
AI & Learning – A Powerful Combination
As everyone arrives at NBC Congrescentrum near Utrecht for the Oracle CloudDay NL event, Previse is excited to be attending the exhibition as well as participating on a panel. As partnership manager at Previse, I’m really looking forward to connecting with other thought leaders at the event.
Tackling slow payments starts with the right data
Since the Carillon disaster last year, political pressure has been mounting on the payment practices of large corporates and, in particular, the length of payment terms offered to suppliers. We welcome this focus. Slow payments can destroy small suppliers and are inefficient for buyers.
Upgrade your supply chain in 2019
Supply chain management is undergoing rapid digital transformation. The old, manual processes which hold companies back are making way for technologies like cloud computing and advanced analytics. With so much opportunity, however, it can be difficult to prioritise.
Why SCF is not the answer to slow payments
Supply chain finance (SCF) is useful in many ways. One thing it is not, however, argues Paul Christensen, CEO and co-founder of Previse, is a solution to slow payment terms for smaller suppliers. Until we recognise this, suppliers and buyers alike will continue to pay the costs.
Trust between suppliers and buyers has never been so important
A few weeks ago, Sears, once America’s most iconic retailer, filed for Chapter 11 bankruptcy. The company, which survived two world wars and the Great Depression, suffered a 50% drop in sales since 2014.
Public and private sector collaboration key to cracking slow payments crisis
The tools and technology now exist to solve the late payments problem. It’s time the public and private sectors collaborate to get suppliers paid instantly, setting a new standard for businesses all over the globe, argues Paul Christensen, co-founder and CEO of Previse.
It’s time for B2B invoices to be paid instantly
Previse co-founder and CEO, Paul Christensen, and Business Analyst, Shyamli Badgaiyan, explain why B2B commerce needs its ‘credit card moment’.
How to conquer the £31.5 billion slow payments debt mountain
Small and medium-sized businesses have been forced to take out £31.5 billion in funding to maintain their cash flow due to slow payments – equivalent to the cost of hiring 640,000 new employees for a year2 – according to new research from Previse3, which creates value from invoice data using machine learning.
Carillion – slow payments have devastated suppliers, and SMEs are the worst hit
The collapse of Carillion means the tragedy of layoffs, not only for thousands of workers within the company, but also for many of its 30,000 small and medium-sized (SME) suppliers who are owed hundreds of millions of pounds. And, in turn, the suppliers of those suppliers who will, in turn, feel the terrible ripple effect of defaults on unpaid invoices.
Everyone will benefit from an end to slow payments – Paul responds to City AM
In a world where everything seems to be instant, slow supplier payments are a damaging anachronism.
The A.I. Alchemy of Trade Finance
In medieval times alchemists sought the Philosopher’s Stone, a substance that was believed to be capable of transforming lesser metals into gold. Unfortunately, the…
After 25 years, SCF 1.0 Needs A Makeover
For supply chain finance (SCF) to progress and reach the next set of struggling suppliers, the model needs a rethink. We need SCF 2.0.
PayRank – an Algorithmic Approach to Invoice Payments
What can the payments industry learn from Google’s revolutionary search engine algorithm? Laurence Holmes and Joseph Heenan show how the artificial intelligence (AI) technology which powers Google’s PageRank could solve some of B2B payments’ knottiest problems.
It’s time for a fresh look at late payments
Late payments from large corporates to their suppliers are on the rise, driven at least in part by the view from some treasuries that these late payments act as an interest free loan for the buyer. But, as we all know, there is no such thing as ‘free’ money.
Are you ready for the Prompt Payment Code?
The UK’s Prompt Payment Code will have a significant impact on the relationship between large businesses and their suppliers. What does the Code mean for your business? And how can you navigate this change effectively?