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The City of London Corporation

City Accelerate

 

A new service for key suppliers

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Use the Get started button to sign-up today or request a call to talk through with one of our team

Welcome to City Accelerate

 

No chasing, no delays – just early payment

Welcome to City Accelerate

 

No chasing, no delays – just early payment

Watch Rajiv Rathod, Commercial Contract Manager at The City of London Corporation, talk about City Accelerate and the benefits it delivers.

What is City Accelerate?

Predictable, reliable early payment - targeted at day 10 - in exchange for a small, pre-agreed rebate

Fast-tracked invoice processing and dedicated contacts for queries

Easy sign-up process and no system changes needed

What is City Accelerate?

Predictable, reliable early payment - targeted at day 10 - in exchange for a small, pre-agreed rebate

Fast-tracked invoice processing and dedicated contacts for queries

Easy sign-up process and no system changes needed

How Does it Work?

 

City Accelerate enables your invoices to be paid ahead of contractual payment terms in exchange for a pre-agreed rebate. The rebate is applied dynamically as the invoice is paid and is proportionate to how many days we accelerate your payment by.

 

To calculate the invoice acceleration, we use the number of days between invoice received date and invoice remittance date. The rebate is only applied if invoice acceleration is achieved.

 

This means you will be paid as soon as the invoice is authorised and we will issue a debit note to the value of the deducted rebate. The debit note quotes your original invoice reference to enable you to reconcile your account.

 

As shown in the accompanying diagram we aim to pay you on day 10 for a 1.25% rebate. To see the full table with every day’s rebate click on the Get Started button.

What are the benefits?

Improved cashflow enabling you to plan ahead and grow your business

Hassle-free service and fast-tracked processing - no chasing, no delays

Increased visibility with the corporation and stronger relationships

What are the benefits?

Improved cashflow enabling you to plan ahead and grow your business

Hassle-free service and fast-tracked processing - no chasing, no delays

Increased visibility with the Corporation and stronger relationships

Who provides the service?

 

The City of London Corporation is working with Oxygen Finance to deliver this programme.

 

Oxygen Finance is a specialist provider of payment solutions and the leading provider of early payment programmes. To find out more visit the Oxygen web site.

What happens next?

 

You can now sign up to the programme by clicking the ‘Get started’ button.

 

Set-up is quick and straightforward and there is dedicated support on hand if you have any queries or need additional help.

The City of London Corporation endorsements

Jeremy Mayhew

Jeremy Mayhew
Chairman of Finance Committee

 

“The introduction of the City Accelerate initiative illustrates an innovative way of benefitting our suppliers whilst also highlighting the value of investing in continuous improvement within our Procurement service.”

Jamie Ingham

Jamie Ingham Clark
Deputy Chairman of Finance Committee

 

“City Accelerate offers a great opportunity for suppliers to improve their cashflow by taking advantage of our prompt payment record, enhanced payment processes and technological advances, such as electronic invoicing.”

Chris Bell

Christopher Bell
Commercial Director

 

“City Accelerate offers commercial benefits to both parties. In supporting faster payments to our supply chain it provides accelerated cash flow as well as generating income that offsets expenditure and directs more funds to front line services.”

andrew Lenihan

Andrew Lenihan
Head of Accounts Payable

 

“The proven operational excellence of our Accounts Payable service is the foundation of being in a position to offer City Accelerate. Consistent high performance gives assurance and confidence in delivering outcomes for all involved.”

Request a call

Use the Get started button to sign-up today or request a call to talk through with one of our advisors

The City of London Corporation has partnered with Oxygen Finance to deliver this programme.

 

Copyright 2019 Oxygen Finance.