Danske Bank has announced it is “processing invoice payments more quickly during the coronavirus crisis.”
The bank said that businesses in its supply chain will now receive payment within 15 business days; at least two weeks earlier than standard payment terms in a bid to help ease their pressures on cashflow.
The new measure will stay in place “as long as necessary to support suppliers affected by the current situation.”
Stephen Matchett, Deputy CEO and Chief Financial Officer at Danske Bank said: “Every month we work with hundreds of suppliers and partners in Northern Ireland who providekey goods and services that directly or indirectly help us to deliver for our customers and society.
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“These businesses range from sole traders right through to large companies, and we know many will be experiencing pressures on their cashflow in these difficult times.
“In order to help them we are now tightening our payment deadlines so that these businesses receive payment more quickly.
“We are in an extraordinary situation that is impacting businesses, families and society. At Danske Bank we are committed to playing our part in helping our customers and suppliers face those challenges in any way we can.”
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Source: Written from press release
