“At sight” payments of invoices to support suppliers:
UniCredit supported circa 37 thousand suppliers in the last 12 months thanks to processing close to 4 billion euros of invoices faster
- In the last twelve months UniCredit Bank Austria paid approximately 24,000 invoices to 3,400 Austrian creditors in a total amount of 239.7 million Euros with an average payment time of three to five days
- The initiative will be extended until end of September 2021
UniCredit has supported groupwide around 37 thousand suppliers thanks to processing close to 4 billion euros of invoices significantly faster through a dedicated initiative first launched in April 2020 in response to the business impact of the Covid-19 crisis.
In Austria 24,000 payments were accelerated to 3,400 creditors in a total amount of 239,7 million Euros with an average payment time of three to five days.
Paying suppliers faster means paying invoices “at sight” rather than by standard contractual terms thereby considerably speeding up the payment cycle and helping businesses with their working capital needs.
Robert Zadrazil, CEO of UniCredit Bank Austria: “As Austria's leading corporate bank, we are a stable and reliable partner for local businesses – from one-person companies to large corporations. By anticipating payments to our suppliers, we supported not only their liquidity, but also set a positive example of how large companies can help other companies in this crisis situation.”
Carlo Vivaldi, Co-Chief Operating Officer of UniCredit: “Businesses across our markets continue to face the many challenges from the Covid-19 emergency and we are committed to supporting them and providing liquidity to the real economy. The faster invoice processing initiative allows us to offer concrete support to thousands of suppliers across our Group, helping us be part of the solution and actively contribute to business recovery from this crisis.”
The initiative has so far allowed UniCredit to significantly speed up the payment of 300 000 invoices Group-wide compared to standard terms and will be extended until end of September 2021 to offer continued support in the current challenging market context, always in compliance with all standard local controls.
About UniCredit
UniCredit is a simple successful pan-European Commercial Bank, with a fully plugged in CIB, delivering a unique Western, Central and Eastern European network to its extensive client franchise. UniCredit offers both local and international expertise to its clients, providing them with unparalleled access to leading banks in its 13 core markets through its European banking network: Italy, Germany, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Romania, Russia, Serbia, Slovakia and Slovenia. Leveraging on an international network of representative offices and branches, UniCredit serves clients in another 16 countries worldwide.
Enquiries
UniCredit Bank Austria Media Relations
Volker Moser, Tel.: +43 (0)5 05 05-52854
Email: volker.moser@unicreditgroup.at