5 highlights in sustainable finance for BNP Paribas in 2019
Sustainable finance is a powerful lever for economic transformation, creating a more responsible...
Digital transformation impacts every service within companies, especially the accounting service. In the age of digital invoices, BNP Paribas is innovating by launching FINSY, a 100% digital solution to finance accounts receivable. No more need for printing, scanning or postal mail: with FINSY, invoice financing is easier than ever!
Have you ever found yourself waiting several months for a customer to pay an invoice, with no word from their part?
Despite the legislative measures adopted in France (LME law, Macron law and Sapin 2), one in three businesses still fails to pay its bills on time. For that reason, the payment deadline observatory has remarked that VSBs (very small businesses) and SMEs (small to medium-sized enterprises) miss out on over 12 billion euros.
Cash flow problems weigh heavily within many different companies. They can hinder the commercial development and innovation capacity of these businesses. They can even lead to bankruptcy, as 25% of failed businesses are due to late payments.
To address this problem, new methods are now available to avoid cashflow discrepancies, such as digitalised management of accounts receivable.
Digitalising invoices has shaken up every aspect of financing accounts receivable. Digitalisation is advancing, stimulated by regulatory reforms and the spread of new technologies within businesses. In 2016, 8% of invoices worldwide were already electronic.
Indeed, paper documents are time-consuming, cumbersome, ecologically wasteful and costly. Digitalisation eliminates the need to manipulate paper documents and reenter accounting data, helping to avoid the errors generated by paper.
By saving time, reducing costs and optimizing processes, estimates say that digitalising invoices can generate savings of up to 75% within the accounting department.
In this context, BNP Paribas is contributing to the dematerialisation trend and is adapting its invoice financing offer to match these new developments.
The Group recently launched FINSY, a digital solution enabling companies to benefit from a cash advance equal to the total amount of their invoices in a simple and flexible way. FINSY makes it possible to obtain financing approval in 48 hours.
Created by BNP Paribas Factor, known for its expertise in managing accounts receivable through factoring, the FINSY solution is unique thanks to the following features:
With its simplicity and user-friendliness, FINSY offers a powerful response to the immediate cash flow needs of companies and accompanies businesses in meeting their invoice financing needs.