650 billion dollars.
This is the amount of capital that is owed to small businesses but is trapped somewhere in the payment chain, with a corrosive effect on small businesses, their staff and the wider economy. Sustainably solving this problem in a way that works for suppliers and large buyers is not simple, but that is the challenge addressed by UK fintech Previse.
Previse was founded by a small group of people who recognized that slow payments were damaging SMEs, large companies and the economy, and that current solutions were ineffective. This group made it their mission is get every supplier in the world paid instantly and at the fairest rate. Three years after founding, Previse has invented a solution to expedite payment to such an extent that a process that once took more than 30 days can now be instantaneous – hence the product was christened “InstantPay”.
Previse’s mission to reshape global B2B commerce could unlock billions every year by cutting out the inefficiencies of payment terms. To reach its big aspirations, Previse partnered with Oracle Global Startup Ecosystem to scale its InstantPay technology to more businesses around the world. So far, it has signed up eight multinational clients and is working with leading firms such as Oracle, NatWest and PwC.
Previse gets suppliers paid instantly using machine learning technology, which analyses its clients’ ERP data to predict the few invoices which are unlikely to get paid. The rest can then be paid instantly by a funder, such as a bank. The buyer then pays the funder back on its normal payment terms.
This affinity with ERP, and the value of the data embedded within it, was another reason to partner with the world’s leading ERP company.
With access to the Oracle AP data Previse’s technology transforms paying an invoice into an instant data-driven action rather a process-dependent decision.
As part of the Oracle Global Startup Ecosystem, Previse has showcased at Oracle events around the world, allowing the team to illustrate the benefits of the solution and appeal to new customers.
“Oracle has unparalleled scale, experience and expertise when it comes to delivering technology to global enterprises. It is helping us to grow and scale as we rapidly expand our client base. We’ve been blown away by the caliber of experts aligned with us with the sole focus of helping us succeed.” -Margery McConnell, Previse
In terms of engineering, the team recognized the benefits of cloud services providers who subscribe to an open source philosophy rather than technology tie-ins. This approach has helped develop a cloud-agnostic design to offer agility to their architecture development.
Also, using Docker and Kubernetes for the operational design targets a much lower support cost, allowing the engineering team to focus on building a platform that can scale using Oracle Cloud whilst offering each client the security level they seek.
Previse’s Margery McConnell said “Oracle is perfectly placed to guide us in exploiting the whole SaaS and PaaS combination in a way that is innovative and beneficial for our mutual clients. Because the Oracle platform is based on open source software it encourages us to be cloud agnostic, which I like, so you don’t have vendor lock-in.”
This is an exciting time for Previse as it looks at the extended benefits of the Oracle Global Startup Ecosystem as well as scaling their platform on Oracle Cloud.
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