Modelling international reverse factoring - and the future of supply chain finance

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1 Eindhovn, Fuay 212 Moding intnationa v actoing - and th utu o uppy chain inanc By Mak van La BSc. Indutia Engining and Managmnt Scinc TU/ 29 Studnt idntity num: TU/: UvT: in patia uimnt o th quimnt o th dg o Mat o Scinc in Opation Managmnt and Logitic and Mat o Scinc in Financ Supvio: d. F. Taniv, TU/, OPAC po. d. B.J.M. Wk, UvT, Economtic & Opation Rach

2 TUE. Schoo o Indutia Engining. Si Mat Th Opation Managmnt and Logitic Tiug Univity. Facuty o Economic and Managmnt. Dpatmnt o Financ Sujct hading: uppy chain managmnt, intnationa inanc, actoing I

3 Atact In thi tudy a mod i dvopd that can ud to vau th quantiia nit om v actoing o th uy, uppi and ank in an intnationa tting. Thi mod i ud to vau a v actoing pogam in a a uin ca. A nitivity anayi i pomd on thi ca tudy to gain inight in 1 th contact dvopmnt and 2 chang ov tim in ik and dadwight cot o capita. Thi tudy how that intnationa v actoing ha mo poit potntia than domtic v actoing and th condition und which v actoing i mo poita. Futh thi tudy xamin th impact o th Ba III anking guation on uppy chain inanc and v actoing pciic, howv at thi point in tim thi impact on poduct v i not ca. Dpit thi unctainty comind with ga iu and conomic unctainti, th utu outook o uppy chain i xpctd to good with high gowth at in th coming ya. II

4 Excutiv ummay In thi thi a mod i dvopd to vau intnationa v actoing. Rv actoing i a pciic om o uppy chain inanc. Though ot o dint dinition o uppy chain inanc go aound in th makt, thi thi wi u th dinition y Camini 28: th nam attachd to th coction o poduct and vic that inancia intitution o to aciitat th managmnt o th phyica and inomation ow o a uppy chain. On o th poduct within th cop o thi dinition i v actoing. Rv actoing i a th paty vau cating tanaction twn a ank, uppi and uy. In v actoing a ank wok togth with a uy to povid a inancing oution to uppi. In thi tanaction th uppi i a to it account civa to th ank in xchang o immdiat cah. Thi na th uppi to otain cdit at a ow cot, inca aanc ht iquidity and kp pac with th uy gowth. Th uy i a xtnd it paymnt piod, hy th uy duc it inancing cot, impov th ationhip and inancia poition o it citica uppi. Th ank i a to chag an xta pmium on th dicount at o th account civa, acc a nw makt and co oth poduct to th uppi. Nxt to quantitativ ach in th it pat o thi thi, th cond pat wi tak a mo appid appoach. In thi ction managia impication and utu that, oppotuniti and xpctation o v actoing and th uppy chain inanc makt in gna wi divd om th mod and om cunt pactica iu. Rach In a tim in which taditiona tad inanc, a tt o cdit and tt o guaant a oing popuaity, ank hav ot viiiity in inomation ow o tad and th atd copoation. Aout 8% o goa tad i conductd on opn account and tanaction vic a coming a commodity, hy putting pu on magin. Th inancia cii and cnt natua diat, a th Japan tunami, hav xpod th agiity o today uppy chain, wh copoation hav puhd thi uppi to th imit y dmanding ong paymnt tm and puhing mo aw matia invntoy up th uppy chain. Th cii ao d to a igniicant dop in dmand o good and vic and mad ank tightning thi cdit tm, uting in im having diicuti inancing thi poduction cyc Vaicu, 21. In th itatu tudy it appad that though v actoing ha had much attntion y pactition, acadmic puication a ti ath a. Mot puication a quaitativ and dicu po and con o v actoing. Th ony quantitativ ach i th woking pap o Rindop & Taniv 211 that ha not n puihd yt. Th mod dvopd in thi thi di om th mod om Rindop & Taniv 211 y intoducing daut poaiity and taking a nw appoach to vau v III

5 actoing. Und pactition it i ivd that intnationa v actoing i mo poita than domtic v actoing. Tho, ad on th itatu tudy, two ach qution hav n omuatd that wi anwd in thi thi: 1 What acto inunc intnationa v actoing and how to mod th? 2 What managia impication can divd om th mod popod und 1 and om cunt pactica iu in th uppy chain inanc makt and within RBS? Mod Th mod that i dvopd to vau v actoing xamin th dinc twn a tad tanaction without v actoing and with v actoing. Sinc utu cah ow a unctain, thy a mad ik nuta o dicounting with th ik at. A ik nuta cah ow i a dtminitic cah ow with th am pnt vau a th iky cah ow. Howv inc thi cah ow i ik, it can dicountd with th ik at to dtmin th pnt vau. Sinc th ik nuta poaiity o daut can otaind om th intt at, th actua daut poaiity do not nd to known and hnc impii th vauation. Th it mod divd in thi thi i und th aumption o pct capita makt. Pct capita makt to a ituation in which at a tadd againt thi nt pnt vau and tho no aitag oppotuniti, no makt iction uch a inomation aymmti and tax xit. Futh a im inancing dciion do not inunc utu cah ow no do it va inomation. Du to th popti, v actoing houd not add vau to th uppy chain in pct capita makt. In th nxt tp inomation aymmti a intoducd, maning that th ank can hav mo inomation on im than th makt do. Thi dinc i aumd to uy aod y th ank, though axing thi aumption woud not impact th ut. Finay th mod i put in an intnationa tting to chck whth intnationa v actoing povid indd mo vau than it do domticay. Rut Accoding to thoy, it ha indd n povn that, in pct capita makt, v actoing do not add vau to th uppy chain. By intoducing inomation aymmti into th mod, it ha n povn that, und th ight contact t-up, a th paticipant a a to mak a poit. Bad on th dvopd mod, th oowing concuion on th poitaiity can dawn: IV

6 Suppi In od o v actoing to add vau, th uppi nd to hav; 1 high inomation aymmty with inancia makt than th v actoing chagd y th ank, coctd o th paymnt piod xtnion and 2 a igniicant nd o xtna hot tm capita. Th nit o th uppi i ag whn 1 th initia paymnt piod i ag, 2 th uppi ha mo inomation aymmty with inancia makt, 3 whn th v actoing i ma and 4 whn th paymnt piod xtnion i ma. Buy Fo th uy v actoing add vau whn 1 th paymnt piod i xtndd. And hnc th nit om v actoing o th uy i ag whn 1 th paymnt piod xtnion i ag and 2 th uy intt at i ag indpndnt o compoition twn ik pmium and dadwight cot o capita. Bank Fo th ank th nit om v actoing i poitiv whn 1 th v actoing pu th uy dadwight cot o capita i poitiv. Th nit o th ank i ag whn 1 th dadwight cot o capita om th uy i ag, 2 th v actoing i ag and 3 th xtndd paymnt piod i ag. Fo ank it i tho mo poita to ocu on uy o which thy hav mo inomation. Thi man th ank ha aady invtd in inomation on thi uy and tho inomation aymmty twn th ank and inancia makt on thi uy i igg, impying mo vau o th ank. Suppy chain Fo th tota uppy chain v actoing i vau adding whn 1 a paticipation containt a mt. Tota uppy chain inanc nit i ag whn 1 dadwight cot o capita om oth th uy and th uppi i ag and 2 initia paymnt piod i ag. Hnc v actoing add mo vau in induti wh paymnt piod a ag. Intnationa Apat om additiona pati that a invovd in th da, intnationa v actoing do not di igniicanty om domtic v actoing. By adapting a w dinition and xping intt at in th am cuncy, th mod tay th am. Howv, inc intnationa dinc in inomation aymmty, dadwight cot o capita and cdit ationing a much ag, th vau adding potntia o intnationa v actoing i igg than domticay. Fom th nitivity anayi pomd on a a uin ca within RBS, it appad that ov tim, th vau o th pogam o th uppi can com ngativ. Tho th uppi houd nu th contact ha nough aty magin o th intt at o th uy to uctuat. Futh th uppi houd monito th pogam and quit th pogam o ngotiat th tm onc th pogam do not add vau anymo. V

7 At thi momnt it i too ay to uy captu th impact o Ba III on a poduct v. Ba III wi inca capita quimnt, and thy cot, ov th u pctum o uppy chain inanc oing. At thi momnt th iquidity covag atio i xpctd to hav th iggt impact on anking. Sinc th Ba Committ ony povid guidin, and tho av pac o giona govnmnt to mak chang, dinc in impmntation can kw uppy chain inanc to dint gion. Anoth iu with uppy chain inanc i that though thy a tatd a having th am ik a gua ank oan, in aity tad atd poduct tnd to hav ow ik. Thi i conimd y ICC anking commiion ach, howv o Ba guation to chang mo vidnc i quid. Dpit th upcoming conomic cii in Euop, uppy chain inanc i xpctd to gow y 1% to 3% in dvopd counti and 2% to 25% in dvoping counti. Thi gowth wi pimaiy divn y dvopd gion uch a th USA and Euop and th ag mging makt a China and India. Tagt induti o v actoing in tho counti a cunty tai, conum good, manuactuing, automotiv, ngining and machiny induty. Fo th utu th chmica, phamacutica and tcom induti a ivd to hav uth gowth potntia. In od o uppy chain inanc to tak th nxt tp om condition hav to mt. 1 Makt connu, 2 Standadization and 3 Oganizationa chang within ank. Within th uppy chain makt, dint dinition o uppy chain inanc xit. Moty uppy chain inanc i ud a ynonym o v actoing, whi y oth it i ud a a coctiv noun o a inancia poduct uppoting th nd to nd uppy chain. In od o ank and oth pay in thi makt to mov to th nxt tag n anw a gowing dmand o w-ad muti-ank oution, ank houd ag on tho dinition. Futh tandadization i ndd in od to mak uppy chain inanc oing avaia o a wid puic. Cunty SCF pogam nd high dvopmnt invtmnt, th can ony compnatd y onoading ag cint. Onc poduct and IT com mo tandadizd th oing wi ao com avaia to th SME makt. Finay ank nd to chang thi intna tuctu om a poduct ad io tuctu to a hoitic tuctu that i a to und dint inancia poduct and uppot th nd to nd uppy chain. VI

8 Do not xpct to haid a a ho whn you mak you gat dicovy. Mo iky you wi a atag may aid y you xamin. You tatitic, o you ovation, o you itatu tudy, o you omthing wi patnty dicint. Do not dout that in ou nightnd ag th ay impotant advanc a and wi jctd mo otn than accaimd. No houd w dout that in ou own poiona itim w too wi pudiat with ik pontiica inaity th mot igniicant inight v to ach ou dk. Samu Wan Cay , 1988 VII

9 Pac Thi thi i wittn in ight o my gaduation in a dua dg MSc pogam coniting o th MSc pogam Opation Managmnt and Logitic at Eindhovn Univity o Tchnoogy and th MSc pogam Financ at Tiug Univity. Thi ach wa conductd at Th Roya Bank o Scotand, Goa Tanaction Svic Amtdam, wh I wa pat o th Impmntation Managmnt & Advioy tam tationd paty at th Nw Da Tam and paty at th Tad tam. I woud ik to tak thi oppotunity to thank a pop that motivatd and uppotd m duing my tim a a tudnt and my gaduation pojct. I woud ik to thank my upvio at RBS, Bat Kooijman and Eic Lmmn, who povidd m th oppotunity to conduct my ach within RBS. And povidd m invaua guidanc and advic in tim I ndd it gading my thi and utu ca mov at gaduation. Mot o a I woud ik to thank thm o th conidnc and dom thy gav m to xpo and hap my pojct. Scond I woud ik to thank oth my mnto d. F. Taniv om Eindhovn Univity o Tchnoogy and po. d. B.J.M. Wk om Tiug Univity with whom I had tough dat on my thi. Howv thy away motivatd m and ought m ack on tack y poviding nw inight o dmanding caiication wh it wa ndd. I woud ao ik to thank a my coagu at RBS who w away inttd, vy opn, ag to hp m gathing inomation and povid m advic. Futh I woud ik to thank my co coagu o a non thi atd inight and advi thy gav m, o a hiaiou momnt and o thi tim whn I othd thm with my jok. Futh I woud ik to thank my unc po. d. P. Vhyn o hi input and ida on how to uth tngthn and impov my thi. Finay I woud ik to thank my amiy and ind who hav away uppotd m duing my tim a a tudnt. Thank to thm I hav had a gat tim a a tudnt, on which I can ook ack with much joy and pau which ha com to an nd y inaizing thi thi o now at at. Mak van La VIII

10 Contnt 1. Intoduction Woking capita managmnt Rv actoing Rach dign Litatu viw Mod omuation Rik nuta vauation Pct capita makt Impct capita makt Non auto-dicounting Opationa iu Concuion Intnationa acto Ca tudy Snitivity anayi Cot o impmntation, maintaining and opating Gogaphica gion Suppy chain inanc Paymnt mthod SCF poduct Ba III Impact on uppy chain inanc Concuion Futu o uppy chain inanc Impact o cunt inancia cicumtanc Tagt makt & induti Chang & Oppotuniti Concuion & Futu ach Concuion Futu ach & Rcommndation Biiogaphy Appndic IX

11 1. Intoduction Bo copoation tatd optimizing uppy chain ow, thy optimizd thi own poit y ocuing on intna poc ow and hnc gading thmv a ing indpndnt o th uppy chain. Du to comptitiv pu im tatd ooking at incaing opationa icincy and optimizing uppy chain. A uppy chain i dind y Homann & Bin 211 a a ntwok o patn that uppi aw matia, am manuactu poduct and thn ditiut thm via ing o mutip ditiution chann to nd cutom. A uppy chain conit o th paa ow; th good and/o vic ow, th inomation ow and th inancia ow. Suppy chain managmnt ocu on impoving th good and vic ow, y tt aignmnt twn intna dpatmnt and xtna tading patn, and cot duction in th phyica uppy chain, uting in tt oucing, pocumnt, ogitic, incad icincy, ducd invntoy and impovd ocating. Litt attntion wa paid howv to th inancia ow o a uppy chain. Th inancia ow conit o invoic, cdit not and paymnt, and wok in th oppoit diction o th phyica uppy chain. Th comination o th inancia ow and inomation ow i ao cad th inancia uppy chain Homann & Bin, 211. Suppy chain inanc i th nam attachd to th coction o poduct and vic that inancia intitution o to aciitat th managmnt o th phyica and inomation ow o a uppy chain Camini, 28. Sinc th intoduction o uppy chain managmnt aound 198, uppy chain manag hav puhd thi uppy chain to th imit y impmnting jut-in-tim and an pincip. In today goaizing maktpac comptition i putting mo pu on manag to innovat and tamin thi oganization vn uth Homann & Bin, 211. Som copoation hav howv aady wung a icinci out o thi phyica uppy chain, y oucing poduction to ow aay counti and moving a wat out o th poc Cot, 27. Howv, cnt dvopmnt hav hitd th attntion om an and jut-in-tim to a jut-in-ca appoach Cavnaghi, 211. Th inancia cii and th cnt Japan tunami hav xpod th agiity o today uppy chain, wh copoation hav puhd thi uppi to th imit y dmanding ong paymnt tm and puhing mo aw matia invntoy up th uppy chain. Th cii ao d to a igniicant dop in dmand o good and vic and mad ank tightning thi cdit tm, uting in im having diicuti inancing thi poduction cyc Vaicu, 21. Duing th cii in 29, nay on thid o th ag wtn wod copoation had to da with ankuptcy pom om thi uppi, no matt how good o ad thi tack cod wa. Copoation a tho ooking at uppy chain inanc, to poactivy nu thi uppi kp opating in hathy inancia condition, vn i a nw cii how up Cavnaghi,

12 In a tim in which taditiona tad inanc, a tt o cdit and tt o guaant a oing popuaity, aout 8% o goa tad i conductd on opn account. Futh tanaction vic a coming a commodity hy putting pu on magin; ank hav ot viiiity in inomation ow o tad and th atd copoation. Bank a tho oadning thi viw on uppy chain inanc, to taih makt ha in tad, inca magin on thi tanaction vic and uid co cutom ation to tt undtand thi cint uin and inancing nd Syvg & Akton, 211 Wod paymnt pot, 211. Athough uppy chain inanc gt much attntion y pactition, th attntion in acadmic itatu ha n ath ow. Mot tudi ocud on pactica iu, ut th t many ach gap Homann & Bin, 211 Rindop & Taniv, 211. On uppy chain inanc poduct i v actoing, which i cunty ao otn d to a uppy chain inanc and i a pcia om o th taditiona actoing Sit & Sit, 29. Thi thi wi a comination o oth igoou and vant ach on v actoing, y diving managia impication om oth a mod, which wi dvopd in th it pat, and om cunt iu in uppy chain inanc, which wi dicud in th cond pat, om a ank ppctiv Woking capita managmnt A dicud in th intoduction, uppi ac, du to a goaizing makt pac, a dmand o ong paymnt tm y thi cutom and incaing cot o hot tm inanc du to th cnt cii. Th ct ut in a high nd o woking capita at a high cot. Woking capita ntai a at o th cunt at that a tanomd into iquid at within on poduction cyc o at at within on ya Poh & Gomm, 29. Nt woking capita NWC i dind a th cunt at minu th cunt iaiiti. Th amount o woking capita gaug th amount o iquidity that a im nd daiy to xcut it opation poita and ct th tim twn cah owing out o th im, at th tat o th manuactuing poc, and th momnt cah ow ack into th im, whn ina poduct a od Bk & DMazo, 27 Camini, 28. Nomay a im uy and poduct on cdit, thi man that th ctiv tim twn in and outow o cah i dint than th in and outow o poduct. Th tim twn th in and outow o cah i maud y th cah convion cyc CCC. Th th mnt o th cah convion cyc mau th ngth o th woking capita u cyc, od to cah, od to divy and pucha to pay cyc. Tau can not gad th u cyc a 2

13 indpndnt and hav to tak th ct o uppy chain managmnt dciion on a u cyc into account. I o xamp a ngthning o th paymnt tm to uppi can ony taihd y pacing ag od, thi wi ut in high invntoy, th ova woking capita cot might nd up high than th initia ituation. Th itm in th cah convion cyc a coy atd to th capita invtmnt ndd to inanc th day to day opation, th invtmnt in nt woking capita. Th oppotunity cot o invting in th th itm i dtmind y thi vau and th hot-tm inancing cot. Thi i pntd in th oowing quation: Wh INV i th vau o th invntoy and AR n AP a pctivy th vau o th account civa and account paya. Sinc th mnt o th cah convion cyc a coy atd inkd to th phyica uppy chain, it i ao a mau o how ctivy th uppy chain i managd. It i tho highy impotant o uppy chain manag to pay attntion to th dint mnt in th cah convion cyc and whth opationa chang act tho mnt poitivy o ngativy. Sinc woking capita i ndd to inanc opation, it nd to managd w. Evn though a im ha ound poduct, vic and opation, i it woking capita i not managd w, it can un out o cah and daut. Th it mnt o woking capita i th account civa, howv in ation to uppy chain managmnt it i tt to to it tim quivant, th day a outtanding; th tim it tak to coct th pocd om a. Pooy managd paymnt coction and xtnion o th paymnt tm to cutom inca th woking capita and hnc th unding cot. Th cond mnt i th invntoy, wh it tim quivant i day in invntoy, thi i a w aw matia a wok in poc a ina good invntoy, o pacticay th cah tid up in th poduction poc. H inicinci in th poduction poc, uch a intna waiting tim o tock uid up, ut in unncaiy tying up cah in th uppy chain, hnc inca inancing cot. Th ina mnt o woking capita i th account paya and it tim quivant day paya outtanding. Extnding th day paya outtanding duc th capita quimnt, y putting mo inancia pu on th uppi 3

14 1.2. Rv actoing In taditiona actoing a ank uy account civa om a copoation, h cad th uppi. Factoing can dividd in two main catgoi, actoing with and without cou, in actoing with cou, th im ing th account civa tay xpod to th daut ik o th uy. In ca th uy daut, th ank tun to th uppi to gt ack thi und. Factoing without cou man th ank taking ov th daut ik o th uppi, thi typ o actoing i in pactic otn cad civa pucha. Gnay a ank ony uy account civa om im that a in thi cint a, o thy y compt potoio o account civa om mutip uy, in od to diviy th ik o daut om on ing uy. Th ank thn howv, nd to a th ik o a who potoio o civa which i tim conuming and coty, inc th ank nd to coct cdit inomation o many uy Kapp, 26. Factoing ha ao not n poita in dvoping counti inc tack cod and ia cdit ating agnci a miing. Futh, aud i a ig iu in tho counti and th wak ga nvionmnt mak it diicut to chck on and da with tho im. Factoing with cou wa pntd a poi oution in ca th cdit wothin o th uy wa had to a, howv, whn th uy daut th ank tun to th uppi to gt thi und ack, thi uppi might not hav nough inancia ouc to pay th oigation. In ca o a uy daut, th ank com xpod to th uppi cdit ik which i gnay high. To ovcom a iu aov, v actoing i dvopd. Rv actoing i a om o uppy chain inanc which ovcom th pom o inomation aymmty twn ank and uppi. In a v actoing agmnt a uy and uppi wok togth with a ank in od to optimiz th inancia ow Rindop & Taniv, 211. Th pincip hind v actoing i th am a hind th mo taditiona actoing. In a v actoing tanaction th ank ony uy account civa om patn copoation th uy with a high cdit ating. In thi t-up th ank convinc th uy oganization to paticipat in th v actoing pogam. Thi uy on it tun on-oad it uppi. I thi uppi want to convt hi account civa into cah at a ctain momnt o matuity, th uppi contact th ank, who thn uy th account civa at a dicount, which i dpndnt on th cditwothin o th uy. Sinc in v actoing th uy i pat o th agmnt too, th uy want a pic o th pi and uuay dmand a ctain nit a w. Thi incntiv can com in dint om, xtndd paymnt piod, pic duction o a om th ank. Uuay th paymnt piod i xtndd o th uy do not dmand a inancia nit at a. An xtndd paymnt piod wi duc th cah convion cyc and th nt woking capita, and tho duc th hot tm inancing cot, a hown in th pio ction on woking capita managmnt. 4

15 Th poc o v actoing tat at th tim whn th uppi div th poduct to th uy. Th uy wi thn nd an appova o invoic to th ank, maning th invoic wi paid within th agd paymnt tm. I th uppi nd cah twn th momnt th uy ha nd th appova o invoic and th ina paymnt o th uy, th uppi contact th ank and th account civa againt a dicount. Th ik o th account civa i dpndnt on th cdit wothin o th uy, with high cdit ating, and not on th uppi, with ow cdit ating. Th uppi gain y thi tanaction compad to an odinay ank oan, inc thy can th account civa at an intt ow than thi own intt at. Th dicount th ank chag o actoing th account civa i th intt at o th uy pu om additiona actoing tim th maining paymnt tm Bnit and concn Rv actoing i a th patit vau cating tanaction which na a win-win-win ituation o th uppi, th uy and th ank. Thi paagaph wi tat th nit and concn o v actoing o th th acto paaty. Th uppi Fit o a v actoing o th uppi acc to o aanc ht, chap hot-tm cdit. Sinc undying ik o th account civa i not th uppi cdit wothin, ut th uy. A dicud in th chapt on woking capita managmnt, th inancing cot o th nt woking capita i th poduct o th amount to inancd, th duation o th inancing and th cot o capita. Sinc v actoing duc th cot o capita, y kping th oth vaia contant, it wi duc th inancing cot. Nxt to poviding im a ow cot o capita, v actoing i ao nicia o im in dvoping counti. Du to th dicud inomation aymmty and aud in tho counti SME did not hav o tictd acc to inancing. Sinc v actoing i a coopation twn th uy and th ank, th gitimacy o th account civa i nud. And inc th uy ing in th uppi, ony th ia, high quaity uppi a on-oadd and th poaiity o aud i hy ducd. Du to th impovmnt ov taditiona om o inanc, SME in dvoping counti gt acc to a who nw makt o inancing. And cau thi ank ony wok togth with ia, high quaity, cditwothy im, th SME a a to acto thi civa without cou. Futh, inc account civa a od to th ank, thy a immdiaty convtd into cah and hnc a not potd a ank oan on th aanc ht. Tho, v actoing do not act th intt at and dt capacity o th uppi. 5

16 A cond nit o v actoing to th uppi i th incad iquidity. Du to th v actoing pogam, th uppi i a to tan hi account civa into cah at any momnt in tim, which inca th iquidity o th uppi at. Sinc th iquidity o th at ha incad y v actoing, th uppi i a to duc hi cah hoding. Thi i t iutatd y th duction in th cah convion cyc, a aady dicud, th cah convion cyc ct th iquidity o th at and i coy atd to th capita invtmnt that i ndd to inanc day to day opation. A duction in th cah convion cyc againt a ow cot o capita ad to ow inancing cot. Th duction in th cah convion cyc i iutatd in Figu 1. Figu 1: Ect o v actoing on th cah convion cyc o th uppi ouc: RBS pntation, F. Taniv A thid nit to th uppi i tt tad ationhip and tt intgatd ytm with th uy and th ank. Sinc th v actoing agmnt i uppotd y a tchnoogica patom, im can automat th invoicing and paymnt ytm and mov a pap om th poc, making it mo ia and ao intn. Thi ut in ow cot and at pocing, it wi ao giv th uppi mo inight in th uppy chain. Du to v actoing, pocing tim might duc om 3/6 day to appoximaty 1 day Hutz, 21. Futh, th tad ation with th uy impov inc oth nit om v actoing. Th uppi hy cu utu tad with thi uy and du to impovd woking capita managmnt too th utu inancia taiity can incad. 6

17 Dinc in paymnt pactic - Tagt paymnt piod in intnationa compaion Bgium Bugaia Gmany Spain Gc Poand Romania Ruia Sovakia Unitd Kingdom Figu 2: Intnationa dinc in tagt paymnt piod EOS, In th igu aov, tagt paymnt piod o tn counti a compad. Fim in Gc hav th ongt paymnt piod and hnc uppi o tho im nd to idg th agt gap with xtna inancing. Impotant to not i that th tagt and not th actua paymnt piod a hown and hnc th paymnt iaiity houd ao conidd. Rcnt ach y Dun & Badtt 211 ov 2.8 miion Euopan im ha hown that paymnt havio o ctain Euopan counti i impactd mo haviy than oth counti. In Gmany, 6% o a invoic a paid on tim, th oth 4% a paid on avag ony th day ovdu. Th Nthand coy oow Gmany, 55% i paid on tim and 45% i paid on avag 5 day ovdu. Potuga, Iand and Engand a th owt pay, on avag thy pay 19, 17 and 16 day ovdu pctivy. Whn woking with im in tho counti it i highy impotant to monito thi paymnt havio and thy pvnt cah hotag, uth a ctain inca in dayd paymnt might indicat cah hotag o vn upcoming ankuptcy om you cint. Athough v actoing i potntiay poita, uppi hav om concn in paticipating in th v actoing pogam. Fit o a might a SME not hav th quid knowdg aout inanc and woking capita managmnt to uy undtand th nit om v actoing. Du to ditut catd y ya o xpoitation y thi uy, wh uy wung out thi uppi y dmanding 1 Suvy-211_Tagt-Paymnt-Piod_15dpi.jpg 7

18 ong paymnt tm, pic duction, high vic v tc., uppi uctant to paticipat in v actoing pogam. Suppi ack th intna inancia knowdg to uy undtand th concpt and dynamic o v actoing ndd to convinc uppi to paticipat. A atd concn i that a v actoing agmnt that wa poita at th ginning might gt out o th mony du to changing makt condition a intt at and changing im condition a cditwothin. Whn a im do not know whth to convt account civa into cah o not, paticipating in a v actoing pogam might ham th im intad o making in tong. Athough v actoing do povid th im xiiity in thi inancing and woking capita managmnt, a ack o undtanding might vn duc xiiity. Whn a im duc it cah hoding and at th am tim acto th account civa, th im wi com vuna in ca o adv dmand and cah ow hock o aonaity in dmand. Anoth ut o ow undtanding o woking capita might that th uppi gt cah addictd and au th xta iquidity to pay down ong-tm dt, which coud ut in cah hotag again duing piod with ow dmand o adv cah ow hock. A cond concn to th uppi i th duation o th pogam. Whn th uppi acto it civa and a o a uddn th ank and/o th uy dcid to pu th pug out o th pogam, th uppi nd up in a piod in which it wi not civ mony om th uy ut it ti nd to inanc th ongoing uin. Th uppi tho nd to hav ctainty om th uy and th ank aout th ngth o th pogam, othwi thy nd to nd mony at high cot in ca th pogam nd. Anoth concn o th uppi com om th xiting dt hod, thy might not aow th im to th account civa. Sinc th undying im o th account civa ha a high cdit ating, th account civa povid high idua vau in ca th uppi daut. Whn th uppi woud tho at and invt in iquid at, th ik on xiting dt inca, and tho xiting dt hod might wo o. Th xiting dt hod might hav agd upon om dt covnant with th uppi, which do not aow th uppi to paticipat in th v actoing aangmnt. Th uy Sinc v actoing i a om o uy initiatd uppy chain inanc, th uy nd an incntiv to paticipat in th pogam and to ing uppi into th pogam a w. Th incntiv can com in many way, xtndd paymnt piod, pic duction o a om th ank. In ca th paymnt piod i xtndd, th nit o th uy i in th ducd dmand o nt woking capita and tho in th ducd hot-tm inancing cot. Du to th xtndd paymnt piod, th cah convion cyc dca and thy th iquidity o th at inca. I th v actoing agmnt pcii that 8

19 th nit om th uy wi in a ducd pic o a, th uy wi gt hi nit om a ow unit cot and tho a high magin. A th uppi, ao th uy nit om a tt ationhip with it uppi and a tt intgatd paymnt ytm. Th uy do not nd to tak on o th inancia nit dicud aov, thy might ony povid th actoing oppotunity to thi uppi in od to cat a tt ationhip and cu thi uppi a. Du to th pogam, uppi a iky to gt cah hotag and hnc a mo iky to kp opating in down tim. In pactic, th aon to adopt v actoing o th uy di igniicanty om county to county and induty to induty. Mo impotant than th inancia nit, th uy impmnt a uppy chain inanc oution on tatgic gound. Buy in induti wh th uppi hav mo againing pow, ik in th automotiv induty, wh manuactu otn y on on o two uppi p componnt, a mo iky to adopt a v actoing pogam to cu thi uppi a. In inancia down tim, wh SME a capita containt and uppy chain com incaingy vuna to dauting uppi, poduction o th uy i in dang cau o inanciay ditd uppi not ing a to inanc thi poduction cyc and div on tim. Thi might ditu th poduction poc o th uy, o vn oc thm to hut th poc down ti a nw uppi ha n ound. So in induti wh th uy i highy dpndnt on it uppi and tho uppi a not aiy paca, uy a mo opn to v actoing. Futh, dmand o v actoing in igg in induti which a mo nitiv to th conomy. Again th automotiv induty i a good xamp o th inunc o conomic nitivity. Automotiv induty i on o th induti which a th it to notic an upcoming cii, y igniicant od duction. Du to th natu o th poduct, dmand i highy dpndnt on th conomy, wh dmand i ow duing conomic down tim. Sinc thi high ikin, SME in thi induty a ockd out o ank oan it, haming th who uppy chain. Induti which a nitiv to th conomy do not xpinc uch a ig dmand dop and do not hav uch a nd o xta inanc. In ca mo againing pow i at th uy, th v actoing pogam can ud to acqui a tt ngotiation poition to th uppi and a to ngotiat tt paymnt tm, ow pic, high vic v tc. Concn o th uy a th a that th v actoing oution might hamp thi dt capacity, i th paymnt tm i incad, th tota amount o account paya on th aanc ht wi inca too and hnc might duc th tota dt a im can attact. Expinc t dt capacity i ony actd whn account paya a tand into ank dt, in v actoing howv, account paya a ti ookd a account paya on th uy aanc ht, and hnc do not act dt capacity. 9

20 O cou ao th uy ac om ik y paticipating in th v actoing pogam. Th uy nd to ag to paticipat o a ctain piod in th pogam, thi i ndd o th uppi i not acing th ik o an unxpctd nd o th pogam that woud ut in iquidity pom a dicud. Th uy nd to ind him to a ctain ank o a ctain piod whi in th man tim tt oppotuniti might ai. Th ank Fo th ank th nit i o cou in th xta incom om uying th account civa at a dicount. Sinc th undying ik o th account civa i th daut ik o th uy, with high cdit ating, th ank ha acc to th SME makt with ony imitd ik in oth dvopd a dvoping counti. Sinc th ank i coopating with th uy, th ank ha acc to mo dtaid cdit and uppy chain inomation than in taditiona inancing. Th ank i cau o thi inomation tt a to timat th cditwothin o th im and pot oppotuniti and that in th makt. Th ank ao gt acc to makt that w initiay too iky du to aud and inomation aymmty, ik dvoping counti. Sinc th makt ack w unctioning cdit ating agnci, dtmining th cditwothin and iaiity o a im and it account civa i vy coty. Bcau in v actoing th uy i coopating with th ank, and thi uy ony on-oad high quaity uppi, th iaiity o th uppi i nud. Ao aud wa a concn o taditiona actoing in dvoping counti, uppi coud ty to acto account civa o non-xiting im Kapp, 26 o acto account civa mutip tim. Sinc th uy upoad hi account paya on th patom and paymnt i pomd via th ank, th gitimacy o th account civa and th ina paymnt a nud. Sinc th ank ha acc to a nw makt in which it woud othwi not nd, th ank i a to inca it makt ha y v actoing, ut inc it gain nw contact in th SME makt th ank wi ao a to xpand it xiting uin in th makt y co-ing xiting oution. A ina nit om v actoing o th ank might th compianc with th nw Ba III guation. Sinc th ik on a v actoing aangmnt i much ow a on a noma oan to a SME, th ank do not nd to hod a much capita v to ack it unding to th high ik im. Concn o th ank a that v actoing might canniaiz on thi xiting uin. Fim that oiginay nd mony at high intt at om th ank wi jump to v actoing. Dpndnt on th magin on oth o th oan and th undying ik, thi might nicia o not. Futh ank hav to dvop o pay o a tchnoogica patom. Thi invtmnt might too ag with pct to th incom that v actoing wi gnat and thy put pu on magin. 1

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