InstantFinance

Mastercard has today unveiled its next-generation virtual card solution for instant B2B payments, using Previse’s machine learning capabilities.

Working capital is the lifeblood of businesses within the global economy. However, large buyers and small suppliers often clash over time taken to pay.

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.

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.

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.

What can the payments industry learn from Google’s revolutionary search engine algorithm?