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The product

The first truly mobile solution for factoring business.

Delivering an end-to-end digital journey for all participants in the transaction.

Extendable into multitude of solutions for corporate commercial banking.

Having an enterprise-grade technology, with scalability, extensibility, maintainability and security at Tier-1 financial institutions level.

Deployable in 3 to 7 months (agile, end-to-end).

Delivering new functionalities in 3 days for prototyping with 5 weeks for final TTM and 3 weeks for onboarding a new language & charset.

Why mFactor?

70% to 100% of decrease in the number of touch-points between Factor-Seller-Buyer

mFactor brings automation to each step of the traditional factoring processes, thus significantly reducing the need of off-line/in branch interactions between Factor -Seller – Buyer. All processes related to:
1) Client Onboarding
2) Assignment & financing of invoices
3) Payments & Settlement
4) Maintenance of contract, document exchange, reporting are managed in an intuitive and interactive way.

100% paperless process

Paper documents that need to be filled-in and submitted physically/by e-mails/web-portals for each assignment and financing of invoice/s are completely eliminated thanks to automated document generation and e-signing.

Same goes for the need of manual data input of received paper documents in the factoring core-system by the Factor operators.

75% to 100% of time saving through faster processes.

The time from sending the invoice to the Factor till its financing, as well as buyer payments and invoice reconciliation take couple of minutes instead of hours or – in some cases – even days.

Why mFactor?

mFactor brings automation to each step of the traditional factoring processes, thus significantly reducing the need of off-line/in branch interactions between Factor -Seller – Buyer. All processes related to:<br /> 1) Client Onboarding<br /> 2) Assignment & financing of invoices<br /> 3) Payments & Settlement<br /> 4) Maintenance of contract, document exchange, reporting are managed in an intuitive and interactive way.

Paper documents that need to be filled-in and submitted physically/by e-mails/web-portals for each assignment and financing of invoice/s are completely eliminated thanks to automated document generation and e-signing.<br /> Same goes for the need of manual data input of received paper documents in the factoring core-system by the Factor operators.

The time from sending the invoice to the Factor till its financing, as well as buyer payments and invoice reconciliation take couple of minutes instead of hours or – in some cases – even days.

The process

We have introduced long-due digitalization in each step of the process

Onboarding

  • Fully digital onboarding
  • Flexible access, online user creation and management
  • Dynamic management of roles and authorization levels
  • Integration with banks’ existing onboarding solutions and policies

Contracting & Document Exchange

  • Can be initiated by any of the three parties: Seller, Buyer, Factor
  • Manual and automated data input
  • Digitally signed contracts
  • Digital confirmations and acceptance of terms and condition
  • Safe storage of contract documents

Invoice Assignment & Payments

  • Invoice assignment through OCR input or upload of invoices, B/Ls, stock receipts e.t.c.
  • Digitally channel, sign and countersign documents (assignment letters, notifications, Buyer confirmations)
  • Integration with the existing core banking/factoring back-end systems and the corporate ERPs for speed, security and management of bulk/mass transactions
  • Payment and settlement of due/delayed invoices directly through the app

Communication

  • Fully interactive solution between all participants
  • Notifications for payments – due or overdue (to any party)
  • Notifications for document expiry (contracts, annexes, IDs, e.t.c.)
  • Notifications for signed and/or pending documents
  • Sets of different payment reminders
  • Time and location stamping of all the parties, their signatures and actions

Reporting

  • Instant and easy access to any needed information via advanced filters engine
  • Information access is automatically linked to roles and authorization levels
  • Secure storage, export and sharing of documents via multitude of channels

Visualization

  • Visual dashboards with all major KPIs and actionable insights