Early Payment Service
Introduction
The NEPO521 Early Payment Service framework, managed by the North East Procurement Organisation (NEPO) in collaboration with Oxygen Finance, operates within the financial services category. This framework is not a Dynamic Purchasing System (DPS) and is set to conclude on 30th April 2026. Its primary aim is to enhance efficiency and deliver cost savings for UK public sector organisations by facilitating prompt payments to suppliers. This approach not only supports public sector bodies in managing their finances more effectively but also provides significant benefits to suppliers, particularly during challenging economic periods.
Context & Use Case
The Early Payment Service framework is specifically tailored to address the financial transactional needs of public sector entities. Prompt payment mechanisms are a critical component of operational efficiency, enabling organisations to streamline their financial processes. Contracting authorities utilise this framework to leverage the expertise of Oxygen Finance, a recognised leader in business-to-business payments. The framework is particularly beneficial in periods of economic uncertainty, where cash flow management becomes pivotal for suppliers. By ensuring quicker payments, public sector organisations can foster stronger supplier relationships, enhance service delivery, and potentially negotiate better terms due to improved cash flow for their suppliers.
Scope of Services
The framework covers a range of services associated with early payment programmes. Typical services include: 1. Implementation of early payment systems designed to accelerate payment cycles. 2. Financial technology solutions that integrate with existing procurement and finance systems. 3. Customised financial advice and consultancy services to optimise early payment strategies. 4. Support and training for public sector finance teams to adopt and manage early payment schemes effectively. 5. Ongoing monitoring and reporting services to ensure compliance and performance tracking.
Who Can Apply
The Early Payment Service framework is suitable for suppliers that provide financial services, particularly those specialising in payment solutions and financial consultancy. Given the nature of the framework, suppliers with robust experience in deploying financial technology and systems integration will find this particularly relevant. While the framework itself is not a DPS, meaning it does not allow for ongoing applications throughout its duration, suppliers meeting the necessary criteria and possessing the requisite expertise should consider applying when opportunities arise.
Buyer Benefits
Public sector buyers benefit from this framework through enhanced compliance with payment directives and improved speed to market. By employing the services covered under the framework, buyers can ensure that payments are processed more swiftly, reducing the administrative burden and fostering greater competition amongst suppliers. The framework supports a more competitive supply chain environment, potentially leading to cost savings and improved service delivery. Additionally, the use of an established framework like NEPO521 ensures adherence to public procurement regulations, providing a compliant and efficient procurement pathway.
Lots
Not applicable
Next Steps
Suppliers interested in participating in the Early Payment Service framework should thoroughly review the specific requirements and criteria outlined by NEPO. It is advisable to contact the contracting authority directly to gain detailed insights into application timelines and the selection process. Ensuring a comprehensive understanding of the framework's operational aspects will enhance a supplier's ability to successfully engage with it.
How Biddable Can Help
Biddable provides support to suppliers by aiding in the discovery and preparation process for frameworks like the Early Payment Service. Our services are geared towards enhancing pipeline visibility and ensuring suppliers are well-prepared to navigate public sector procurement opportunities. By offering insights and strategic guidance, Biddable helps suppliers align their capabilities with framework requirements, thereby facilitating a smoother entry into public sector procurement channels.