Nexi, the Paytech in Europe, and Piteco, an Italian software house offering corporate treasury management and financial planning solutions, entered a partnership enabling large corporations and SMEs to access a digital payment solution.
The service provides firms with an additional line of credit, along with controlled, automated and secure management of authorization flows, in order to support a rapid inflow of liquidity into the supply chain.
Thanks to the integration between Piteco’s software and Nexi’s virtual credit cards, the supply chain finance solution offers firms with tools capable of optimizing cash flows, reducing in a sustainable way impacts in terms of liquidity, and therefore the scheduling of payments.
Furthermore, businesses may now rely on an additional line of credit by arranging for timely payments to suppliers based on deferred debit. The service provides considerable efficiency gains in the management of authorization processes, which are completely automated.
The entire process contributes to reducing the financial stress to which most firms in the supply chain may be exposed, particularly those at the tail end. As of September 2021, firms in Italy that paid their suppliers with a delay exceeding 30 days represented 11.8% of the total, meanwhile, 38% of firms had paid on time.
These figures are improving, however, business are still experiencing the effects of the COVID-19 pandemic, as reflected by the growth in the number of late payments (+12.4%) compared to the end of 2019 .
Alberto Panariello, Head of Cards Sales & Partnerships at Nexi, stated:
“The partnership with Piteco allows us to provide Italian companies with an innovative, reliable and secure tool that offers them tangible advantages in the daily management of their liquidity. This is a significant expansion of the range of services we offer businesses and proof of how digital payments can guarantee large corporations and SMEs efficiency, speed and better business management.”
Paolo Virenti, CEO of Piteco, remarked:
“In a delicate moment like the current one, reducing payment times increasingly becomes a key factor in relations with partners and suppliers. Through this important partnership with Nexi, Piteco is proud to continue contributing to the creation of a true Supply Chain Finance culture. A culture that combines, on the one hand, the need to make processes seamless and more efficient, and on the other, the desire to operate in a manner consistent with the increasingly widespread and rigorous ESG policies that companies design and adopt.”
Virenti added:
“The commitment to generating value for all the stakeholders clearly identifies solutions designed to protect and support the supply chain of partners and suppliers as being essential tools. To continue designing and developing these solutions for our clients, while at the same time looking at how they can enable new growth paths for the clients themselves, is in turn what we see as one of Piteco’s main responsibilities.”