The first Ukrainian electronic factoring service was updated in December 2016. Creating and processing repurchase Registry one of newly added updates in service.
Recourse factoring — a form of factoring, implying that if the debtor (retail chain) doesn’t pay to the factoring company, the receivables will be collected from a creditor (supplier). It is critical to underscore that calculation is carried out with the help of electronic legal document «Register of repurchase», the supplier can create it with a few clicks in FactorEx service.
In practice, it allows you to automate factoring financing with the possibility of repurchase receivables. This innovation minimizes the risk of losing money, increase the speed of the transaction and improve the entire Factor business process.
Further development of the service functionality is planned for 2017. Updates will be related to the exchange/flow documents function for the signing factoring contract in electronic form:
- application of factoring;
- debtors information and their debt offered to the factoring;
- contracts (with all supplements), the right of claim;
- turnover balance sheets trial balances (analysis of cash payments, products shipments status and analysis of whether the debtor is not a creditor of the client at the same time);
- finance statement (balance and income statement), cash flows information on current accounts and so on.
For existing E-COM clients, this upgrade will allow to conclude factoring agreement directly from EXITE-EVOLUTION platform. This will reduce the time of contract execution between the factor and the supplier.
As a reminder, leading representatives of the banking sector FUIB, Alfa-bank, Tascombank, MarfinBank already joined to the FactorEx service since its launch. Currently, active negotiations are in progress with other market participants.
The «E-COM» company is the first in the Ukrainian market offers a comprehensive service of electronic factoring.