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Supplier payments’ “decades old” culture in desperate need of innovation

Posted by Augmentum Fintech: 08/05/19

CEO and Founder of machine learning supplier payments firm Previse, Paul Christensen, discusses the importance of innovation in supplier payments in this PaymentEye article:

“The zeitgeist has changed. Slow payments are not acceptable socially, economically or politically. Yet we probably need to do more and really look at practical solutions because the problem hasn’t been fixed. Something needs to change or we will end up with more Carillions.”

“We’re changing a culture and a system that’s decades old, and that’s not easy,” says Christensen. “It’s a process. These organisations have hundreds of people in accounts payable departments checking invoices, it’s a very manual cumbersome process that often takes months. It’s such a huge global problem that has such a negative impact on millions of small businesses, yet at the same time, it’s actually very easy to fix.”