Intrum Justitia enters strategic partnership with Swiss Post
Swiss Post, via its subsidiary PostFinance, has established a company that will offer Swiss enterprises a new product that includes accounts receivables management, Prefinancing and payment guarantee. The product, “Factoring Plus” is new to the Swiss market and is available from the beginning of 2011. Intrum Justitia is partnering with PostFinance and will be providing credit worthiness checks and payment guarantee.
The new subsidiary, Debtors Service Ltd, will offer companies headquartered in Switzerland a new product combining accounts receivable management, preliminary financing and payment guarantees. Accounts receivable management includes creditworthiness check, accounting and reminders. Prefinancing means that business customers receive up to 90% of the invoice amount shortly after the invoice has been sent to their end customers. Payment guarantees preclude accounts receivable losses, i.e. losses arising from unpaid end customer invoices.
“Factoring Plus combines payment transaction and corporate financing services. Factoring Plus will help strengthen PostFinance's position as the number one payment services provider in Switzerland,” says Beat Witschi, Head of Products at Post Finance
Intrum Justitias will take responsibility for providing credit worthiness checks and payment guarantee to the clients of Debtors Service Ltd.
“Payment guarantee is a concept that we have offered clients in Switzerland for many years, however, not as a part of a larger concept like Factoring Plus. By having a partner like Intrum Justitia to guarantee the money, the client will decrease its financial risk and improve cash-flow, highly important for many companies. I am very proud to be able to enter this partnership agreement with Swiss Post”, says Thomas Hutter, Regional Managing Director of Intrum Justitia Central Europe.
Factoring Plus is particularly well suited to online shops and companies which offer invoicing services and want immediate access to outstanding liquidity. Examples include telecoms providers, water and electricity companies, and Swiss SMEs from various industries.
“Intrum Justitia is providing a wide variety of value-added services within credit management and financial services. Years of experience within credit management has enabled us to compile extensive information about many markets in Europe and thus enabling us to offer innovative services like payment guarantee. The new partnership with PostFinance is a great example of that.”, says Lars Wollung, President and CEO of Intrum Justitia.
For further information, please contact:
Lars Wollung, CEO and President, Intrum Justitia
Tel: +46 8 546 102 02
Thomas Hutter, Regional Managing Director, Central Europe, Intrum Justitia
Tel: + 41 (0)44 806 56 56
Annika Billberg, IR & Communications Director, Intrum Justitia
Tel: + 46 8 546 102 03
Mobile: + 46 702 67 97 91
Intrum Justitia is Europe’s leading Credit Management Services (CMS) group and offers services designed to measurably improve clients’ cash flows and long-term profitability. Intrum Justitia was founded in 1923, has around 3,100 employees in 22 countries and revenues of approximately SEK 4.1 billion in 2009. Intrum Justitia AB is listed on NASDAQ OMX Stockholm since 2002. For further information, please visit www.intrum.com