Given that the construction industry has long been a vulnerable sector in relation to financial crime and unfair competition, the banks and the industry are joining forces to counter this and create a more sustainable construction industry. The result is the Sustainable Construction Industry Banking Initiative, which launches on November 27, 2023.
It introduces specific lending requirements for financing construction projects covered by the initiative. These include requirements for control systems and project reports, mandatory pre-registration, that all subcontractors must pay Swedish F-tax and employer contributions, and that they must not have outstanding debt registered with the Swedish Enforcement Authority.
Infobric’s deviation report helps you meet the requirements
Infobric has been involved in the process and has carried out several pilot projects together with participating customers and in close dialogue with the Banking Initiative project group. This includes a deviation report developed by Infobric, which makes it possible to monitor performance over any chosen time period and gain a clear overview of progress in compliance and due diligence efforts.
The report is based on the site’s subcontractor chain and attendance registrations, which are combined with information from various data sources. The result is compared with the requirements set by the Banking Initiative, and both the current status and changes during the selected period are presented in a clear and easy-to-read summary.
Björn Svennenfors, CTO at Infobric AB, explains that the main purpose of the reports is to drive change:
“With the new report, we want to offer an effective tool that can be used not only to map the current situation, but above all to drive change in a positive direction. As always when we develop our software services, close collaboration with our customers and other stakeholders such as the Banking Initiative is crucial to ensuring that the result is grounded in reality and solves real problems.”
The Supplier Follow-Up service
Infobric’s Supplier Follow-Up service is designed to provide full control over the entire subcontractor chain and all companies present at the construction site. The service gives both site management and central functions around-the-clock oversight of all subcontractors, who are checked against, among other things, the requirements mentioned above within the Banking Initiative. Only subcontractors who meet the centrally defined rules are allowed on site, and deviations can be followed up smoothly in the web service. The service ensures that the entire chain, from first to last tier, complies with laws and regulations and that only compliant and trustworthy subcontractors are allowed to work on the project.
With Infobric as your provider, you can ensure compliance with the requirements of the Banking Initiative.