About
Fully digital integrated solution that will allow SMEs to use an up-to-date platform to optimize and finance its working capital. The service allows companies to have immediate cash by freeing it from the payment collection cycle, with no evidence on the central credit register, without worrying of handling commercial credits, benefitting, at the same time, of an optimization of the financial ratios.
Innovation presentation
The partnership with the fintech company “Workinvoice” is an integral part of a broader path of innovation undertaken by Banca Sella. The project has the purpose of:
• completing the offer relating to the financial needs of companies, with native digital solutions that provide a fluid and fast customer experience (fully digital), in the same environment and with the same credentials of Banca Sella;
• combining experience, professionalism, customer knowledge and consultancy support (simulation of the cash-to-cash cycle), with vertical solutions offered by "first-class" Fintech companies in specific areas;
• integrating the Bank/Partner interfaces via API in order to allow a constant dialogue between the platforms so to offer customers the possibility to take advantage of fast, totally digital services through a simple and intuitive experience (Banca Sella was the first Italian bank to be active in open banking since 2017).
The objectives of this project are to provide a final offer that is:
• Innovative: a digital and fast service, integrated into Internet Banking, to finance the working capital of client companies;
• Personalized: unlike other forms of credit advances, with the Invoice Trading service it will be possible to sell invoices only when you need to do so, for small amount as well (over 10,000 euros), without guarantees, full transfer obligations credit or multi-year constraints that are typical of factoring;
• Effective: with the credit assignment, performances of companies’ working capital improves significantly, introducing positive effect to balance sheet ratios as well. Furthermore, the service is not subject to reporting to the Risk Center;
• Transparent: When the customer receives the commercial offer and related details right after the sale has been proposed;
• Fast: Thanks to a digital process, the time dedicated to standard administrative invoice collection activities is reduced. The company obtains liquidity within 48 hours of the invoice transfer.
Uniqueness of the project
- Point of contact between a young fintech company and a Bank innovation-oriented with a great banking history. Connecting trust and the consulting ability of Banca Sella with these new digital native and specializes fintech solutions will give a new, completely digitalized and new offer to customers
- Communication via API and client operations via SSO.
Main Aim is to create a “just in time” and data driven consulting solution for companies.
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