Three high street banks have achieved special recognition as part of a Welsh Government scheme to protect payments to SMEs on large scale public sector construction projects.
Barclays, NatWest and Lloyds have all been declared Nominated Service Providers, after meeting new criteria for the Project Bank Accounts (PBA) initiative.
PBAs are ring-fenced bank accounts which ensure supply chain construction businesses involved in public sector schemes receive payment in five days or less. This helps ease cash flow when traditional payment timescales for subcontractors not using PBAs can be up to 90 days. PBAs also protect payments against insolvency.
SMEs using the three accredited banks can be confident they will receive a high level of support when setting up PBAs.
PBAs are a condition of funding on all in scope Welsh Government construction projects and are encouraged as best practice for the wider public sector.
For further information please select the following link: Banks accredited as part of scheme to protect SME construction payments | GOV.WALES