Intesa Sanpaolo, Kyriba Partner For Dynamic Discount Service

Italian bank Intesa Sanpaolo will work with supply chain finance FinTech Kyriba in order to debut a new dynamic discount service, a press release says.

The service will allow large buyers with excessive liquidity to offer suppliers advance payments of invoices, with discounts on the already-agreed-upon prices.

Edi Poloniato, global head of working capital solutions at Kyriba, added that dynamic discounts were becoming a strong solution for finance leaders looking to optimize liquidity.

“Supplier onboarding automation and supplier financing flexibility in a localized solution across the Intesa Sanpaolo platform gives Italian companies a significant advantage at a time when it is most needed,” he said, according to the release.

The program, according to the release, aims to bolster Italian production chains, which are key drivers set to help reinvigorate the country’s pandemic-ravaged economy through boosts to development, employment and investment.

“Kyriba’s partnership with Intesa Sanpaolo opens new opportunities to serve CFOs and treasury leaders worldwide with active liquidity management solutions to help them better navigate the ‘new normal’,” said Jean-Luc Robert, chairman and CEO of Kyriba, according to the release. “We see growing demand for supply chain finance solutions to help corporations optimize liquidity and drive growth.”

Stefano Favale, head of global transaction banking at Intesa Sanpaolo, said the solution “offers buyers the opportunity to optimize excess liquidity cycles and, at the same time, improve corporate margins, simplify supplier management, and integrate flows and payments with their ERP systems,” the release said.

“Companies can access the service directly from Intesa Sanpaolo’s Inbiz platform, acknowledged for its user experience and as a digital portal designed for a comprehensive interaction with the Bank,” he said.

In May, Intesa Sanpaolo made a deal with Gucci in order to ease financing for small companies supplying the firm, PYMNTS reported, with the bank planning to apply the financing conditions received by Gucci to its suppliers in order to give cheaper, quicker credit access.