29th Alpbach Finance Symposium:
Bank Austria "Supply Chain Finance" solution awarded most innovative financial service in 2015
- "Trade Purchase for Buyers" – Bank Austria’s innovative solution for financing supply chains – enables companies operating on international and national levels to extend payment deadlines and thus create liquidity, without weakening the financial capacity of the supplier
At the 29th Alpbach Finance Symposium, participants of the forum voted Bank Austria’s supply chain finance solution "Trade Purchase for Buyers" the most innovative financial service in 2015. It is the sixth time in a row that Bank Austria has received this award.
Dieter Hengl, Management Board member responsible for Corporate & Investment Banking at Bank Austria, had this to say: "The fact our supply chain finance solution was considered the most innovative financial service in 2015 during the Alpbach Finance Symposium by decision makers in the economy shows that our expanded service range has been very well received by our customers. This award confirms our pioneering role as the leading, innovative bank in Austria."
With the financial solution "Trade Purchase for Buyers", Bank Austria provides an innovative tool which can be used to increase the efficiency of financial flows within a supply chain. This service offers a web-based system that synchronises the actual supply chain with the financial supply chain, and thus creates liquidity on demand for the suppliers of a purchaser. The Internet platform is user-friendly and is developed for the requirements of medium-sized and large companies operating in Austria as well as internationally. No installation is necessary, the system can simply be accessed via the Internet.
It is easy to use: when a company receives a delivery as a purchaser according to the regulations, and accepts the invoice, the invoice can be uploaded to the Bank Austria "Trade Purchase Platform". Bank Austria then purchases the receivables from the supplier concerned without recourse. The interest rate for these receivables is based on the creditworthiness of the purchasing company and offers the supplier an attractive financing opportunity. Affordable, quick, and relieves pressure on the balance sheet.
"This service offers benefits for both purchasers and suppliers: the purchaser benefits from improved liquidity thanks to the extension of the payment terms and the optimised working capital. In addition, the relationship with core suppliers is strengthened. The supplier can replace outstanding receivables with liquidity, save on financing costs and improve working capital by selling the receivables without recourse," says Hengl.
UniCredit Bank Austria Media Relations
Martin Kammerer, Tel.: +43 (0) 5 05 05-52803;