Banca Sella (digital banking champion) and Workinvoice (Italian fintech pioneer) have partnered to jointly develop new, seamless digital financial services for corporates.
The collaboration between Banca Sella and Workinvoice will provide the bank’s corporate customers with customer centric convenient solutions to finance their working capital. One of the first services that will be launched is factoring as a service, which will allow companies to unlock liquid assets from their collection and payment cycle.
This will be followed by a digital reverse factoring service which will provide greater transparency and flexibility for supply chain financing, and unlike traditional reverse factoring services, this will also be available to medium-sized companies (those having €50M to €300M annual turnover) which are usually excluded from these solutions.
The flexibility of Workinvoice technology has enabled this collaboration. Workinvoice has developed a system that is entirely based on APIs (Application Programming Interfaces) and enables a constant dialogue with the API platform provided by Banca Sella, so as to offer the bank’s customers fast, digital services and a simple, intuitive experience.
"Banca Sella was the first Italian institution to grasp the value that open banking could generate for customers. 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" – stated Doris Messina, Head of Digital Transformation and Marketing at Banca Sella.
Matteo Tarroni, CEO and co-founder of Workinvoice, commented: "This partnership with Banca Sella, is a great development for Workinvoice and for Italian corporates. Banca Sella’s history delivering the best services for their customers gives Workinvoice a market leading partner to scale best in class digital financial solutions, and, most importantly, gives corporates another tool to address their evolving needs. It also represents a further step in the development of our strategy in embedded finance, that is the integration of fintech services into the offer of financial institutions or corporates. In fact we have already made available truly digital financial services to the customer base of CRIF Group (the leading business information company in Italy) and EnelX (the innovation division of the major Italian utility). Embedded finance has just recently entered Italy thanks to PSD2 (the European law about digital payments), the Italian law on mandatory electronic invoicing, and by open banking. 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."