Halton Borough Council in North West England has become the first local authority in the UK to adopt a new fintech platform that will allow them to further support their supply chain by paying suppliers early. They will deliver notifications of invoice approvals providing clarity and certainty over payments combined with the option of offering suppliers the choice to get paid sooner.
Using Saltare’s Early Pay platform Halton will make their supply chains more efficient, providing suppliers with certainty as to when their invoices will be paid. As part of an initial agreement, the Council will enrol suppliers onto the platform giving suppliers the option to get paid as soon as an invoice has been approved.
As part of the platform functionality, the Council will also have the option to secure discounts in exchange for early or immediate payment. In return, this will enable the Council to reinvest the savings made into supporting frontline services.
Mervyn Murphy, Head of Procurement of Halton Borough Council says the introduction of Early Pay will help the authority boost its social value within the community, whilst also giving greater autonomy of supply chain relations: “Halton Borough Council recognises the challenges faced by businesses in these difficult times and has always looked for ways to better support them. We have previously offered early payment solutions in this space, however, Saltare brings something different that complements our other payment options for suppliers. We look forward to providing our suppliers with the opportunity to benefit from Saltare’s Early Pay.”
Ant Persse, CEO of Saltare says that technology has the power to change the way local authorities are able to engage with their communities and supply change: “Early Pay will give Halton the opportunity to further support their supply chain, reducing anxiety faced by many businesses and helping to inject cash into the community at a time when the economy needs it most. We’re looking forward to working with Halton and progressing our partnership.”
Halton will integrate Early Pay within the coming months. Halton suppliers will automatically receive invoice approval notifications and will be given the option of early payment offers, with no obligation to accept, either way. This will provide suppliers with peace of mind in knowing exactly when they’ll be paid, thereby reducing demand placed on the suppliers’ credit control arrangements.