Suppliers to Sainsbury's who want to be paid early must now apply through Royal Bank of Scotland after the retailer changed the bank running the scheme.
Sainsbury's Trading Finance Platform allows suppliers to be paid early through a bank, which charges for the service, and used to be run by Morgan Stanley. From 19 June, it will be run by RBS. The switch would not affect suppliers already using the scheme, Sainsbury's said, and the terms would remain the same.
The internet payment scheme, set up in 2007, is used by suppliers to view their trading accounts online. "Since the launch of our Trading Finance Platform in 2007, we have witnessed a significant increase in the number of suppliers utilising it to better manage their cashflow," said Darren Shapland, chief financial officer of Sainsbury's.
Sainsbury's Trading Finance Platform allows suppliers to be paid early through a bank, which charges for the service, and used to be run by Morgan Stanley. From 19 June, it will be run by RBS. The switch would not affect suppliers already using the scheme, Sainsbury's said, and the terms would remain the same.
The internet payment scheme, set up in 2007, is used by suppliers to view their trading accounts online. "Since the launch of our Trading Finance Platform in 2007, we have witnessed a significant increase in the number of suppliers utilising it to better manage their cashflow," said Darren Shapland, chief financial officer of Sainsbury's.
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