14 January 2021 – Bank of Ireland has extended its commitment to fast-track payments to its SME suppliers to the end of 2021 to help ease cash flow pressures on businesses during the COVID-19 pandemic.
In the first wave of the pandemic, the Bank committed to reducing standard payment terms from 30 days to within five days for its SME suppliers. With the change announced today, smaller suppliers across a range of sectors including technology, advertising and recruitment will continue to benefit from this accelerated payment approach until the end of 2021.
Under this initiative, the Bank has paid over €350M to c.1,100 suppliers between April-December 2020.
Commenting on the extension of the measure, Jackie Noakes, Group Chief Operating Officer, Bank of Ireland said: “Our suppliers are essential to the services we provide, and they also play a critically important role in supporting employment and local economies across the country. However, with the return to Level 5 restrictions this month, many businesses have faced a very challenging start to 2021 from a cash flow perspective.
“At a time when cash is tight, getting paid three weeks faster could make a big difference to a small business. SMEs are key to our economic recovery, which is why we have extended our accelerated payment approach to the end of 2021. This timeframe should see us moving through the pandemic and into the recovery phase.
“This is one of a number of changes we have made to how we operate in support of our customers, colleagues and suppliers during the public health emergency. These include providing financial supports for customers and redeploying resources towards services which are most in demand. We will continue to review the supports required for our customers and suppliers over the months ahead.”
Suppliers to Bank of Ireland can find out more the initiative here: Supplier Accelerated payment initiative. To find out more about Bank of Ireland supports to business during the COVID-19 pandemic visit the Bank of Ireland Business Supports page.