Factorin the Blockchain platform for trade financing

Factorin is the open distributed platform with tools, ready to implementation, for automation of relationship of buyers, suppliers, banks and other companies. Factorin provides data exchange and legally significant documents between the accounting systems of participants, providing the vymoky security level and confidentiality. The platform automates check and a preskoring of partners, financing of deliveries, considerably reduces housekeeping overheads of all processes and minimizes the risks connected with human errors and fraud.

The distributed Factorin platform automates interaction of the accounting systems of buyers, suppliers and factors, removes all handwork on preparation, reconciliation and approval of documents. It reduces housekeeping overheads of all processes and minimizes the risks connected with human errors and fraud. As a result the supplier can receive money in 2 hours after delivery.

2020: The monthly turnover of Factorin exceeded $100 million

For incomplete year turnover on a blockchain platform of trade financing Factorin exceeded 31 billion rubles, or $425 million. The jump of growth took place in April, 2020 when demand for remote factoring services sharply grew in the conditions of crisis: this month turnover on the platform made more than $100 million.

In the fall of 2019 Asian Development Bank (ADB) estimated the world shortage of trade financing of small and medium business at 1.5 trillion dollars. The pandemic of a coronavirus aggravated this problem. More and more companies from among small and medium business cannot deliver goods and services with a payment deferral, and corporations buyers are not ready to review the settled rules of work with partners. Factoring ― attraction of financial resources under a payment guarantee from the buyer ― could become an ideal exit for all participants, but carrying out the factoring transaction usually requires difficult document flow. As a result around the world banks reject 45% of requests of SME, and in Russia, according to Association of factoring companies, 96% of the companies of small and medium business do not even try to attract trade financing. Factorin solves this problem.

2019

Commercial operation of the platform began in June, 2019. Retail networks "Dixy" and "Magnet" and also 28 banks and the factoring organizations and hundreds of supplier companies are connected to the platform.