RBS introduces ‘immediate release’ approach to help lessen impact on bank's suppliers
To support suppliers' cashflow during this time, RBS has changed its approach to paying suppliers by moving all UK and RoI supplier payments to immediate release until 30 June.
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RBS has also settled all validated outstanding invoices which has provided early payment and support for suppliers, and has committed to pay all suppliers promptly, aiming to settle fully validated invoices within four days of submission.
John Hayes, Head of Supply Chain Services, said: "From the outset of the incident, the bank's strategic intent has been to support customers and colleagues. Our suppliers play a key role in that, and in all cases are impacted by the crisis too. So it was right that we looked at the options for supporting them.
"Our suppliers are a critical to the services customers receive and we've really seen them step up over the last few weeks. The changes to immediately release payments was the right thing to do in the current circumstances.”