Supply Chain Finance - looks like it's never?

13.09.13 Chris Errington

Nearly a year passes and I return to look at the availability of supply chain finance under the government's scheme.  For a refresh, here is the link but in summary: the UK government agreed with large UK businesses that they would offer early payment discounts. Some of Gresham's customers were on that list.

Tumbleweeds are moving across our purchase ledger as we speak.  Nothing has happened.

That's a real shame because the idea was good and sponsorship from big government suppliers was welcome.  But it didn't happen.

Perhaps the recent OB10 Tungsten announcement will see the government follow through with early pay finance for invoices.

5 years on, I am reminded what Bo Harald (then Chairman European Commission Expert Group on e-invoicing) said in a Finextra interview: "[By] 2012, e-Invoicing should be the predominant way of doing invoicing.  One thing should be made crystal clear.  Paper invoices have no future.  Absolutely no future." Well the future has arrived and we are still waiting with paper everywhere.

If the OB10 thing goes through, the good news is I can find out.  We can request our money early and test the system!

This is either a great story waiting to happen or it really is never going to happen.   Maybe it is now, or never, or Tungsten?