The Crown Commercial Service (CCS), which handles procurement for the British government, has signed a three-year, £30m contract with Taulia to deliver Supplier early payment Solutions (SEPS) to central government and public sector organisations around the UK.
The deal, which is the largest signed by Taulia since it was founded in 2009, runs until March 2021 and allows government departments such as the National Health Service to use Taulia’s supply chain finance and dynamic discount solutions.
The agreement comes at a time of rapid growth for Taulia, which has also recently announced contracts with Honda Motors Europe and MAHLE GmbH as well as several new clients in South Africa. Cedric Bru, CEO of Taulia, said the second quarter had seen $6 billion released for suppliers through early payment on Taulia’s platform, up from $4.5 billion in the previous quarter.
SEPS provides CCS’s public sector customers with the ability to accelerate invoice payments to their suppliers in advance of the contracted payment term. It will offer two solutions – supply chain finance and a discounting solution. A single fixed-cost rate will be charged to suppliers for receiving early payment, while the discounting solution will allow a CCS client to use their own funds to offer early payment to its suppliers, in return for a discount, facilitated through Taulia’s portal.