So what’s it all about?
Oxygen Finance is a world-leading early payment solution provider and the leading provider to the UK public sector.
Oxygen Finance works with local authorities to put them in a position where they can pay a significant proportion of suppliers’ invoices on or around day 10 after invoice date. They do this through a combination of expert process and change consultancy and robust technology underpinned by comprehensive service management for the lifetime of the contract. On the council’s behalf, Oxygen Finance engages with suppliers to agree an early payment rebate, relating to the amount of acceleration achieved on each invoice: this creates an income stream for the council from its existing spend and injects liquidity into the supply chain.
Oxygen Finance’s early payment platform securely automates and manages the entire rebate process while providing spend insight, purchase-to-pay (P2P) transparency and rich performance analytics.
We spoke to Andrew Drinkwater, Sales Director at Oxygen Finance
How did you get involved with London Ventures?
We’ve been working with London Ventures since 2013 to introduce our early payment solution to senior level stakeholders in London Boroughs. To date we have launched programmes with Croydon and Bexley, we will shortly go live with Harrow and City of London with further initial work being undertaken with three other London Boroughs.
What do you think is Oxygen Finance’s unique selling point?
Oxygen Early Payment is a proven value-based solution to the late payment challenge delivered using tried and tested processes, functionally-rich technology and expert resource.
Our customers benefit from new, predictable bottom-line savings, P2P efficiencies and social value creation by injecting liquidity into the local economy. Our clients are also at reduced risk of non-compliance with the updated Late Payment Legislation.
The latest addition to our portfolio enables clients to pay small, local suppliers early for free. £reepay, sitting alongside the wider Oxygen Finance offering, supports local authorities in improving their ability to digitally receive invoices and pay them ahead of term. We even offset the cost of financing early payments.
Why is Oxygen Finance an exciting opportunity for London local authorities?
Our remuneration is directly linked to the programme’s success and is based on actual transactions not estimates. We also provide comprehensive service management for the lifetime of the contract to ensure ongoing success.
Our clients see the financial benefit from day one and some of our mature clients are receiving over £100k a month from the programme, in addition to efficiency savings.
Why you should get involved
The London Boroughs of Bexley and Croydon are already live and realising the benefits of Oxygen Early Payment programmes, including:
- Generation of substantial and tangible new rebate income
- Efficiencies within the Council's P2P processes and policies;
- Mitigating the risk associated with late payment legislation; and
- Stronger relationships with the supplier base and increased creation of Social Value.
Find out more…