How does it workThe idea is to provide a cash discount based on the number of days until original due date. This way, buyers save money by paying earlier than agreed to, while suppliers gain access to faster payments against accepting a slightly lower price. Buyers need not worry about the liquidity risk, as there are several ways to control the early payout as well as tools for forecasting liquidity needs.
Award-winning and easy to joinAcknowledging that the solution could potentially disrupt the typical overdraft facility for smaller businesses, Danske Bank launched DynamicPay in 2016. In 2017, the solution was awarded the Transaction Services award by the international financial industry publication Global Finance.
Corporate customers of Danske Bank may use DynamicPay when acting as a buyer, whereas suppliers do not need to be Danske Bank customers to join the solution.
As a buyer DynamicPay can be easily added to your existing payment process with Danske Bank. You simply decide which suppliers may see future incoming payments through DynamicPay and whether they should have the possibility to select early payout.
As a supplier if you are interested in knowing more about DynamicPay, please visit the supplier site Dynamicpay.com or contact your Relationship Manager at Danske Bank.