“AnticipateMI,” the integrated service of DocuMI and Workinvoice
From the partnership between DocuMI and Workinvoice, AnticipaMI was born. The innovative digital invoice advance service that integrates electronic invoicing, risk analysis, trade receivable management and credit assignment services into a single product. AnticipaMI will enable Italian SMEs to collect their invoices immediately by obtaining immediate liquidity.
Matteo Tarroni, Founder and CEO of Workinvoice
The integrated AnticipateMI service
The partnership between DocuMI and Workinvoice
A single product that allows businesses to easily have complete control over trade credit from invoicing to collection, with just a few clicks and through a streamlined, fully digital process. It is called AnticipateMI and is the service born out of the integration between YouDOX, DocuMI’s electronic invoicing and legal storage platform chosen by more than 275.000 traders in Italy, and Workinvoice. Italian fintech pioneers trade credit exchange.
The service represents a breakthrough compared to current digital invoice trading solutions; and, Compared to bank invoice advances and even traditional factoring. In that it will make available to businesses in a single dashboard an integrated electronic invoicing, management and credit advance solution that will enable businesses to:
- Having a flexible finance tool. That allows them to choose how many and which invoices to assign, anticipating the collection of only what they need, when they need it and without long-term contracts;
- Relieve its financial exposure to banks. thanks to a new liquidity channel, which is non-banking in nature and does not involve any reporting to the Central Risk Service;
- Improve their balance sheet and bank rating and have more cash. To meet deadlines and thus seize new business opportunities;
- Granting customers more payment extensions, without giving up immediate collection, and pay suppliers immediately, thus obtaining more advantageous economic terms;
- Outsource credit management and streamline the administrative machine, no longer have to “chase” debtors to be regular in their payments.
A simple and secure resource
Companies will thus be able to take advantage of an extremely streamlined and simple trade credit assignment process. Once the invoice to be assigned has been selected, and the debtors and receivables have been analyzed to define collectability and certainty, it will be sold to institutional investors. And the company will get 90 percent of the face value of the credit in 48 hours (the balance upon payment of the invoice by the customer).
In addition, the debtor analysis and predictive risk assessment developed by Workinvoice will allow companies to have more useful information for selecting clients to work with.
In an environment where Italian companies are constantly looking for liquidity, to cope with the crisis dictated by the global pandemic, AnticipaMI is an important resource. Because it lowers the risk of non-payment and thus does not affect the Central Credit Bureau. Thus facilitating the granting of other bank loans – thanks to the “non-recourse” clause, whereby the risk of default by the customer is transferred to the buyer.
Lack of liquidity forces companies to dissipate a great deal of energy in controlling cash flow, continually seeking financial resources and managing trade receivables, all to the detriment of their business growth. And the use of bank credit too often gets bogged down between excessively long timelines and bureaucratic complexities involved in assessing creditworthiness.
It is in this scenario that invoice trading offers a complementary solution to banks. To rebalance the need for liquidity on the one hand, and actual collection times on the other, in a quick and easy way. But it also offers clear advantages in terms of flexibility over factoring.
In that it requires no commitment to surrender all invoices and also accepts individual invoices of normally small amounts (5.000-10.000€).
The protagonists’ commentary
“A partnership, the one with Workinvoice, that allows us to further strengthen the relationship of trust with our customer base. While at the same time putting at the center of DocuMI’s development, value-added solutions that support our customers’ business growth.” – commented Federico Rostagno, DocuMI CEO.
“Through this agreement with DocuMI, we add a new element to the digital convergence strategy with operators that provide excellent services to SMEs. And who, like us, believe in a stronger digitization of management, accounting and financial processes.” – said Matteo Tarroni, CEO of Workinvoice. – “The impact of the lockdown on the Italian system is yet to be assessed and absorbed. But it certainly highlighted the importance of quick, digital solutions to businesses’ financial needs.”