Spring Statement late payments: “Any payment delay has huge implications”

In response to Philip Hammond’s Spring Statement today and the introduction of action against late payments for businesses, Brian Jamieson, CEO of Centtrip said: “Businesses today operate at an international level, working with a network of suppliers across the globe. Any payment delays caused as a result of currency fluctuations, varied banking hours and time zones have huge implications for companies of all sizes. Resolving the issue of late payments could contribute £2.5 billion to the UK economy*, so the sooner we can do it, the better.

“We have already seen a number of FinTech firms join the wider efforts of larger financial institutions to develop and promote faster and even instant payment options across time zones. That said, our research shows that one in five (21%) businesses don’t think decision makers place enough value on the technology available to them. Regular audits of corporate payment practices is a good initial step forward, but there should be an even greater commitment to innovation to ensure businesses big and small are equipped with the right tools and resources to succeed.”