e-Invoicing network OB10 has launched a supply chain finance service to help organisations receive their invoice payments within three days.

Under the OB10 Express Payments service, once an invoice has been approved, suppliers can choose to receive guaranteed early payment direct to their bank within three working days. Suppliers can also agree to a discount in return for more immediate payment.

According to OB10, Express Payments will eliminate the costs of chasing unpaid invoices, while streamlining collections processes and strengthening relationships with customers.

The service will also support the agreement announced this week between UK prime minister David Cameron and large UK organisations to help their suppliers’ cash flow through supply chain finance.

Under this agreement, companies will notify their supplier’s bank once they have approved an invoice for payment, enabling them to access a 100% loan at lower interest rates.

A spokesperson at OB10 tells GTR that one buyer organisation has already signed up for the service, and other companies are set to sign up shortly, although they could not divulge the names of the companies in question other than they were “prominent UK companies”.

“From a supplier perspective, the beauty of it is that it’s entirely optional so companies can pick and choose when they want to take early payment. It could even become the way they take payment on all invoices to those buyers.

From the buyer’s perspective, it also helps them get a better return from their working capital as they can keep hold of their money until the payment date, but keep their suppliers happy with early payment,” the spokesperson says.