Actiom

Commercial Timely Payment Initiative (CTPI) instigated by ACTIOM, all rights reserved

Overview

CTPI gathers key stakeholders keen on improving the payment times in commercial transactions.

After 2023 as the year of sustainability, 2024 is the perfect year to create this momentum since cash flows are the life blood of enterprises, making timely payments an essential contributor to sustainable finance and to some degree contribute to a reduction in electricity and computing power, part of Climate change. Time for action: join CTPI.



A compelling context to act on Timely Payments:

Late payments are a global challenge with only 50% of payments made on time.

With leading political leaders having invited “all state institutions, of all sectors and across different federal and local levels” to “bear collectively the responsibility of building the best global economic environment” and “work to build global enterprises and partnerships across the world”. In this context, improving payment times is increasingly becoming a top priority for public and business leaders

Call for action: what joining CTPI means

CTPI aims at addressing the structural and behavioral reasons behind late payments. Structurally, as payments cut across functions and organizations, processes and technologies must be upgraded to best standards. Behaviors need changing: take ownership, enable visibility, measure and bridge performance gaps.  CTPI places recommendations to stakeholders and, when funded, drives a series of impactful initiatives.

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Key Stakeholders to be mobilised:

Regulators have a key role in driving the change as global benchmarks have shown by creating time payment observatories and open banking environments, lauding good players and recommending best practices. Increasingly, voices recommend Timely payments to be included in ESG reporting.

Financial players can contribute by accepting and endorsing such visibility and openness as well as improving their processes and technologies.

Commercial players, especially buyers should mobilize their internal resources to take action and drive demonstrable results which are part of their sustainability stance. 

Governmental & Trade bodies can fund research & development, endorse regulations and drive legislations in favor of timely payments.

As His Excellency Ambassador Majid Al-Suwaidi, Director General and Special Representative of COP28, declared in 2023 “Finance underpins everything". Time for action: join CTPI : click here

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