As part of the implementation of supply chain financing management services and approval of assignment procedures, Credemfactor (a Credem Group company specializing in factoring) has signed two agreements:
- with Finwave, a fintech company specialized in vertical solutions for the financial market
- with us at Modefinance
In detail, the partnership with Finwave has made it possible to launch in recent months a new financial product called confirming which, within a production chain, allows the supply chain buyer company to grant a mandate to a financial operator (specifically Credemfactor) for the payment of your invoices on time. This service allows client companies to optimize treasury and payment management, finance company liquidity and support their production chain by strengthening commercial agreements with suppliers. Credemfactor aims to reach 100 million euros in value of assignments deriving from confirming contracts by the end of 2025.
How does it work?
The buyer company instructs Credemfactor, through an irrevocable mandate, to proceed with the payment of its future due dates to the suppliers included in the confirming program, with the possibility of benefiting from an extension of its reimbursement times of the sums paid upon maturity. The service is completely digital and managed via the "Digital Fast Factoring" platform, which allows the sending of orders. Payments in the confirming program are managed by Credemfactor, simplifying administrative work. Companies that use this service can choose to defer payments based on their liquidity needs and seasonality. Suppliers can access the platform to see in real time the invoices recognized and indicated for payment, and can also assign invoices to receive advance payment. Also together with Finwave, the new electronic credit procedure was developed which made it possible to introduce a simpler credit language, increase internal operational efficiency, reduce operational risks and improve the levels of services offered to customers, both in the of investigation/resolution and in the context of its completion.
Furthermore, again in the context of the management of credit practices, an automated decision-making process dedicated to small business and small corporate companies has been implemented with the joint support of Finwave and Modefinance, which has the aim of speeding up and optimizing credit decisions. This is the first instant factoring product in Italy, designed to reduce the processing times of the procedures and provide answers in a few hours thanks to the integration of our expert automated scoring systems with the electronic credit procedure developed by Finwave, to support the credit assessments of the Credem Group. Innovation that ensures a fast, reliable and customer-centric process.
Angelo Mezzacasa, Corporate Solutions Director of Finwave, added: “The partnership with Credemfactor, consolidated over years of collaboration, has allowed us to develop a strategic project based on a personalized and flexible approach to the digital transformation of banking processes. This is an attitude that Finwave has cultivated in the factoring field for over 10 years. Our PEF (Electronic Credit Application), integrated within a solid and structured reality like Credemfactor, confirms its effectiveness in being a tool to support credit assessment".
Valentino Pediroda, co-founder and CEO of Modefinance, commented: "We are pleased to announce this agreement, one of a kind, because it represents a significant step in the evolution of the sector in Italy, thanks to the synergy between Modefinance, Finwave and a player reference such as Credemfactor. It is a strategic initiative that accelerates and optimizes credit decisions for Italian SMEs, thanks to process automation. Modefinance, in the dual role of Rating Agency and technology company, confirms itself as a technological facilitator for the banking sector, offering advanced tools for risk assessment and the digitalisation of financial processes. Through our proprietary Tigran platform, we have integrated an innovative model that allows the factoring business to be simplified and made more efficient, guaranteeing greater speed and precision. and scalability in credit decisions".