Payapps hosted an online debate with panel members from Willmott Dixon, Morgan Cass and Adexsi UK, considering the latest update from Build UK’s benchmarking of payment performance, and discussing building a responsible payment culture.
The Payment Practices and Performance Regulations 2017 requires the UK’s largest companies and LLPs to report every six months on their payment practices, policies and performance for financial years beginning on or after 6 April 2017, the objective being to increase transparency and allow suppliers to make better informed decisions.
Chaired by Rob Driscoll (Director of Legal & Business at ECA, Chair of the Cabinet Office Payment Advisory Group), the debate explores:
- Why the regulations and Build UK payment practice reports were introduced.
- How far reports have transformed behaviour and whether the reports match the reality of the industry experience.
- Proposed amendments to the Payment Practices and Performance Regulations including the potential benefit of a ‘value’ reporting metric.
- How companies can encourage fair and prompt payment by using technology to adopt a collaborative approach to variations and supply chain applications for payment.
