Beat Syndicate and Previse collaborate to tackle slow invoice payments

Friday 26 July 2019 14:17 CET | News

Beat Syndicate 4242 of Lloyd’s has created a new category of insurance for pre-approval invoice payments to insure the instant payment of business to business invoices against dilution risk.

Working with UK fintech Previse, Beat Syndicate, owned by Beat Capital Partners and managed by Asta Managing Agency, is underwriting its first pre-approval invoice payments for a large UK based buyer and expects to scale rapidly to underwrite invoices globally over the next few years.

Previse invented the instant invoice payment technology which analyses invoice data from large corporations to tackle the persistent problem of slow invoice payments to SME suppliers and enables payment as soon as an invoice is received.

Previse’s InstantPay technology, trained on trillions of dollars of real invoice spending, precisely quantifies dilution risk, ie the contingent risk that a large company won’t pay an invoice for legitimate reasons such as it being incorrect or fraudulent, or the goods were not correctly delivered.

By underwriting pre-approval invoice payments that have been authorised by InstantPay, it is now possible for large companies to have their suppliers paid on the day an invoice is received without ever having to give a cumbersome, formal payment undertaking.

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Keywords: Beat Syndicate 4242, Previse, invoice, payments , suppliers, artificial intelligence, fintech
Countries: World