The bank commitment in commercial relationships with third parties
- Certainty of payment of suppliers.
- Guarantee of contractual performance.
The guarantee is one of the technical means by which commitments are realised. These are fiduciary transactions by which Intesa Sanpaolo grants credit, undertaking to guarantee that the customer will fulfil undertaken obligations with third parties. Within the terms of validity of these obligations, the bank may be called to pay sums in compliance with the terms of the guarantee: in this case the customer must pay back the amount to the bank.
In international trade "first demand" international guarantees are generally used in order to avoid any objections against the request of payment (enforcement). These guarantees are defined 'independent' because they allow the beneficiary to demand immediate payment by the guarantor bank simply stating that the debtor (ordering party) is in default.
Guarantees may be issued on behalf of the:
- Seller, against the risk of default of the debtor for commercial/financial reasons (payment guarantees);
- Buyer, against failures of seller’s performance (contractual guarantees).
This instrument :
- allows the beneficiary to be certain of the outcome of the underlying commercial transaction;
- allows the ordering party to avoid immediate payment.
Inbiz, the Corporate Internet Banking platform of Gruppo Intesa Sanpaolo, allows business companies to simplify the management and monitoring of complex transactions by:
- communicating with the bank at every operating step of the guarantee:
- to be issued (issue request , digital signature of the contract and amendments, deletion, notification of the request of enforcement) and
- to be received (notification of the received guarantee, amendment and enforcement);
- consulting reports on the existing transactions in real time;
- cutting the processing time;
- allowing several users to use the application with different levels of personalised access and operations.