Global Building and Construction industry payments platform wins award for industry’s most innovative new product
Global start-up Building and Construction industry payments platform ProjectPay, has won the UK Building Innovation Award in its ‘most innovative new product’ category.
The prestigious Building Innovation Award was presented to ProjectPay’s Lead Developer, Ian Winstanley at the BIA gala dinner and awards ceremony at The Point, Emirates Old Trafford in Manchester.
The annual awards aim to recognise the most innovative products, services and technologies that are reshaping the UK construction sector.
ProjectPay won the category for its global payments platform that simplifies and guarantees project payments for building projects, project owners, contractors and sub-contractors. Built on proprietary technology, it is the first end-to-end payment solution built specifically for small and mid-sized construction businesses.
The platform provides project payment protection that guarantees businesses and contractors are paid quickly by removing the uncertainty around payment rights for all project stakeholders. It achieves this by tracking, processing and accelerating payments using smart technology, secure digital payments from a proprietary cascading project account payment structure.
With users across the UK and Australia, the payment option is integrated with Lloyds Bank and ANZ for account provisions.
This is the second UK innovation award ProjectPay has won this year, having also received recognition from the UK government with an Innovate UK grant to develop a new embodied carbon emissions tracking tool on construction projects.
With construction contributing £110 billion per year to UK GDP, it remains largely an industry steeped in legacy practices. Awards like these are therefore an initiative to encourage the digital technology sector to become the UK’s greatest export and a key driver for a successful post-Brexit Britain.
ProjectPay’s platform was founded by Louise Stewart, the former chair of an Australian Subcontractors Association, with the aim to minimise the occurrence of missed or delayed payments to tradesmen and subcontractors in construction project supply chains and counter the risk of misappropriation of funds or building insolvency.
“ProjectPay’s cascading project accounts ensure payments for building works completed by small business contractors go to the people who did the work,” Ms Stewart said. “We are very proud that our solution has been recognised for simplifying and securing the process for contractor payments.”
