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Promissory notes have been around for millennia, enabling transactions to be competed in lieu of cash by letting sellers get paid based on the creditworthiness of the purchaser. However, under the UK's Bills of Exchange Act, notes need to be a physical entity, meaning it can take a week or more for businesses to be paid. Lloyds says it has managed to address this.
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"The digitisation and simplification of this solution finally opens this form of payment discounting to potentially millions of small businesses, improving their ability to manage their working capital and the cashflow of their suppliers by fulfilling invoices more quickly."
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