FACTORING
We automate back-office accounting and analytics systems of factoring operations
Collection and systematization of business requirements, preparation of project design that will ensure stable operation, ease of scaling, support and development of the solution, formulating a detailed project plan with an evaluation of works and a commercial offer.
BUSINESS ISSUES
LIMITATIONS IN THE FORMATION OF UNIQUE OFFERINGS TO CUSTOMERS
For the industry, the situation and the needs of a particular client
For the industry, the situation and the needs of a particular client
INFLEXIBILITY OF THE CURRENT IT SOLUTION
Inability to make operational changes to the business, a long release cycle
Inability to make operational changes to the business, a long release cycle
TIME GAPS IN ACCOUNTING AND ANALYTICS OF OPERATIONS
Additional operational errors, absence of timely notifications
Additional operational errors, absence of timely notifications
PERFORMANCE METRICS ARE NOT TRANSPARENT OR MISSING
There is no way to accurately measure and control the actual metrics
of the factoring process and improve it
There is no way to accurately measure and control the actual metrics
of the factoring process and improve it
A LARGE NUMBER OF MANUAL OPERATIONS
Increases the duration and cost of factoring maintenance, leads to additional errors and downtime
Increases the duration and cost of factoring maintenance, leads to additional errors and downtime
POOR CUSTOMER LOYALTY
Doesn’t allow you to keep customers when they receive a better offer from your competitors
Doesn’t allow you to keep customers when they receive a better offer from your competitors
AN EXAMPLE OF FACTORING PROCESS
The process of factoring can include different number of stages depending on the customer segment (Small, Medium, Large, etc.). Below is an example of a universal process.
1
Selling a Service
- Customer engagement
- Obtaining client’s consent to cooperation
2
Customer Dossier Creation
- Initial collection and update of documents
- Initial compliance checks
3
Deal Structuring
- Credit analysis and structuring
- Expertise of departments (collateral, lawyers, security, risks, etc.)
4
Decision Making
- Preparation and approval of the draft decision
- Holding of Committee Meeting and recording the decision of Managing Organization/ Governing Body
5
Signing the Contract
- Formation of a service contract and security contracts
- Approval and signing of contracts by the Client and the Bank
6
Funding
- Control of conditions of providing funds
- Issuance of funds and execution of accounting transactions
7
Debt Monitoring
- Monitoring the fulfillment of the transaction terms
- Identification of risk factors by counterparties
- Control of debt repayment and commissions
8
Transaction Support
- Changing the terms of the contract
- Imposition of sanctions and penalties
- Formation of reserves and revaluation of foreign exchange requirements
- Accounting for incoming payments and execution of accounting transactions
9
Termination of Conract
- Monitoring the fulfillment of the client's obligations
- Termination of Contract and related operations
OBJECTIVES AND BENEFITS
Key objectives and benefits of the accounting and analytics systems of factoring operations
FLEXIBLE SETTINGS
- Quick customization of unique products for the client
- Launch on the same day
REAL-TIME ACCOUNTING OF TRANSACTIONS
- Accounting registers
- Integration with external systems
AUTOMATION OF MANUAL OPERATIONS
- Integration with external systems
- Automation of algorithms, calculations, business logic
CONTROL OF BUSINESS PROCESS METRICS
- Control of regulatory deadlines
- Notification system
- Operational reporting
SHORT RELEASE CYCLE
- Prompt introduction of changes
- Reduced time to market
Objective
Implement a flexible tool that allows an employee to independently configure and change the customer specific terms and conditions from a set of existing attributes and rules.
Scenarios
Advantages
Implement a flexible tool that allows an employee to independently configure and change the customer specific terms and conditions from a set of existing attributes and rules.
Scenarios
- Accepting a new client relationship
- Changing the terms of service for an existing customer
Advantages
- Increased flexibility in product settings
- Individual approach to the client
- Rapid deployment
Objective
Build a system for monitoring and accounting the use of limits in the hierarchy according to the various business rules.
Scenarios
Advantages
Build a system for monitoring and accounting the use of limits in the hierarchy according to the various business rules.
Scenarios
- Establishment of limits from an external system when forming new customer service rules
- Setting and editing rules for monitoring and accounting limits
- Payment of funding
Advantages
- Transparent and clear limit control process
- Display of information on the selection and reserves of limits in real time
Objective
Scenarios
Advantages
- Automatic generation of accounting entries for various events in the system
Scenarios
- Payment of funding
- Distribution of incoming payments
- Revaluation of currency requirements
- Formation of reserves, etc.
Advantages
- Reduction of manual operations for the formation of a large number of accounting entries
- Automatic unloading of accounting entries to an external system
Objective
Scenarios
Advantages
- Configuration of system settings and business rules by an employee without involving the development team
Scenarios
- Setting up maintenance schemes, product settings, cost conditions
- Customization of notification templates and documents
- Setting up rules for generation of accounting entries
- System Directories support
- Setting up the launch of automated tasks
Advantages
- Rapid introduction of changes
- The relevance of information in the system
- Configuration of system settings by employees
Objective
Scenarios
Advantages
- Loading large amounts of tabular data into the system
Scenarios
- Loading of monetary claims / orders
- Uploading information on counterparties
- Loading multiple instances of entities
Advantages
- Significant acceleration of the process of working with a large number of entity instances
- Reduction of manual operations
Objective
Scenarios
Advantages
- Automatic generation of documents in DOCX/PDF format and Outlook notifications with XLXS attachments
Scenarios
- Generation of acts, requests, claims
- Generation of notifications and reminders to counterparties
Advantages
- Reduction of manual labor when generating document templates
- On-time automatic generation and dispatch of documents
Objective
Scenarios
Advantages
- Automatic exchange of information with external systems
Scenarios
- Uploading information on contracts, counterparties, monetary claims, rates, ratings, invoices, payments
- Uploading information on used limits, generated entries, and status of monetary claims
Advantages
- Reduction of manual operations and operational errors
- Avoiding duplication of information in multiple systems
- Operation of a single window with real-time information
Objective
Scenarios
Advantages
- Reflection of accounting operations in accounting registers required by business tasks: accounting, tax, management, operational.
Scenarios
- Accounting for monetary claims, reserves, accrued commissions and remuneration, etc.
Advantages
- Data storage and its versioning in accordance with business needs
- The ability to quickly monitor, verify and upload the necessary information in order to provide it to external users
Objective
Scenarios
Advantages
- Generation of operational and analytical reports without time delays and errors
Scenarios
- Reconciliation of account balances
- Calculation of VAT
- Analysis of overdue debt
- Monitoring
- Etc.
Advantages
- Quick access to information that is updated without time delays in real time
- Enhancing trust in the automated system
Objective
Scenarios
Advantages
- Timely notification of motivated employees on the most important events in the system
Scenarios
- The need to eliminate freezing of funding
- The need to update the dates of conclusions and documents
- The need to verify financial covenants
Advantages
- Acceleration of the funding process
- Timely implementation of necessary steps and activities
RESULTS
- REDUCED RISKSReduction of technological, operational and regulatory risks1
- IMPROVED PERFOMANCEReduction of manual operations, acceleration of back office work2
- INCREASED BUSINESS FLEXIBILITYFast release cycle and the possibility of business administration of system settings3
- PROCESS OPTIMIZATIONElimination of downtime and duplication of information in different systems4
- REDUCED MAINTENANCE COSTSReduction of IT risks and transfer of the solution to the balance of the IT unit5
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