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  3. Finance (general)

Confirming bancario

English translation: reverse factoring

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:Confirming bancario
English translation:reverse factoring
Entered by: EirTranslations

05:47 Jun 3, 2011
Spanish to English translations [PRO]
Bus/Financial - Finance (general) / Procurement / supplies
Spanish term or phrase: Confirming bancario
Pls see below thanks, UK English

SEPTIMA - FORMA DE PAGO
Los trabajos/suministros realizados se certificarán mensualmente por la parte de obra/suministro ejecutada en el mes correspondiente y se pagarán a través de “Confirming bancario” según se indica en el punto 3 de las Condiciones Particulares.
EirTranslations
Ireland
Local time: 21:08
reverse factoring
Explanation:
According to Wikipedia, this is a service invented by Banco Santander (hence the Spanglish name). It works like this.
I do a translation for Big Company (BigCo). My payment terms are 30 days. Around the 30-day mark, I get a fax or letter from BigCo's bank "confirming" that they have received an order to pay my invoice ........... in 5 months' time (!!!!). There is no doubt that I will be paid.
However, the bank says they can pay invoice right now, less a processing fee and interest (for paying the money 5 months in advance).

So, "confirming" is a process whereby the bank manages BigCo's payments. In contrast, factoring is a process whereby the bank manages BigCo's receivables.
Hence the term "reverse factoring"
Selected response from:

John Rynne
Local time: 22:08
Grading comment
really good stuff...thx
4 KudoZ points were awarded for this answer



Summary of answers provided
5 +3reverse factoring
John Rynne
2 +3bank/banking confirmation
Richard Hill
Summary of reference entries provided
See Wikipedia
John Rynne
reverse factoring
marybro

  

Answers


26 mins   confidence: Answerer confidence 2/5Answerer confidence 2/5 peer agreement (net): +3
bank/banking confirmation


Explanation:
see example

Example sentence(s):
  • The confirming bank (Also called the advising bank) undertakes this responsibility on an arrangement (called confirmation) with the importer's bank

    Reference: http://www.businessdictionary.com/definition/confirming-bank...
Richard Hill
Mexico
Local time: 15:08
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 105

Peer comments on this answer (and responses from the answerer)
agree  David Hollywood: with: bank confirmation .. or: confirmation by the bank
1 min
  -> yes thanks
agree  Yvonne Gallagher: with David on wording
3 hrs
  -> thanks
agree  Victoria Frazier: Agree with David.
9 hrs
  -> me too, thanks
Login to enter a peer comment (or grade)

12 hrs   confidence: Answerer confidence 5/5 peer agreement (net): +3
reverse factoring


Explanation:
According to Wikipedia, this is a service invented by Banco Santander (hence the Spanglish name). It works like this.
I do a translation for Big Company (BigCo). My payment terms are 30 days. Around the 30-day mark, I get a fax or letter from BigCo's bank "confirming" that they have received an order to pay my invoice ........... in 5 months' time (!!!!). There is no doubt that I will be paid.
However, the bank says they can pay invoice right now, less a processing fee and interest (for paying the money 5 months in advance).

So, "confirming" is a process whereby the bank manages BigCo's payments. In contrast, factoring is a process whereby the bank manages BigCo's receivables.
Hence the term "reverse factoring"


    Reference: http://es.wikipedia.org/wiki/Confirming
    Reference: http://en.wikipedia.org/wiki/Reverse_factoring
John Rynne
Local time: 22:08
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 489
Grading comment
really good stuff...thx

Peer comments on this answer (and responses from the answerer)
agree  James A. Walsh
9 mins
  -> Thanks, James
agree  Yvonne Gallagher: you make a persuasive argument for this
2 hrs
  -> Thanks
agree  marybro
22 hrs
  -> Thank you
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Reference comments


2 hrs peer agreement (net): +1
Reference: See Wikipedia

Reference information:
It's nothing to do with import/export, and the translation has nothing to do with the verb "confirm", AFAIK


    Reference: http://es.wikipedia.org/wiki/Confirming
John Rynne
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 489

Peer comments on this reference comment (and responses from the reference poster)
agree  James A. Walsh: I agree, you should post this as an answer, it's called 'reverse factoring' in English: http://en.wikipedia.org/wiki/Reverse_factoring
5 hrs
  -> Thanks, James. I have just turned it into an answer.
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1 day 11 hrs
Reference: reverse factoring

Reference information:
https://www.barclays.es/publico/contents/empresas/cobrospago...

Barclays can manage payments to your suppliers
By means of our Barclays Confirming (Reverse Factoring) service your company will merely have to indicate, by sending a file via BarclaysNet Companies, future payments to suppliers, and Barclays will take care of the whole supplier payment process, at the same time offering them the possibility of receiving an advance on their collections before their due date.

Your company will also be able to consult, via BarclaysNet Companies, the status of your account with each supplier, future payments that you have ordered us to make according to each due date, etc.

With regard to your suppliers (to whom Barclays provides notification of each outstanding collection and offers financing), and so that they will always be aware of the situation of their receivable invoices and even request an advance on the invoices if they deem it appropriate, Barclays offers them a Web enquiry service on our Supplier Confirming (Reverse Factoring) page

marybro
Works in field
Native speaker of: English
PRO pts in category: 84
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