Oxygen Finance isa world-leading early payment solution provider and the leading provider to the UK public sector.
Oxygen works with local authorities to put them in a position where they can pay a significant proportion of suppliers’ invoices on or around day 10 after invoice date. They do this through a combination of education, training, tactical deployment of facilitating technology (like electronic invoicing, which they can implement and operate without charge) and propagation of best practice. On the council’s behalf, Oxygen then engages with suppliers to agree an early payment rebate, relating to the amount of acceleration achieved on each invoice: this creates an income stream for the council from its existing spend and injects liquidity into the supply chain.
Oxygen’s early payment platform securely automates and manages the entire rebate process and facilitates automated financial reconciliation, all as a complement to the council’s ERP functionality, while providing spend insight, Procure-to-Pay (P2P) transparency and rich performance analytics.
Key to Oxygen’s involvement is the scale that its programmes reach, with thousands of suppliers now choosing to participate and hundreds of millions of pounds’ worth of council spend being accelerated to suppliers.