Together they are supporting the objectives of the UK government’s Construction Sector Deal and industry specific consultations on retention payments. ProjectPay and Lloyds Bank’s solution aims to eliminate missed or delayed payments and high rates of non-payment in construction supply chains, and to help mitigate the risk of misappropriation of funds or building project insolvency.
With the solution, project accounts can be made available as soon as a project is created on ProjectPay’s platform, without contractors having to wait weeks or months for project bank accounts to be set up.
Built on proprietary technology, the solution is built specifically for construction businesses. The SaaS platform enables all levels of the supply chain to be paid at the same time, hopefully removing contractors’ insolvency risk, speeding up payments to contractors and tradespeople and improving cashflow.
Three APIs from Lloyds Bank allow ProjectPay’s collaborative project payment platform to ensure fair payment of all UK project stakeholders, where payments are received the same day on approved invoices.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now