Novuna Business Finance brings faster payments to its Stocking customers

Tuesday 9th January 2024

Novuna Business Finance is breaking the industry standard of a two-to-three-day turnaround for its Stocking customers to receive payments. The business is utilising three integrated solutions to enable its customers to receive payments within four hours of being processed.  The innovative technology is a blend of an enterprise automation and integration platform, a newly available faster payments API from their payment processing partner and the technology from Sopra Banking Software’s financing platform.

By processing payments this way, the business’ Stocking customers can receive payments with absolute time efficiency – removing the waiting time which comes with the BACS process. The faster payments development works in parallel with Sopra Financing Platform’s wholesale solution and the new feature makes Novuna Business Finance, Sopra’s first live asset finance customer.

The introduction of faster payments is another industry leading feature, alongside its automated feed solution.

“Providing a market leading service is extremely important to us. As a business, we’re always looking at ways we can improve what we offer – and we’re delighted to be breaking the industry standard for the speed of receiving payments.

Our ongoing investment in automated solutions means we can continue to enhance the Novuna Business Finance stock finance proposition for our existing customers along with offering additional value-added options to prospective new customers.”

Chris Powell

Deputy Head of Sales

Novuna Business Finance