FactorPlat

FactorPlat independent multibank factoring platform. Connects the debtor, the creditor and a factor, allowing to carry out transactions on a concession of receivables in electronic form.

2020: Opportunities and options of work FactorPlat

According to information for June, 2020 FactorPlat undertakes routine operations on formation of requests and automatic data validation, giving the chance to receive money within several hours after delivery. On average, the factors working with the platform approve up to 98% of requests for financing.

The platform supports two schemes of interaction: transactions with confirmation from the debtor and factoring of any deliveries.

Features:

• For the creditor - liquidation of a cash gap and the choice of the best conditions for financing.
• For a factor - increase in a customer loyalty and decrease in labor costs on verification
• For the debtor - increase in transparency of factoring transactions and support of own suppliers

Functionality:

• Work through electronic UPD and DSF
• Building of individual conditions
• Management of verification of deliveries and verification of participants of transactions
• An opportunity to control the deducted interest and to regulate limits
• Invoice Discounting tools
• The option smart contracts with factors
• Online control of a status of requests
• Notifications on all actions of the parties
• An opportunity to replace a factor

Work options

• Web portal. For interaction with the platform Internet access and the electronic signature of the responsible person suffices
• Integration. Connection with the accounting system through API. An opportunity to automate transactions with documents and factoring transactions.

As of June 29 only more than 40 factors, including Promsvyazbank, "by VTB Factoring", "Transcapitalbank", OTP Bank, FC Otkritie, "the Moscow Credit Bank", Raiffeisen Bank, NFK, "The Russian factoring company", "GPB-factoring", Prime, "MSP Factoring", SimpleFinance, Kremlin Bank, the Credit Europe Bank, Metallinvestbank, FC St. Petersburg are connected to the platform.

Among the connected debtors: Pyaterochka, Intersection, Roundabout, "Vimos".

2019: More than 1.15 million transactions on receivables concession

On January 17, 2020 it became known that the electronic factoring platform FactorPlat summed up the work results in 2019. For last 12 months through it more than 1.15 million transactions on receivables concession are made.

The peak of the deliveries which received factoring financing traditionally fell on October — December. Along with increase in number of tripartite transactions on the basis of the electronic documents certified by the electronic signature also the total amount of financing which was received by suppliers of retail chain stores through FactorPlat increased: from 109 billion rubles in the 2018th to 150 billion rubles in the 2019th. The average amount of delivery was 130 thousand rubles.

The number of the suppliers connected to the platform increased from 800 to 1070. Mainly it is representatives of small and medium business. As of the end of 2019, 42 factors worked with FactorPlat. The main amount of transactions on financing of suppliers fell on "VTB Factoring", "MSP-Faktoring", Metallinvestbank, "GPB-factoring", Promsvyazbank, FC Otkritie and "RB Factoring". Level of approval of requests factors was 98%.

Our forecasts for penetration of technology of electronic factoring into practice of business continue to come true. It is obvious that paperless data exchange — that driver which allows debtors to build effective management of the current debt and to save resources, to suppliers — quickly and to easily receive cash, and to factors — to reduce labor costs on verification. It became a good rule and a peculiar standard of the industry. We expect to remain the first in Russia in 2020: implement this functionality and expand a scope of penetration of electronic factoring, noted Alexander Mishunin, the FactorPlat project manager

2017: Transition to electronic UPD

The electronic factoring platform FactorPlat announced in May, 2017 transition to universal transfer documents on the basis of which suppliers of retail chain stores will receive financing. Electronic UPD will replace usual electronic invoices and will allow to cut down expenses of the companies on document flow on average.

Transition of FactorPlat to UPD is connected with innovations in the Russian legislation. Universal transfer documents in paper form there are several years, but since July 1 of this year electronic UPD will become obligatory for all companies and the organizations using earlier other legal significant documents in electronic form.

As all factoring transactions go on FactorPlat on the basis of exchange of the electronic documents certified by the electronic signature of the responsible person, UPD will become the main working document.

FactorPlat gives the chance to the debtor to arrange factoring transactions, to automate control of them, to increase their security and to reduce the possible risks arising at judicial proceedings. Suppliers receive financing at attractive cost from factors in connection with leveling of risks literally in day of shipment.

For the first quarter 2017 on FactorPlat 80 thousand deliveries to retail retail chain stores are financed. According to the company, the share of approval of transactions from factors made 89%. The amount of the carried-out financing for this period reached amount in one billion p9.3. Through electronic factoring platform more than 400 suppliers work. 32 factors among which — "Promsvyazfaktoring", Sberbank factoring, "VTB factoring", Transcapitalbank, "Opening factoring" and FC Otkritie bank, Prime and others are connected to service.

2016: The pilot period of FactorPlat is complete

On June 14, 2016 X5 Retail Group and EDI- provider Edisoft announced end of the pilot period and full-scale start of the solution of electronic factoring.

According to the statement of the parties, in 9 months of test operation of the platform 27 banks and factoring companies joined work, more than 9 thousand factoring transactions are executed.

More than 700 suppliers of X5 Retail Group from whom most part is the companies with turnover to 35 million rubles use factoring.

2015

Corus Consulting CIS and Edisoft included roaming

On October 19, 2015 it became known of conclusion of an agreement about roaming between companies "Corus Consulting CIS" and operator of electronic document management Edisoft. Now clients of Corus Consulting CIS can join electronic factoring platform FactorPlat for receiving financing under a concession of a monetary claim^[1].

Connection through roaming gives to a wide range of suppliers access to services of electronic factoring in the FactorPlat system. For example, the suppliers of X5 Retail Group working with Corus Consulting CIS will be able to join the platform and to receive financing from factoring companies on the basis of legal significant documents.

Advertizing FactorPlat (2014)

For October 19, 2015 10 large factoring companies work with the platform FactorPlat and clients of Corus Consulting CIS can select the offers, the most attractive on the conditions representatives of Edisoft claim.

"Cooperation of providers in the FactorPlat project demonstrates our desire to make the market of electronic factoring ordered and safe, using high-tech solutions. With FactorPlat it is possible to verify automatically 100% of deliveries and to control transactions in the online mode thanks to electronic signatures. The platform became reply to the requests of market participants that proves importance for the industry of single multibank solution — creditors and debtors received the common ground which is not limited to only one factor — Mikhail Ralkin, the chairman of the board of Edisoft group said. — Together with partners we will remove excess barriers to access of the companies to electronic factoring".

"Corus Consulting CIS is one of operators EDI and E-DOCUMENT FLOW for X5 Retail Group. Therefore our clients are interested in work with X5 Retail Group through factoring — told Igor Zelenko, the commercial director Corus Consulting CIS. — For the purpose of providing this opportunity in electronic form to them we configured roaming of electronic documents for the platform FactorPlat. It expands possibilities of their business on attraction of financing of commercial transactions. In return, I want to note constructive joint work of specialists of our company and Edisoft that allowed in compressed to implement the roaming solution".

Cooperation became one more stage on the way to streamlining of "rules of the game" between operators of e-document flow, noted in Edisoft.

Start of the platform FactorPlat

The Edisoft company together with VTB-Faktoring factoring company and X5 Retail Group started at the beginning of 2015 the factoring project — the independent multibank platform FactorPlat. According to developers, the solution should change radically the factoring market in Russia as now all transactions between banks, suppliers and retail chain stores can be financed in day of shipment of goods at electronic delivery confirmation.

According to the company, FactorPlat became the first platform in Russia which allows to carry out in the automatic mode transactions on confirmation and a concession of rights to claim on the basis of packets of electronic documents on deliveries. The EDI format ensures safety of transactions between partners and also reduces costs on document handling. As specialists of Edisoft explained, the average cost of delivery with "paper" documents is about 1130 rubles, and with electronic — about 68 rubles. Join in these expenses: salary of employees, cost of transfer, processing and document storage. Annually Russian retailers and banks spend more than 170 million rubles for "paper" document flow. Founders of FactorPlat suggest to refuse excess expenses.

The technology in an industrial scale is available to connection to all banks and retail chain stores. In December, 2014 the VTB Factoring company which provided financing of suppliers of Intersection, Pyaterochka and Karusel hypermarkets (Retail Group X5) with a limit in 7 billion rubles was connected to FactorPlat. The solution allowed to refuse "paper" document flow between all participants of the factoring transaction: the supplier, retail chain stores and bank that, in turn, influenced cost reduction and fall forward of business processes.

"Through the factoring platform FactorPlat there passed the Russia's first tripartite transaction between a factor, the debtor and the supplier with electronic delivery confirmation in day of shipment of goods. FactorPlat solves at the same time two main objectives. It saves the parties of the transaction from the problems connected with possible falsifications of documents. If with 'paper' documents check takes place in the normal scheme selectively and it bears the hidden risks for a factor, then FactorPlat allows to verify 100% of deliveries. It is important that FactorPlat provides exchange of legally significant electronic documents — Ralkin Mikhail, the chairman of the board of Edisoft group emphasized. — At the same time economy on processing and sending invoices and delivery notes reaches 80%. Factors, producers and retail chain stores get rid of excess expenses and reduce labor costs. It is that case when benefit all parties from factoring".

You See Also

• Factoring (market of Russia)

Notes