UniCredit and Iren have signed an agreement that will enable the multi-utility's suppliers to benefit from early payments. The aim of the deal is to support the Italian business system and boost the economic recovery by stimulating a driver of growth.
Under the agreement, UniCredit Factoring is making up to €140 million available to Iren Group supplier companies, to be used for advance payments of trade receivables. This improves suppliers' accounts-receivable management and enables them to access the bank's tailor-made solutions at favourable conditions, thanks to the buyer's high credit standing.
The agreement grants suppliers of Iren Group companies maximum flexibility in the management of their working capital, accessing receivables even before the payments fall due and simplifying the accounting of collections and payments for all participants thanks to a purpose-built IT platform.
UniCredit and Iren have also created a bespoke digital solution within U-FACTOR Reverse Factoring that integrates with the multi-utility's own management system, meaning the buyer can upload invoices directly and confirm the amount payable. This streamlines the whole process and allows suppliers to decide - using the same platform - whether and when to receive early payment without any additional formalities.
A virtuous circle of liquidity is created, generating positive impacts throughout the supply chain and driving economic growth.
Milan, 6 December 2021
Media Relations UniCredit