BANKIA SA - Since its commercial launch in early June in Bankia branches in Castilla y León, the system is recording weekly geometric growth in transaction flow and in total debt cleared
- Based on collaborative economics, Nettit allows invoices to be paid without using money or payments to be received immediately, reducing payment periods and costs, by means of multilateral netting and indirect payment to suppliers
Ever since Nettit was rolled out this past 1 June in around 150 Bankia branches in the region of Castilla y León, the amount of transactions netted has topped 11 million euros, thus doubling in less than one month the level of netting carried out since the agreement to market this service was signed between Bankia and Everis at the end of last year. These numbers bear out the expansion of this advanced FinTech (Financial Technology) solution which is based on the collaborative economy and allows large companies, small and medium enterprises and independent contractors to manage payments and collections of invoices in a profitable, flexible and secure business network.
One of the advantages of Nettit is that it allows businesses to draw advances on their invoices without the debtor having to make any disbursement of money, or obtain a high yield by paying suppliers via Nettit. In the latter case, a customer who decides to pay with his cash obtains the highest return, and even customers who opt not to use their money can still obtain a profit with what is known as prompt payment confirming arrangement, specifically designed by Bankia for Nettit customers with exclusive conditions for those customers.
The most innovative feature of the tool is the netting of invoices receivable against invoices payable so that payments can be made without reducing an enterprise's liquidity. To do this Nettit uses both a multilateral clearing system and indirect payment, allowing participants to choose either to be paid in money at a very low cost, or at an even lower one if they use the receivable to pay their debts.
In the words of Carlos Ceruelo, head of Everis in Castilla y León, marketing the service through Bankia's branches in the regions "allows Everis to consolidate Nettit as an advanced FinTech solution opening up ground in the business world, while also offering the assurances implied by having been adopted by such an important bank. Nettit is one of the best examples of the modern and growing collaborative economy and its large-scale adoption thanks to its commercial promotion by Bankia will further propel it along those lines".
The enrolment campaign started up in Bankia branches is based on a very attractive offering designed to allow businesses in the region to familiarise themselves with the system and begin to use it in their commercial transactions with customers and suppliers, thereby revolutionising traditional financing arrangements and working capital needs for all players in the Spanish business community.
About Everis, an NTT DATA Company
Everis is a company in the NTT DATA group that offers business solutions, strategy, development and maintenance of technological applications and outsourcing services. The company is active in the telecommunications, banking, manufacturing, utilities and energy sectors, government and healthcare industry and recorded turnover of €608 million in the last financial year. It currently employs 11,000 professionals in its offices and high-performance centres in 13 countries.
The consultancy is part of the NTT DATA group, a leader in the IT sector and global innovation partner with over 70,000 employees in more than 40 countries. Its integration in NTT DATA allows Everis to broaden the solutions and services delivered to its clientele, to deepen its capacities, and increase its technological support, geographical reach and financial resources so that it can deliver the most innovative responses to its customers.
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