Comarch have recently launched its Comarch Factoring Platform (CFP) for Middle East Banks & Factors to help them keep their cost and workload to a minimum while managing the end-to-end invoice process in a seamless manner along with delivering amazing customer experience.
Invoicing is the key part of business cashflow and particularly in SME's there is a huge demand for an alternative solution to bank loans considering the time-consuming process associated in getting one secured, as a result factoring & supply chain finance market globally is growing significantly in the past few years. The new version of CFP solution launched recently by Comarch has been successfully implemented and extensively used by global banks & factors in European countries including major clients like BNP Paribas Poland, DNB , Cofface, to name a few.
Based on Comarch's extensive experience with global organizations & banks understands that the banks and their corporate clients need fast and flexible offerings without getting into too many paper-based approval and lengthy process, so that they can focus on their growth instead of spending time in such cumbersome process.
Post the pandemic, global factoring sector is recovering at a great pace, it becomes extremely difficult for fintech's to meet the scaling requirements and compete with banks and factors without depending on technology that can enable them to offer seamless and quick services to their customers. CFP solution is one such solution to assist Banks/factors to speed up their work thanks to Comarch’s enhanced payment matching algorithms which enables to settle up to 85% of payments automatically which means minimized operational activities and better customer experience.
However along with the speed, continuous monitoring of entire portfolio, catching warning signals, anomalies on contracts, contractors or reconciled contracts becomes equally important. Instead of waiting for expired payments to become a problem, including the high costs of bad debt recovery, banks and factoring companies receive alerts if payment times slips from pre-agreed commitments. Starting a partnership with Comarch‘s Artificial Intelligence promises to be a good move in addressing these issues.
It’s extremely important for the banks to choose the right factoring software whether cloud or on-prem to access wealth of opportunities that are readily available in the market and can be customized to meet the banks requirements instead of having to develop, test & run inhouse. Cloud based offering like Comarch Cloud factoring also support pay as you grow model where you can pay less when your business starts, cover bigger costs only when you can afford it. Also, the modular structure enables quick time to market with implementations in just few weeks instead of quarters.
One key point is that the solution doesn't only support Classic Factoring but also various different modern supply chain finance products including Reverse factoring, receivables management, invoice financing/maturity factoring, invoice discounting to name a few.
Comarch Cloud Factoring also deliver value to banks employees as it facilitates to get work done faster & with greater visibility to help them focus on more exceptions and can spend more of their time looking after customers, approving contracts, increasing factoring limits or adding new contractors to their portfolios.
Comarch Cloud Factoring takes all of the headaches away from running a new venture, or bringing older systems up to date. There is no longer need to be constrained by technology that is difficult to update or impossible to scale up to cope with unexpected volumes of customers or invoices. You are always on the latest version with frequent releases tailored to your needs in an agile model and ensuring system availability in cloud.
Not only that the same solution is available on mobile devices as well with extensive functionalities for management of invoices, counterparties, settlements and communication with the factors. The Backoffice portal comes with end-to-end tools for automation of receivable and payables financing process, payment’s reconciliation with automatic matching of invoices, payments, own services invoices generation along with advanced fee wizard and variety of agreement parameters allowing for customization.
About COMARCH
Founded in 1993 in Kraków, Poland, Comarch provides itself on being one of the leading software houses in Europe with over 7000 employees worldwide and thousands successful projects carried out for the largest international brands. Over 20 years’ experience in the industry, Comarch Financial Services, a business sector within the Comarch Capital Group, specializes in developing sophisticated software and IT systems for major financial institutions in banking, insurance and capital markets. Comarch has gained worldwide recognition and a significant portfolio of clients among insurers, banks, mutual and pension funds, brokerage houses and asset management companies in more than 30 countries. Some of Comarch’s client list includes ING, NBB, Société Générale, BNP Paribas, Ergo, Oney, Allianz, and more.
