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Instant Payments: The Application of Machine Learning
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 due to (a) the fact that they require an…
Asking the right questions on slow payments
This article first appeared on Financial Director. Click here for the original. 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…
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. He believes the…
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…
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 into Oracle’s clients existing ERP systems, enabling them to get up and running with Previse faster and more efficiently. The capability to  allows nearly 6,000 Fusion…
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. It’s great to…
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. While much of the ultimate solution…
Previse shortlisted for National Technology Award
We have been shortlisted in the finance technology of the year category of the National Technology Awards 2019 in recognition of our best-in-class artificial intelligence technology. The National Technology Awards, now in their third year, are a celebration of technology, organised by National Technology News. They celebrate the pioneers of new…
Previse named one of the most influential fintechs
Previse has been named one of the most influential fintechs in 2019 by Harrington Starr’s The Financial Technologist magazine. Returning for a second year, Harrington Starr worked with some of the most knowledgeable experts in financial services to come up with a list of companies predicted to be the most…
Previse joins Tech Nation’s Upscale
Previse has been included in Tech Nation’s Upscale programme which powers some of the fastest growing tech companies in the country. This year there was a record number of applicants and we are one of 30 companies selected by a panel of judges to represent the UK’s leading tech talent with…
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. To help get the most out of current supply chain innovation and…
Previse wins two top fintech awards in one week
Previse has scooped up two top fintech awards in recognition of our best-in-class technology this week. In the first, we were awarded the hotly contested best use of AI in fintech or financial applications category at the Global Annual Achievement Awards for AI and the second came when we were…
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. Pressure on invoice…
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. Rumours of its poor financial situation began to circulate after it missed payments to suppliers last…
Previse to represent the UK fintech sector at Sibos 2018
We are very pleased to have been selected by the UK Department of International Trade to represent the UK fintech sector at Sibos 2018 which takes place next week. Previse features as part of a 15-strong delegation of UK fintechs which is heading to Australia to develop business opportunities with…
The madness of long payment terms
…… and the shortcomings of supply chain finance. The Carillon bankruptcy, and the painful losses it has wrought on tens of thousands of suppliers, has brought into stark relief both the madness of long payment terms and the shortcomings of supply chain finance (SCF), particularly when used to mask a…
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’. Paper cheques were once one of the most widely used payment methods for B2C transactions before they were replaced by credit cards. Unlike cheques, credit cards provide merchants with the…
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…
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 Philosopher’s Stone has remained elusive, and the quest for riches turned from creating gold to finding it. Finding gold, however, is an arduous endeavour. Those joining…
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. Getting to grips with late payments is easier said than done. A single purchase from end-to-end involves multiple departments, and often requires a whole host of…
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. A paper was written in early 1998, at a time when Yahoo! and AltaVista…
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. In…
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? The government introduced the Small Business, Enterprise and Employment Act in March 2015. It is…
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