Glossary entry (derived from question below)
Spanish term or phrase:
Confirming bancario
English translation:
reverse factoring
Added to glossary by
EirTranslations
Jun 3, 2011 05:47
12 yrs ago
25 viewers *
Spanish term
Ireland
20 yrs+ quality translations, Trados
Native in: Spanish 
, English (Variants: British, Irish, UK, US)
Works in: English to Spanish, Spanish to English, Italian to English, and 8 more.
Confirming bancario
Spanish to English
Bus/Financial
Finance (general)
Procurement / supplies
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.
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.
Proposed translations
(English)
| 5 +3 | reverse factoring |
John Rynne
|
| 2 +3 | bank/banking confirmation |
Richard Hill
|
References
| See Wikipedia |
John Rynne
|
| reverse factoring |
marybro
|
Proposed translations
+3
12 hrs
John Rynne
Native in English
Specializes in field
Experts in finance - Spain
Native in: English 
Works in: Spanish to English, English to Spanish
Related KudoZ points
:
489
Selected
reverse factoring
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"
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"
4 KudoZ points awarded for this answer.
Comment: "really good stuff...thx"
+3
26 mins
bank/banking confirmation
see example
Example sentence:
The confirming bank (Also called the advising bank) undertakes this responsibility on an arrangement (called confirmation) with the importer's bank
Peer comment(s):
| agree |
David Hollywood
: with: bank confirmation .. or: confirmation by the bank
1 min
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yes thanks
|
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| agree |
Yvonne Gallagher
: with David on wording
3 hrs
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|
thanks
|
|
| agree |
Victoria Frazier
: Agree with David.
9 hrs
|
|
me too, thanks
|
Reference comments
2 hrs
John Rynne
Native in English
Specializes in field
Experts in finance - Spain
Native in: English
Works in: Spanish to English, English to Spanish
Related KudoZ points
:
489
Reference:
See Wikipedia
It's nothing to do with import/export, and the translation has nothing to do with the verb "confirm", AFAIK
Reference:
Peer comments on this reference comment:
| 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.
|
1 day 11 hrs
Reference:
reverse factoring
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
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
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