Barclays has established its new supplier finance service aimed at corporate customers and their suppliers.
The service provides a platform upon which buyers can better manage payment terms and enhance their days payables outstanding, while suppliers can benefit from an accelerated payment option, offering a discounted early settlement of their trade receivables, reducing their days sales outstanding.
Both parties will be able to access the facility via a secure web interface.
Commenting on the new service, Angela Potter, head of Barclays international trade and cash solutions says: “As corporate supply chains become increasingly complex, businesses require more sophisticated means to help manage working capital. The Barclays supplier finance service provides an effective tool to both improve working capital positions and enhance the efficiency of business processes.
She adds: “Both buyers and suppliers will be able to benefit from the service. Suppliers are able to access competitive receivables finance through their inclusion within a buyers supply chain programme, while buyers can enhance payment terms without adversely affecting their supplier relationships.”