Otkritie Factoring joined the Factorin blockchain platform

2020: Joining the Factorin blockchain platform

Opening Factoring joined the blockchain platform Factorin. This was announced by Digital Horizon on December 23, 2020.

9 out of 10 Russian factors now conduct transactions using distributed registry technology.

The growth rate of the Russian factoring market is much ahead of world indicators. According to the Association of Factoring Companies, the total portfolio of domestic factoring companies for the 9 months of 2020 year amounted to 616 billion rubles, which is 31% more than a year earlier. However, according to the Expert study of RA, the margin of activity of factors, among other things, is greatly influenced by the low level of digitalization of the industry.

and Banks factoring companies rely on technology platforms that could significantly speed up the automation of processes, but most existing solutions are centralized: information transactions are stored on servers providers the service. Market players both in and around the Russia world fear that in this case, competitors may gain access to the data.

Factorin is a distributed platform for trade finance that does not become an intermediary in the chain. The platform does not have access to transaction information. All data is available only to their participants.

Russian retailers, as well as hundreds of their suppliers, work with the company. Since the launch of the solution in June 2019, almost 900 thousand deliveries have been financed through it.

Шаблон:Quote 'author = said Artem Durov, CEO of Otkritie Factoring

{{quote 'author = noted Andrey McLean, co-founder of the blockchain platform for trading financing Factorin |

We are pleased that the Discovery Factoring team appreciated the capabilities and reliability of Factorin. The WTO believes that blockchain will produce no less effect on world trade than the introduction of containers in freight transportation in the 20th century. Decentralized solutions will help overcome the crisis of confidence, remove manual operations, accelerate financing processes and reduce costs and risks for all parties to the transaction. The largest financial institutions have already seen that distributed platforms allow you to create full-fledged digital ecosystems, and not just automate individual processes,}}