This will considerably speed up the payment cycle and ensure payments are made faster than the standard contractual terms of 60 days. The acceleration of payments will further support businesses in their working capital management.

Ranieri De Marchis and Carlo Vivaldi, Co-COOs at UniCredit, said: "This decision will have a concrete impact on the thousands of suppliers to our Group. By anticipating payments, we are adding liquidity to the real economy at a time when it makes a real difference. As ever, we want to act as reliable partner to our suppliers and would encourage them to act similarly as regards their own supply chains."

UniCredit will immediately execute the bank transfers to its suppliers, after having received the electronic invoice from the tax authority platform SDI and having complied with all standard controls.