Taulia, the supply chain finance and e-invoicing business, has signed an agreement to support the Chartered Institute of Credit Management (CICM) as a sponsor of the Government-backed Prompt Payment Code (PPC).
Sponsors of the Code help the CICM, which is a not for profit organisation, in hosting and maintaining the PPC website which is the critical front end for suppliers to validate which of their customers (or potential customers) have signed up to the PPC principles.
The Code, administered by the CICM on behalf of the Department for Business, Innovation and Skills, sets out principles for businesses to follow when dealing with and paying their suppliers. Around 1,800 businesses and public authorities have so far committed to these principles.
Philip King, Chief Executive of the CICM, said that Taulia is a natural sponsor: “E-invoicing and supply chain finance both have an important part to play in supporting prompt payment and better payment practice. We already have a good working relationship with Taulia in events and forums related to the fair treatment of suppliers, and I am delighted to see that relationship develop in direct support of the Code.”
Jon Keating European Managing Director at Taulia added: “We are focused on creating a ‘win win’ for all parties, and a key part of this is providing fair payment for suppliers, whilst also ensuring that larger buyers remain competitive. Sponsoring the UK’s Prompt Payment Code helps underpin this vision of a better trading relationship between buyers and suppliers, and one where both sides win.”
The PPC was recently strengthened to support tougher laws on the reporting of payment practices as part of the Small Business, Enterprise and Employment Bill. The new legislation will require the UK’s largest companies to provide information, including their standard payment terms and the proportion of invoices paid beyond them, and other Code signatories will also be asked to report on their payment performance.
The Prompt Payment Code Compliance Board, which includes representatives from trade bodies, will use this data to review the status of signatories to the Code and challenge those that either do not pay their suppliers promptly or adopt unfair payment practices.
The Board will also investigate challenges made against Code signatories by their suppliers and will have the power to remove those found to be in breach of it.
Taulia drives innovation in the Financial Supply Chain. By turning every invoice into a revenue opportunity, Taulia enables organisations to strengthen supplier relationships while adding millions to the bottom line. Some of the smartest brands in the world rely on Taulia, including Coca-Cola Bottling, Pfizer, Hallmark, John Deere, and many other Global 2000 companies from various industries. Taulia is headquartered in San Francisco, California, with its European HQ in London, England. It also has offices in Dusseldorf, Germany; and Sofia, Bulgaria. For more information, visit www.taulia.com