Entering the new year finbc and WinstantPay signed an agreement for future cooperation in the field of international invoicing, financing and payment.
Whereas both companies intend to jointly expand their marketing and business development on a global scale, finbc will support WinstantPay in Europe and finbc will be supported by WinstantPay mainly in their domestic markets South East Asia, Australia and USA.
According to Hervé Lacorne, Chief Innovation Officer of WinstantPay, bankers often are reluctant to fund foreign receivables. The combination of WinstantPay FIT and finbc factoring marketplace over blockchain empowers SMEs for export transaction financing as these often fall outside of the risk profile of their banks.
WinstantPay was formed to provide a global network for instant settlement of payments in any currency, anywhere, and anytime. With the rollout of the Fast International Trade (FIT) WinstantPay customers will be able to send invoices to be settled or accepted in real-time. finbc’s receivables exchange and financing platform brings a unique opportunity for exporters to finance their global receivables and to better manage their working capital. Exporting and trade financing will be easier and cheaper for SMEs.
Stefan Grimm, CEO of finbc GmbH, mentioned that with finbc SME companies can manage their working capital easier and more convenient including instant access to liquidity without bureaucratic hurdles. We help to connect corporates with other corporates or financial institutions providing liquidity. This provides a win-win scenario especially in emerging countries. Together with our partner WinstantPay we can jointly provide this service portfolio also outside of Europe using their customer base while plugging into their global instant payment service.
We are happy to collaborate in order to jointly expand the e-invoicing and factoring services to the Asian region. Accelerating customer receivables management and working capital finance will ease the pain of complex and highly bureaucratic administration processes for small and medium enterprises and reduce the costs of cross border transactions. Receivables financing and factoring in cross border transactions are a perfect match for blockchain technology, which is seamlessly integrated into the conventional payment and banking systems. The risk of fake invoice is mitigated if not eliminated and invoices can be traded over the blockchain.