NEPO launch Early Payment Service for public sector organisations

1 Oct 2020 12:21 PM

Following a compliant procurement process, NEPO has appointed Oxygen Finance to deliver NEPO521 Early Payment Service. The solution is designed to help UK public sector organisations achieve efficiencies, whilst also supporting suppliers during challenging times.

Steven Sinclair, Procurement & Commercial Director at NEPO yesterday said:

"NEPO's early payment service has been developed in consultation with local authorities and industry experts. We have built on the successful programme launched by South Tyneside Council in 2015, which has delivered savings of £1.2m since its implementation, and we are delighted to have appointed Oxygen Finance as delivery partner to help extend these benefits across the UK public sector."

Ben Jackson, CEO at Oxygen Finance added:

"With the planned expiry of PPN 04/20 – Recovery and Transition from COVID-19 in October 2020, the public sector organisations are likely to revert to their standard payment processes. Through our partnership with NEPO, these organisations are able to access support in transitioning to a new and sustainable operating model that extends benefits to key suppliers, whilst generated efficiencies for local authorities."

There are numerous benefits to implementing an early payment service:

For public sector organisations

Purchase-to-pay efficiencies and reduced costs
Generates predictable income and savings
Recognises one size does not fit all, and offers flexibility to adapt to spend category profiles and supplier demographics
Supports the social value agenda
Implementation and ongoing management supported by Oxygen Finance

For public sector suppliers

Supports cashflow during challenging times
Benefits ripple down each tier of the supply chain
Improved working relationship with contracting authority
Fully automated cash-acceleration creates efficiencies

To find out more about the benefits of adopting an early payment service, download the case study, South Tyneside Council: Early Payment Service.

For further information on NEPO's early payment service, contact corporate.services@nepo.org.