The FINANCIAL — The group has extended the FinDynamic solution, which allows companies to optimise working capital, to UniCredit Factoring customers. UniCredit was today awarded the 2020 Premio dei Premi (Prize of Prizes) National Award for Innovation by the President of the Republic Sergio Mattarella, the Minister for Technological Innovation and Digitisation Paola Pisano, and the Minister for Public Administration Fabiana Dadone.
The award was presented to UniCredit for its Dynamic Discounting service, developed in partnership with the Italian fintech company FinDynamic, which offers companies’ supply chains a range of financial support solutions that extend beyond traditional services, including the ability to support suppliers by alleviating possible financial tensions linked to the SARS CoV-2 pandemic.
The recognition is given to companies, public entities and design professionals from among the winners of prizes for innovation awarded annually by the main business associations.
In June, UniCredit won the 2020 ABI Award for Innovation in Banking Services for its Dynamic Discounting service.
Following the positive reception that this solution received from the bank’s corporate customers, from December UniCredit decided to extend the collaboration with FinDynamic to UniCredit Factoring’s customers, in order to further expand the range of solutions that allow companies to optimise working capital.
The Dynamic Discounting programme developed by the fintech company, in which UniCredit is also an investor, completes UniCredit Factoring’s dedicated range of products for supply chain financing, adding to its U-FACTOR Confirming and Reverse solutions, already available to companies with particularly complex supply chains.
FinDynamic has developed an innovative solution that allows buyers to benefit from a customisable platform that can be integrated with their ERP/treasury systems, with an automated on-boarding function.
UniCredit has already successfully customised its Dynamic Discounting solution for customers such as Furla, Venchi, the Arena Group, Prezzemolo and Vitale, as well as many others. Now, through UniCredit Factoring, it will further expand this support to production chains, which is even more important over this emergency period.
Dynamic Discounting allows buyers to offer their suppliers advance invoice payments in exchange for a discount, which varies depending on how many days in advance of the agreed payment date the invoice is settled, drawing on buyers’ available liquidity and offering their suppliers relief in the event of financial strain. The service also provides the opportunity to develop sustainable claims validated by Bureau Veritas Italy.