More than 1000 businesses have now signed the Institute of Credit Management (ICM) led pledge for big businesses to live up to their word to pay on time by becoming signatories to the BIS backed Prompt Payment Code (PPC).

Major sponsors of the code include Bacs, Barclays, RBS, HSBC, Santander and NatWest, all playing a part in a campaign designed to help increase the speed of payments to smaller companies.

Philip King, Chief Executive of the ICM, says that this is yet further proof that some of the biggest names in UK and world business are keen to be involved in a scheme that will help smaller suppliers stay afloat during these toughest of times: “With the Government’s backing this campaign is gaining real momentum and the list of high profile firms already involved, and others showing an interest is testament to that.”

The Code is hosted by the ICM on a dedicated website (www.promptpaymentcode.org.uk) and includes a facility for suppliers to raise concerns about late payers. The Code focuses on three main areas: a commitment to pay suppliers on time; to give clear guidance to suppliers; and to encourage good practice.

ENDS

About

The Institute of Credit Management (ICM) is Europe's largest credit management organisation, and the second largest globally. The trusted leader in expertise for all credit matters, it represents the profession across trade, consumer and export credit, and all credit-related services. Formed over 70 years ago, it is the only such organisation accredited by Ofqual and it offers a comprehensive range of services and bespoke solutions for the credit professional (www.icm.org.uk) as well as services and advice for the wider business community (http://www.creditmanagement.org.uk/), including the acclaimed ICM/BIS Managing Cashflow guides.

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