Said to be one of the first open banking partnerships in Italy, Banca Sella and Workinvoice have announced a partnership to develop end-to-end digital financial services for corporates.
According to a note from the company, Workinvoice will integrate digital products for corporates, like services for working capital and factoring, into Banca Sella’s platform. The collaboration between Banca Sella and Workinvoice will provide the bank’s corporate customers with more convenient solutions f0r accessing capital. Factoring is expected to be the first service offered which will allow companies to gain improved liquidity in their payment cycle.
This will be followed by a “digital reverse factoring service” for supply chain financing and will be available to medium-sized companies (revenue of €50M to €300M).
Workinvoice has developed a system that is entirely APIs based that allows for a constant dialogue with the platform provided by Banca Sella, so as to offer the bank’s customers fast, digital services and a simple, intuitive experience.
Doris Messina, Head of Digital Transformation and Marketing at Banca Sella, commented:
“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.”
Matteo Tarroni, CEO and co-founder of Workinvoice, said the 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).”
Tarroni explained that embedded finance has only recently entered Italy but they strongly believe in these types of services.