Italian banking and financial services company UniCredit has entered into an agreement with Accenture to optimize its invoice management operations related to its accounts-receivable, accounts-payable, asset-management and expense-payments functions.
The agreement is part of its broader "Newton" program announced in November 2011, which has been prepared to transform the bank’s operations for higher efficiencies, according to the commercial lender.
Both firms have established a joint venture (JV), Accenture Back Office and Administration Services, to manage, streamline and enhance the bank’s invoice-management processes, which was earlier being managed by the bank’s global service company, UniCredit Business Integrated Solutions.
UniCredit Business Integrated Solutions general manager Massimo Schiattarella said the deal reflects the value the bank sees in using its internal competencies in collaboration with international companies to innovate and grow.
"By forming this new company with Accenture, we intend to bring new levels of efficiency to our operations, leading-edge support to our internal finance functions, and faster invoice response times to our business partners and clients," Schiattarella added.
Managed by global management and consulting firm, the new company will concentrate on optimizing UniCredit’s invoice-management operations while enabling the lender to meet the highest industry standards.
The new entity will leverage the skilled professionals and processes from UniCredit’s existing invoice-management business with Accenture’s finance and accounting, management consulting and IT capabilities.
Operating in 22 European countries, the bank manages a network of 9,360 branches and 158,000 employees and offers various banking products and services.