#Factoring Software For Banks Software Cloud Based
#Factoring Software For Banks How To Set Your

Factoring Software For Banks Software Cloud Based

Before we start talking about technology, please tell us about yourself: what is your pass to efcom and what exactly do you do?Factoring software cloud based for factors and their clients. This talk is about technology and the automation of factoring services for SMEs. TAB Bank provides customer financial solutions for mid-sized finance companies.Olena Gryniuk met Daniel Huszar in Warsaw this May. Our factoring data base provides accounts receivable invoice tracking, purchase order funding, transportation software for factors, credit card factoring, low cost, pay as you go model with features youd expect in much more expensive productsFactorFox Software provides cloud based factoring software for factors. Factoring software cloud based for factors and their clients.

I also think about future applications, which I think is why you invited me. But also, I look into future technologies as well as the ones which we have right now and which drive product development. My job as Head of Sales doesnвЂ™t really encapsulate what I do completely, because my job is, of course, to sell and to provide consultation for clients on which solutions might work for them. ItвЂ™s a good place to start out. I started out translating the system into English, so I know the depth of the system very well.

This is what we see on the Polish market, where some Fintechs have appeared recently that are focused on the micro factoring segment they off er factoring purely online in just a few minutes. So, to serve SMEs and micros, the process needs to be automated as much as possible. This is mainly due to the fact that these big organisations have manual processes for that product, and of course because servicing SMEs in such a way is very costly and insuffi cient for their needs. As we see in the CEE region, although not only here, banks are mainly specialised in factoring for corporate customers.

First of all, if we go into the micro sector and SME sector with a manual process, we donвЂ™t get so much more money from each individual client as for example in the corporate world. In most cases, the factoring company will give you 70 95 of the invoice value (the advance rate) up-front, and give you the remaining 5 30 (the reserve), minus a fee for their services. Traditional banks make funding decisions based on your credit score.Invoice factoring is a relatively simple concept: you sell your unpaid invoices to a factoring company in exchange for money up-front. Small businesses connect to us when. So, my question is вЂ” how can or should banks automate? What might the exact process be?Your search will end with The 48 Factoring.

And perhaps when we are dealing with corporates, in the case of invoice discounting or factoring products, we donвЂ™t have a large number of clients but we do have a large number of invoices, and we kind of need to automate in order to get them into the system, to manage the limits and to manage the risks.So, we need automation, and to do this we have two technologies: we have the front-end, which is an online portal or an app, something like that, and this is the face of the technology that the customer sees, and then we have the back-end, which is where you crunch all those numbers, make all those postings, track the invoices and track your risks, for example.IвЂ™ll start with the front-end and what we can do there. Because we have a lot of customers and because itвЂ™s hard if we have manual processes connected to all of them, when we onboard them and manage them, we need to automate, because then itвЂ™s not scalable. With manual processes versus automation вЂ“ automation makes things scalable, which is very important with the SME and micro-segment.Complete software solutions - banking software, leasing software, accounting system, insurance software, electronic invoices, utility companies system.

With respect to the back-end, the most important thing is flexibility. It just needs to be easy and simple. And when the automation comes into play, itвЂ™s more about customer convenience.When I talk about a multichannel approach and multiple ways to interact with your software, itвЂ™s more about вЂdo I type in this invoice manually or do I take a picture and then get some OCR software to read out what is written on that picture and translate it into the fields?вЂ™ Customer convenience defi nitely plays a more important role here than even automation. To do this, we definitely need to shape it from the mobile, and by this I mean make it really simple to use, make it easy to upload invoices or documents and to make requests and all those kinds of things, and give users multiple opportunities to interact with your technology and your product.

Factoring Software For Banks How To Set Your

Do you understand automation to mean that all processes are done by machines or robots without any human touch or involvement?This is an interesting question. We have to take some spread, we have to take some risks, and we are not getting everything covered by credit insurance. You take whatever rules you have in mind, like which invoices to buy, which customers to take, which customers to reject, how to set your limits, and you kind of think about what your risk appetite is here, because without risk we canвЂ™t do this. For the back-end, the most important thing is the way you automate things, the way you translate your business processes into the software parameters вЂ“ thatвЂ™s basically it. And the customerвЂ™s convenience is key. To make the front-end tool easy to use, to have this multichannel approach that allows the customer to interact with you on many different levels.For example, as I mentioned, this could be entering invoices using various methods: by taking a picture, typing them in.

I mentioned that we translate business processes into parameters so that the software, when you automate it according to the business rules that the bank and we as a software company implemented in the first place, does exactly what you want it to do. To make sure that itвЂ™s not a black box, I believe there are two factors that really help. Automation should serve humans and users, not vice versa, of course. So in the end, when we apply all these parameters to our data and we think there might be a risk, like the Bedford model, and patterns and all these kinds of things, then the risk manager will get a proposal list and, rather than look at every invoice or every client, they will get the best clients according to the business rules set within the software, and then they can see which clients or invoices need to be checked up on the most.Basically, automation can also mean that humans use their time in the most efficient way possible. This is what big data risk management is for, so you put it all in and you let the technology run its assessments according to some predefined rules, checking your invoices, checking your customers against patterns.For example, if you can look at the invoices and invoice numbers, and you can check if thereвЂ™s a pattern that can be flagged. Of course, automation means that things are run automatically, but when we look at certain risks, if you have hundreds of thousands of customers or invoices, then nobody can look over all of these, and you need pre-defined decisions, but you need to look at some of them and you need to look at where risks are most likely to occur.

And thatвЂ™s a very important factor, in my opinion вЂ” that you are able to do that. That is really important when it comes to shaping your portfolio, monitoring it over time and even having the possibility of creating reports or dashboards later on, which are things that you might not think of right now, because they represent future products. But it is what we tell the software to do.And the second thing which is very important is that we need to be able to analyse all the data that goes in, and what we at efcom do to ensure that is save everything at invoice level, so every invoice and every credit note, every item that goes in there, stays within the database and can be analysed upon reporting even years later.