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.

由于支付风险，英国建筑业资本不足，银行存款不足，该行业声名狼借，及时付款没有通过供应链传递给已经完成工作的中小企业，当主承包商倒闭时，欠分包商的付款就消失了。该行业 ** 必须 ** 改变其支付文化：它无法承受另一个Carillion和技术工人的不断损失，每次崩溃。我们的项目假设了一种新形式的嵌入式金融，端到端数字支付流程的一部分，债务嵌入到PBA使用中，填补了承包商经常需要支付工程，分包商和供应商的营运资金缺口，在他们得到付款之前。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支付和破产风险，成为贷款人重新进入该行业以满足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，无缝连接所有利益相关者，从项目业主，承包商到分包商，以及贷款人到PBA，一旦获得资金，即可立即付款结算。ProjectPay将每个参与者的工程合同连接到PBA，并且将建筑行业特有的付款申请和审批流程数字化，以快速，易于使用的标准化工作流程连接整个供应链。嵌入式金融是行业采用这种新支付机制的下一个关键步骤。ProjectPay和债务融资嵌入到支付过程中，应使中小企业能够自动化现金流功能，这些功能与他们已经拥有法律的付款权利的工程合同上的已批准付款申请相关联。该项目代表着英国建筑业金融格局的重塑，确保中小企业在工作完成并产生法定债务时能够获得公平，快速和有保证的付款。它将解决和根除困扰该行业多年的持续付款问题，特别是针对长期以来的行业规范延迟付款和不道德行为。我们的目标是证明承包商不再需要继续不可持续的拆东墙补西墙的做法，不再担心他们是否会得到付款，消除广泛的行业付款问题，付款不被转移到分包商完成工作，转变部门生产力。打破PBA采用的障碍，在英国各地推荐，培养快速和有保证的支付文化。通过解决延迟支付的核心问题“现金流”与嵌入式金融，我们的目标是促进变革，不仅有利于中小企业，也为英国经济做出积极贡献。