It was announced today that Bank of Ireland will fast-track payments to all its SME suppliers during Covid-19, reducing the standard terms from 30 days to within five days.

The change, which will remain in place until the end of June, is designed to help alleviate potential cashflow pressures for businesses as they navigate through the challenges of Covid-19.

Bank of Ireland has a range of SME suppliers across sectors including technology, advertising and recruitment which will benefit from the change.

Commenting on the new measure, Group Chief Operating Officer at Bank of Ireland, Jackie Noakes said, "We have made a number of significant changes to how we operate to respond to this public health emergency and support our customers, colleagues and suppliers as much as we can. These include financial supports for customers and redeploying resources towards services which are most in demand. We will continue to review the supports required for our customers and suppliers as the impact of Covid-19 evolves further over the coming weeks."

Source: www.businessworld.ie