PREVISE, which is using artificial intelligence to tackle the problem of late payment of small and medium-sized firms by enabling large businesses to settle such suppliers’ invoices the day they are received, is opening a development centre in Glasgow.

The financial technology company is creating 37 data science jobs with the opening of the Glasgow operation, which is backed by an £800,000 research and development grant from taxpayer-funded Scottish Enterprise.

David Brown, London-based Previse’s co-founder and chief product officer, said: “Late invoice payments [are] a global problem. Failing to pay on time for the goods and services is not only morally wrong, it makes no commercial sense. It drives up the cost of business for SME suppliers which, in the end, will feed through into purchasing costs for buyers. After all, there is no such thing as free money.”

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He added: “Glasgow has become a thriving centre of UK financial technology, making it an ideal place for us.”

Scottish Government minister for business, innovation and energy Paul Wheelhouse said: “Scotland is a world-renowned centre for expertise in data science and digital technologies.”

Sharon Hamilton, at Scottish Enterprise, said: “It’s been estimated that the fintech sector could create up to 15,000 new jobs in Scotland over the next decade.”