UniCredit enhances invoicing service with FinDynamic partnership
UniCredit, the Italian banking group, has partnered with FinDynamic, an Italian fintech company offering dynamic discounting programs, as it seeks to enhance its working capital offering for corporate clients.
As part of the agreement, UniCredit has also taken a minority equity stake in the business.
Dynamic discounting is a solution that allows the bank’s clients to offer their suppliers early payment of their invoices in exchange for a discount. The discount is directly applied to the total amount of the invoice and its value changes dynamically in relation to the number of days discounted from the original invoice’s due date.
Francesco Giordano, UniCredit’s co-CEO of commercial banking for Western Europe, says: “UniCredit is strongly committed to developing innovative and efficient solutions for its clients. As part of this, we are collaborating with selected fintechs to improve our corporate client offering and meet changing client needs.”
“We believe that the service offered by FinDynamic is the right fit for our clients and their suppliers’ working capital needs in the current market environment, providing a true value-add for all parties,” Giordano adds.
FinDynamic’s solution allows both the buyer and its suppliers to automatically view invoices through a web-based or mobile platform and select approved invoices for early payment.
UniCredit is one of the first banks to join the dynamic discounting platform and the solution is currently in the roll-out phase to corporate customers in Italy.
