North Tyneside Council has partnered with Oxygen Finance to introduce an early payment initiative aimed at improving cash flow for local suppliers. This programme aligns with the national prompt payment code and supports businesses in the current economic climate.
The council spends approximately £360 million annually on goods and services and works with over 4000 suppliers. The new programme will simplify invoice processing, delivering millions into the local economy and generating savings to protect essential services.
Jon Ritchie, Director of Resources, at North Tyneside Council, said: “This initiative is a strategic investment to support regional growth and development. It sets a standard for good financial governance and reinforces our commitment to our suppliers.”
Vicki Sloane, Chief Executive at Oxygen Finance, added: “Early payment provides vital liquidity for businesses. This programme will make a significant difference, especially in these uncertain times.”
The programme will offer suppliers the option to be paid early, typically three weeks ahead of standard terms.
About Oxygen Finance:
Oxygen Finance provides payment solutions and insights, helping public and private sector organisations drive savings and improve operational effectiveness. They are a subsidiary of TruFin PLC.