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Apple joins President Obama's 'SupplierPay' initiative

Apple Store

US President Barack Obama has extended the so-called QuickPay initiative to the private sector with "SupplierPay," and Apple (among others) has come on board.

SupplierPay requires companies to pay their suppliers within 15 days of receiving an invoice. The thought is that the program keeps these companies from having to borrow money. Now, Apple, IBM, Coca-Cola and others have agreed to pay their small component suppliers more quickly.

Apple is a proactive advocate of supply chain responsibility. For instance, its 2014 Supplier Responsibility Report highlighted progress made in securing tantalum, an important metal used in the manufacture of electronic equipment.

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