Previse, the instant supplier payment decision company, and Virtualstock, a leading provider of digital supply chain solutions are partnering to deliver the first fully integrated purchase to pay supply chain system with cash on delivery for suppliers in the UK.
The two British supply chain technology companies will enable clients to merge their accounts payable and procurement functions seamlessly, enabling suppliers to get cash-on-delivery. Buyers can now manage their catalogues, contract pricing, inventory and purchases as well as track deliveries through Virtualstock’s The EdgeTM platform, while also ensuring their suppliers are paid instantly with Previse’s advanced machine learning technology and network of readily available funding.
Virtualstock has a partnership with NHS Shared Business Services. The EdgeTM platform is also used by some of the UK’s leading retailers, including Tesco, John Lewis and Argos.
Supply chains are becoming ever more complex, with more products than ever being moved faster than ever. This requires seamless real-time data exchange between large organisations and their suppliers, provided through The EdgeTM.
Previse’s artificial intelligence will utilise the real-time data on The EdgeTM platform to facilitate instant payment from participating buyers to their suppliers as soon as an invoice is issued. With its ability to instantly and accurately score the risk level of each invoice, Previse’s technology will also massively reduce the costs of back office administration for buyers by allowing them to focus on the invoices which are most likely to require human attention.
- David Brown, Chief Product Officer at Previse, said: “Finally, the business to business purchasing landscape is beginning to look like the world of consumer payments that we all enjoy in our daily lives. Through this partnership, companies will be able to see what they’ve bought and where it is in real time, while suppliers will instantly receive payment for delivering their goods. This is how transactions between businesses should be in the 21st century, fast and efficient from procurement to payment. Through the expert channelling and analysis of data which our two companies provide, that can now be a reality for businesses globally.”
- Andrew Mills, CEO and Chairman at Virtualstock, said: “Our aim is to enable frictionless commerce between B2B buyers and suppliers. When we came across Previse’s unique model, we instantly saw the synergies with The EdgeTM and the clear benefits for our clients. Now, for the first time, the buyers who use our platform can enable all their suppliers, even the smallest SME they work with, to be paid instantly. The combination of The EdgeTM and Previse is a powerful and highly disruptive proposition, and will be a key partnership as we look to expand together into new markets over the coming years.”
CTMfile take: Offering to pay suppliers on delivery of their goods or service is the only real solution to solving the late payment problem (the extra cost of which suppliers can choose to accept or not), and it can also generate extra income for buyers.
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