How does the Platform adjust for Bank Holidays?

How does the Platform adjust for Bank Holidays?

The Platform automatically adjusts for Bank Holidays in two ways:

  • No invoices are funded on a weekend or Bank Holiday; and

  • No repayments are due on a weekend or Bank Holiday.


Disbursements

Invoices also will not be funded on Bank Holidays - they will be funded on the first business day after a weekend or Bank Holiday.


Repayments

The Platform ensures that no repayments are due on a weekend or Bank Holiday. If the payment terms would result in settlement being due on a weekend or Bank Holiday, the Platform makes the settlement due on the first business day prior to the weekend or Bank Holiday.


For example: if a facility has 30 day terms and an invoice funded on 2 December would result in repayment being due on New Year’s Day which is a Bank Holiday for the Funder, the repayment would instead be due on 31 December and the tenor would be adjusted to 29 days. If 31 December was a Sunday, settlement would be due on the Friday beforehand (29 December).


Confirming Bank Holidays

Each year, Finverity confirms the dates of Bank Holidays with each funding party - please get in touch with support@finverity.com if you would  like to  check the Bank Holidays we have on file for you, or if a new Bank Holiday has been announced.


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