UK-based cashflow financing provider TRIVER has entered a collaboration with Elcom to launch a new service that allows SMEs supplying the public sector to be paid efficiently. Through this partnership, small business suppliers are set to be able to benefit from optimised payment solutions, with the launch preceding the implementation of the Procurement Act in October 2024.

The regulation intends to support small and medium-sized enterprises (SMEs) to receive an increased share of public sector expenditure per year, with the amount reaching nearly GBP 300 billion. By teaming up, Elcom and TRIVER aim to support SMEs to get paid instantly, aiming to assist them in expanding their operations and further delivering public sector contracts. What are Elcom and TRIVER’s plans? By utilising Open Banking data and artificial intelligence (AI), TRIVER provides funding to UK SMEs to support their short-term working capital needs, offering them advances on a business’ client invoices, as well as access to finances when needed.

On the other hand, Elcom, which is a UK-based software firm, concentrates its efforts on optimised procurement services that work towards serving the public sector, with the company processing GBP 15 billion of supplier invoices for government departments, agencies, and public bodies, as per its data. With this new collaboration, Elcom and TRIVER intend to allow SME suppliers to the public sector to get paid instantly, thus assisting their cash flow and advancing their operations. According to Elcom’s officials, by partnering with TRIVER, the company plans to mitigate its clients' most often encountered issues. The alliance is set to deliver benefits to both public sector providers, enabling them to choose small and specialised businesses, which in turn benefits the local economy, while SMEs can expand their operations via reliable contracts, without the need to wait for large invoice payments. In addition, TRIVER was developed to be embedded within digital service providers, including Elcom, that already provide services to SMEs.

The company focuses on offering them automated and simple-to-integrate processes that optimise how short-term capital services are offered to customers. .