Nordea has announced that it is changing its approach to supplier payment terms, in order to support its suppliers during the COVID-19 outbreak.

As many businesses urgently need liquidity at the moment, the bank says it will now process the payment of invoices much faster. Consequently, it will temporarily disregard its normal contractual payment terms and pay invoices as soon as they are ready.

The bank says that this approach will be effective for the next six months or until further notice. Nordea expects this to benefit its large network of suppliers as the invoices payable over the coming 6-month period will total several hundred millions euros.

On average, the invoices will be paid 20 days earlier, however some invoices might still require a longer processing time. This change is already effective and no action is needed from suppliers to the bank.