Solving cashflow shortfalls in the construction industry using digital payments with embedded finance

使用数字支付和嵌入式金融解决建筑行业的现金流短缺

• 批准号: 10097800
• 金额: $ 25.41万
• 依托单位: PROJECTPAY LTD
• 依托单位国家: 英国
• 项目类别: Collaborative R&D
• 财政年份: 2024
• 资助国家: 英国
• 起止时间: 2024 至 无数据
• 项目状态: 未结题
• 来源: https://gtr.ukri.org/projects?ref=10097800
• 关键词: Solving; cashflow; shortfalls; construction; industry

The UK construction sector is undercapitalised and underbanked due to the payment risks the sector is infamous for, with timely payments not passed down supply chains to SMEs that have completed the work, and when main contractors collapse, payments owed to subcontractors for these works evaporate. The sector **must** change its payments culture: it cannot afford another Carillion and constant loss of skilled workers with every collapse.Our project hypothesises a new form of embedded finance, part of an end-to-end digital payments process, with the debt embedded into PBA-use, filling the working capital gap of contractors often required to pay for works, their subcontractors and suppliers, before they've been paid. This will utilise our digital payments platform which already removes the counterparty payment and insolvency risks, becoming an attractive solution for lenders to re-enter the sector to deliver its working capital needs.We created a digital payment ecosystem seamlessly connecting all stakeholders, from project owners, contractors to subcontractors and lenders to PBAs, enabling immediate payment settlement once funded. ProjectPay connects each participant's works contract to the PBA, and the payment request and approval process, unique to the construction industry, is digitised, connecting the whole supply chain in a quick, easy-to-use standardised workflow. The embedded finance piece is the next crucial step for industry adoption of this new payment mechanism. ProjectPay and debt finance embedded into the payments process should enable SMEs to automate cashflow functions linked to approved payment applications on works contracts they already have legal entitlement to be paid.This project represents reshaping of the UK construction sector's financial landscape, ensuring SMEs can access fair, fast and guaranteed payments when work has been completed and statutory debt created. It will address and eradicate persistent payment issues plaguing the sector for years, specifically targeting late payments and unethical practices, long an industry norm.We aim to prove that contractors will no longer need to continue unsustainable practices of robbing Peter to pay Paul, no longer worried if they will be paid, eradicating the widespread industry payment issues with payments not being passed onto subcontractors having done the work, transforming sector productivity. Breaking down barriers to PBA adoption, recommended across the UK, fostering a culture of fast and guaranteed payments.By tackling the core issue of late payments "cashflow' with embedded finance, we aim to foster transformative change not only benefiting SMEs but also contributing positively to the UK economy.

英国建筑部门的资本资本不足和账单不足，因为该行业臭名昭著的付款风险，及时的付款未通过供应链，到完成了工作的中小型企业，当主要承包商倒塌时，欠款欠款商的付款付出了这些工程的付款。该行业**必须**改变其支付文化：在每次崩溃时，它都无法承受其他货币和持续的熟练工人的损失。我们的项目假设是一种新形式的嵌入式融资形式，这是端到端数字支付过程的一部分，债务嵌入了PBA的使用中，通常需要付费，从而填补了供应工人的供应商和供应商的供应者，并填补了供应商和供应商，他们的供应商和供应商都在供应商和供应商，并以外的人和供应商，并付费。这将利用我们的数字支付平台，该平台已经消除了交易对手的支付和破产风险，成为贷方重新进入该行业以提供其营运资金需求的有吸引力的解决方案。我们创建了一个数字支付生态系统，无缝地连接了所有利益相关者，将所有利益的人连接到项目所有者，从项目所有者那里，从分支机构和贷方付款，以付款，并付清了付款。 ProjectPay将每个参与者的工作合同连接到PBA，而建筑行业独有的付款请求和批准过程已进行数字化处理，并以快速，易于使用的标准化工作流程将整个供应链连接起来。嵌入式金融作品是行业采用这种新支付机制的下一个关键步骤。嵌入到付款过程中的ProjectPay和债务融资应使中小型企业能够自动化与已批准的付款申请链接的现金流量功能，这些付款申请的工程合同已经有合法的应付款项。该项目代表英国建筑部门的财务环境重塑，以确保SMES可以在工作中获得公平，快速和保证的付款，并完成了工作的债务，并确保了债务的保证。 It will address and eradicate persistent payment issues plaguing the sector for years, specifically targeting late payments and unethical practices, long an industry norm.We aim to prove that contractors will no longer need to continue unsustainable practices of robbing Peter to pay Paul, no longer worried if they will be paid, eradicating the widespread industry payment issues with payments not being passed onto subcontractors having done the work, transforming sector productivity.打破了在英国推荐的PBA采用障碍，促进了一种快速和保证的付款文化。通过解决持续付款的核心问题“与嵌入式融资”的核心问题，我们的目标是促进变革性变革不仅受益于中小企业，而且还对英国经济产生了积极的贡献。