Banca Sistema, an institution specialised in meeting the cash flow needs of businesses with public sector receivables on their books, and Banca Popolare del Lazio, which for over a century has helped drive the economy of the Region, have signed a partnership agreement for the provision of factoring services.
The agreement unlocks the expertise and specialist services of Banca Sistema for Corporate customers of Banca Popolare del Lazio, in a region where average collection times for public sector receivables are still very long. With a DSO of 135 days1 in January 2018, payment times in the Lazio Region are still far off the mark of the term set by law.
The aim of the partnership is to offer companies the opportunity to sell, with or without recourse, their trade and tax receivables. For the latter in particular, a specialist cash financing service is available for companies with VAT credits, following the introduction of the split payment mechanism.
The new partnership reinforces the capacity of Banca Popolare del Lazio to meet the needs of its Corporate customers, while indirectly expanding the presence of Banca Sistema in the region, building on the historical foothold of the regional bank throughout the Lazio area.
In the words of Andrea Trupia, Factoring Sales Director for Banca Sistema: “With this agreement, which adds to the other 18 partnerships in place with various banking institutions operating across the country, Banca Sistema has expanded the distribution channels for its products, especially in the Lazio region, where demand for specialist financing services by businesses is strong.”
Massimo Lucidi, Chief Executive Officer of Banca Popolare del Lazio, stresses how “With this agreement, our institution has expanded its specialist business financing services for the local region, marking an important step forward in improving customer service and helping enterprises latch onto a recovery which is slowly, but surely, getting underway.”