So what’s it all about?
Since 2004, Oxygen Finance has been helping local authorities pay suppliers early. Oxygen’s early payment programmes offer suppliers early settlement of their invoices in exchange for a discount directly proportional to how quickly the payment is made.
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. Our clients now include Croydon, Bexley, City of London, Harrow, Hillingdon, and Hammersmith & Fulham.
What do you think is Oxygen Finance’s unique selling point?
Oxygen Early Payment is a value-based solution to the late payment challenge delivered using tried and tested processes, functionally-rich technology and expert resource.
Our programmes are customer-led and our technical capability and solutions are proven. We deliver market-leading supplier on-boarding; the results speak for themselves, routinely bringing over 45% of addressable spend into our mature programmes.
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 Late Payment Legislation.
The latest addition to our portfolio, Freepay, enables clients to pay small, local suppliers early for free.
Why is Oxygen Finance an exciting opportunity for London local authorities?
Demand for Oxygen’s early payment programmes has increased in recent years as more councils recognise the potential to generate a fresh revenue stream whilst also improving efficiency and building stronger supplier relationships.
We work on a value-based model - our remuneration is dependent entirely on the success of the programme with no hefty upfront costs. We also provide comprehensive service management for the lifetime of the contract to ensure ongoing success.
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.
You can read more about our work in Croydon here and Bexley here.
Oxygen Finance in a nutshell
Oxygen Finance is a specialist provider of payment solutions and the leading global provider of early payment programmes. We work with organisations across both public and private sectors to drive savings, improve operational effectiveness and deliver against social value objectives.
We have offices in the UK and US and work with a range of technology partners. Our expert teams are experienced at working on large-scale transformation projects and our robust systems manage billions of pounds worth of transactions per annum. Oxygen Finance is a wholly owned subsidiary of TruFin PLC, a specialist fintech and lending business.
Find out more…
If you want to understand how Oxygen Finance can support your local authority, contact Andrew Drinkwater (andrew.drinkwater@oxygen-finance.com ) or Thomas Man (thomas.man@londoncouncils.gov.uk).