Unicaja Confirming

It is a financial service offered by Unicaja to companies so they can manage and speed up payments to their suppliers without using up their risk limits. Under this service, Unicaja will take charge of making payments to suppliers on behalf of the customer company in accordance with the invoices issued by said suppliers. Suppliers are additionally given the option of collecting in advance the invoices issued in their favour without using up their risk limits and without any approvals or procedures that lengthen the process.

1. The party that has subscribed the Unicaja Confirming Service sends on the Digital Banking Service a remittance of the invoices they wish to inform their suppliers about with the different due dates.
   
2. Unicaja will then inform the suppliers about the list of invoices issued in their favour through an e-mail or by post.
3. The suppliers —regardless of whether or not they are Unicaja customers— can decide whether to wait for the invoices' due dates or to request on the Unicaja Confirming Supplier Portal one-off payment of one or all the invoices included in the list and/or request automatic payment in advance of any future invoices that are issued and receive payment thereof in their account at the same time as the customer sends the invoices to Unicaja through the Unicaja Confirming Service.
4. If the party that has subscribed the service wishes to protect their liquidity, they have the possibility of deferring payment without detriment to their suppliers collecting them in due time and proper form, given that Unicaja will make the payments.

We explain it in greater detail in the following example:

A bespoke furniture design company subscribes the Unicaja Confirming service. It purchases solid oak wood boards from three different suppliers in September, two of which are domestic suppliers (A and B) and one is a foreign supplier (C), agreeing to pay the invoices in 90 days. Supplier A prefers not to wait and gets paid in advance through the Unicaja Confirming Supplier portal in exchange for interest. Suppliers B and C prefer to wait for the due date. Once the 90 days have elapsed, the furniture design company prefers to defer payment. However, since it has subscribed this service, Unicaja makes the payment to the suppliers in due time and proper form.

The Unicaja Confirming Service is aimed at the institution's customer companies wishing to improve their administrative management and provide liquidity to their suppliers without using up risk limits (it will not appear in its CIRBE, or Bank of Spain Risk Information Centre, record). The supplier—regardless of whether or not it is a Unicaja customer—can manage its requests in an autonomous fashion on the Unicaja Confirming Supplier Portal.

Granting of the Unicaja Confirming Service is subject to institution's criteria.

Both are financial instruments used to administer payments and business transactions. Although they have some similarities, they also have significant differences:

• Promissory note: A promissory note is a debt document through which a person or entity (called the payor or drawer) promises to pay another person or entity (called the payee or drawee) unconditionally. It is essentially a written agreement to pay a specific amount of money at a certain time. A promissory note can be used as a form of financing or as a guarantee of payment.
  
• Confirming: Also known as reverse factoring, it is a service which is responsible for administering payments to suppliers on behalf of a customer company. The customer company authorises Unicaja to pay invoices to its suppliers on its behalf within the agreed time limits through the Unicaja Confirming Service. In keeping with the customer company's instructions, Unicaja becomes the payor and makes payments to suppliers. The customer company must subsequently reimburse Unicaja the amount corresponding to the invoices that have thus been paid.

Of course you can. In addition, you can do so in the most commonly used currencies.

Make sure you create payment orders at least five business days in advance.

If you are a supplier, you must register for the new Unicaja Supplier Portal in order to request payments in advance.