It is almost a year since we launched Good Business Pays, and we wanted to update you on the successes of the movement. We created Good Business Pays to focus on the culture of slow payment here in the UK, and on the power of modern technology to transform working capital finance for SMEs globally.
2021 has been yet another tough year for British businesses of all sizes. As the pandemic continues and the wider economy works to build back better, it is SMEs who are impacted the worst, whilst larger companies are seemingly faring much better.
Mastercard and Previse today announced the integration of Mastercard Cross-Border Services – a global push payments platform that enables funds to be sent seamlessly, securely and with certainty to any account – into Previse’s InstantPay platform.
Transcard, a global leader in payments and technology solutions, today announced a strategic partnership with Previse to embed Previse’s early payment discount solution in Transcard’s SMART Exchange account-to-account (A2A) payment platform.
Previse, the AI fintech that gets suppliers paid instantly, has partnered with global e-invoicing firm, Pagero to enable instant, embedded finance to be delivered through the world’s largest, open business network.
Previse is growing its US team following a surge in demand for its InstantPay solution, which has been spurred on by the need for SMEs to receive faster payments as they recover from the pandemic.
5 things the incoming Small Business Commissioner should consider in the fight against slow payments
Liz Barclay’s appointment as Small Business Commissioner was the latest development that reflected the UK’s longstanding and worsening slow payments crisis.
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.
Previse, the leading artificial intelligence and data science fintech that gets suppliers paid instantly, announces an USD11 million funding round led by Reefknot Investments and Mastercard, with participation from existing investors Bessemer Venture Partners, Hambro Perks and Augmentum Fintech.
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.
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
Philipp Schönbucher, Chief Data Scientist and co-founder of Previse, explains what the new collaboration with Beat Syndicate 4242 means for the world of insurance and Previse’s mission to make slow invoice payments history
Previse selected to join Mastercard’s Start Path program to support the fintech’s growing presence in payments
Previse, the fintech that uses AI to get suppliers paid instantly, today announced that it was selected to join Start Path, Mastercard’s award-winning startup engagement programme for later-stage scaling startups.
Since the collapse of Carillion over a year ago, tackling slow payments to suppliers has maintained a spot as a key priority for the UK Government.
It’s many entrepreneurs’ dream; that first big contract 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.
Working capital is the lifeblood of businesses within the global economy. However, large buyers and small suppliers often clash over time taken to pay.
Lloyd’s syndicate and Previse collaborate to tackle slow invoice payments through new AI-enabled insurance category.
ainst dilution risk, creating a brand new category of insurance for pre-approval invoice 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.
Slow supplier payments are a major problem for SMEs operating in the retail sector. Research from Previse shows that on average, UK retailers take 41 days to pay their suppliers.
On Thursday 9th April, the Previse team based in Glasgow was proud to collect an award for our machine learning technology from Scotland’s digital technology trade body, ScotlandIS.
We won the ‘Best use of data and analytics in financial services’ award at the FStech Awards 2019 in London and the ‘Best small employer’ award at the Family Friendly Working Scotland (FFWS) Top Employers Awards 2019 in Glasgow.
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.
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 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.
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.
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.
Professional services firm PwC will become the preferred implementer for Previse’s AI-driven instant supplier payments programme for large corporates. The consultancy will offer Previse’s platform as part of its work helping clients to implement improved supplier payments processes and working capital optimisation.
Previse teams up with Virtualstock to deliver seamless ‘purchase to pay’ supply chain model with cash-on-delivery for suppliers
Previse, the instant supplier payment decision company, and Virtualstock, the leading provider of digital supply chain solutions are partnering to deliver the first fully integrated purchase to pay supply chain system with cash on delivery for suppliers in the UK.
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 year.
Retail and communication heavy-weights boost board of instant supplier payments decisions company Previse
Sainsbury’s Chairman David Tyler, communication strategist Alexandra Prigent-Labeis, British Land Chairman John Gildersleeve and The Data Lab CEO Gillian Docherty join Previse advisory board
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.
B2B payment decisions start-up Previse, has secured a £800k R&D grant from Scottish Enterprise, to set up a new development centre in Glasgow, creating 37 new data science jobs.
In medieval times alchemists sought the Philosopher’s Stone, believed to be capable of transforming metals to gold. As the Stone has remained elusive, so the quest for riches turned from creating gold to finding it.
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.
Previse to give multinationals the AI tools to tackle the scourge of late B2B payments with £2 million funding round
Previse, a fintech start-up, announces the successful completion of a seed funding round worth £2 million.