The Opening finance corporation (before Nomos-bank) (FactorPlat)

The FC Otkritie bank joined electronic factoring platform FactorPlat. Using the new tool of FC Otkritie will finance factoring transactions between X5 Retail Group and its suppliers.

Connection to FactorPlat will allow FC Otkritie bank to secure itself against the possible commercial risks connected with a human factor in document flow. The electronic factoring platform thanks to EDI technologies allows to carry out automatic tripartite reconciliations and also guarantees 100 percent verification of documents which are necessary for receiving financing in factoring transactions.

All transactions on the platform are kept on the basis of the electronic invoices certified by the electronic signature of the responsible person. Users of a system at any time can trace who and when sent and signed the document that allows participants of process to provide itself with proofs in case of lawsuits. In need of the party address the platform and receive a necessary data packet.

Transactions become transparent, and financing takes place much quicker what benefit all parties from — a factor, creditor and debtor.

The international EDI provider Edisoft providing operability of electronic platform, safety of document flow and its automation acted as FactorPlat developer.

Cooperation with one of the oldest participants of the Russian market of factoring — FC Otkritie bank — proves that electronic factoring is demanded and relevant. It validates the selected way of development of the platform FactorPlat. In the conditions of a difficult economic situation we give to the market the tool allowing small and medium business to receive quicker financing from factors for replenishment of current assets. In turn, factors will credit more willingly deliveries through FactorPlat because of cost reduction, connected with risks of use of paper document flow. Through the platform already there passed 2000 transactions on purchase sale of receivables under a concession of rights to claim, and their amount continues to grow. Mikhail Ralkin, Chairman of the board of Edisoft group