Danske Bank will move payments forward to suppliers with a minimum of two weeks to help increase liquidity for businesses in the light of current
coronavirus situation.
Danske Bank will generally pay suppliers at least two weeks earlier than mandated by existing terms of payment. This will speed up transfers of liquidity from the bank to its suppliers.
"As a bank, we know that many businesses currently need all the liquidity they can get. So we want to support our suppliers by paying them at the earliest possible moment, while we are in this extraordinary situation.", says Jacob Aarup-Andersen, Member of the Executive Leadership Team and head of banking activities in Denmark.
Early payments are in effect from 1 April 2020, and will result in early payment of hundreds of million DKK in total for several thousand suppliers across the countries that Danske Bank is in, including Lithuania.
Under the standard terms of payment, Danske Bank has a 30-day period before payments are due. It is this standard that the bank will now deviate from due to the current extraordinary situation.
