Before revision:  We first characterise the topological properties of the payment networks, and then we focus our attention on the relation between the network and the riskof firms. Our main finding is to document the existence of an homophily of risk, i.e. the tendency of firms with similar risk profile to be statistically more connected among themselves.
After revision:  We first characterise the topological properties of a node (firm) and its risk. Moreover we show the existence of an homophily of risk, i.e. the tendency of firms with similar risk profile to be statistically more connected among themselves.