Former Conservative Party Leader, Iain Duncan Smith, took to the stage to kick off the launch of £reepay at an exclusive launch event last week. Previously Secretary of State for Work and Pensions, Iain highlighted that the average large local authority paid invoices to the value of nearly £30,000,000 late in 2015/16 and explained that the problem looks set to continue in 2017 and beyond if not addressed.

Fellow guest speaker, former Labour MP, Phil Woolas, also spoke to the audience of council decision-makers and industry experts about the role of local government in supporting SME businesses, predicted to add £217 billion* to the economy by 2020, by tackling the issue of late payment.

Through a mix of consultancy and proprietary technology, Oxygen Finance can support public finance leaders in improving their payment practices. £reepay, sitting alongside Oxygen’s wider early payment offering, can enable clients to pay small, local businesses early whilst also generating savings and efficiencies in their purchase-to-pay processes.

To find out more about how working with Oxygen Finance could benefit your organisation contact our team on 0121 295 4038. If you are attending the Annual CIPFA Conference at Manchester Central this week, come and visit us on stand 36.

*Research conducted by the Centre for Economic and Business Research (Cebr), commissioned by Hampshire Trust Bank.