Banca Sella and Workinvoice form Italy’s first open banking partnership
Italian fintech Workinvoice has teamed up with Banca Sella to offer the bank’s customers seamless digital solutions to finance their working capital.
Banca Sella customers can now offer factoring
Factoring as a service will be among the first available features, enabling businesses to unlock liquid assets from their collection and payment cycle.
Medium-sized companies – those turning over between €50 million and €300 million annually – will be given access to the digital reverse factoring services. The partners state that this service will “provide greater transparency and flexibility for supply chain financing.”
“Banca Sella was the first Italian institution to grasp the value that open banking could generate for customers,” says Doris Messina, the bank’s head of digital transformation and marketing.
“Therefore, this partnership with the fintech company Workinvoice is an important part of our innovation process.
“Collaborations of this kind will make the difference in the future and will allow us to offer even more rapid and effective solutions, which are based on the customers’ needs and seize the opportunities that are made available by technological innovation.”
Matteo Tarroni, CEO and co-founder of Workinvoice, says the collaboration represents a further step in the fintech’s embedded finance strategy.
“Embedded finance has just recently entered Italy thanks to PSD2, the Italian law on mandatory electronic invoicing, and by open banking,” he states.
“We strongly believe in this integration, that has been underway in the world for some years now and that has finally come to Italy. It is no coincidence that our technology was specifically developed to be seamlessly embedded within any type of structure.”
Workinvoice’s system is based entirely on APIs and enables a constant dialogue with Banca Sella’s API platform.
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