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Promptful: Prompt Payment App

Funding starts soon

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About the project

Regulations on reporting payment practices have existed since 2017, requiring large businesses to publish on the numbers of suppliers they are paying with 30 days, 30-60 days and 60 days plus. However this alone will not bring about the change required for the cash to flow into businesses that need them to survive and thrive. Starting with the Payment Practices and Performance Regulations 2017 data set, the live supply chains in TISCreport and the Prompt Payment Code we can enable buyers and suppliers to share their fair payment practices in real time. We will also work with our partners in academia to analyse the data coming back to adjust the tracker to enable better outcomes for vulnerable suppliers in the system. For most late payers, simply being aware of late payment issues will enable them to change their payment practices. But where such awareness does not have any effect, the worst cases of late payment can be escalated directly to the UK Small Business Commissioner’s Office and the Prompt Payment Code administrators.

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More organisations should get involved with this upcoming project on Techfund. You should take a look @TISCbot -

5:03 PM - Jun 17, 2021

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Meet the team

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8 others have shown interest and confirmed this project would be beneficial to them

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