Comarch recently launched its Comarch Factoring Platform (CFP) for Middle East Banks & Factors to help them keep their cost and workload to a minimum while seamlessly managing the end-to-end invoice process and delivering a fantastic customer experience.
Invoicing is the key part of business cash flow, particularly with SMEs; there is a huge demand for an alternative solution to bank loans, considering the time-consuming process associated with getting one secured. As a result, the global factoring and supply chain finance market has grown significantly in the past few years. The new CFP solution launched recently by Comarch has been successfully implemented and extensively used by global banks and factors in European countries, including major clients like BNP Paribas Poland, DNB and Cofface, to name a few.
Based on Comarch's extensive experience with global organisations and banks, the firm understands that banks and their corporate clients need fast and flexible offerings without getting too many paper-based approvals and lengthy processes to focus on their growth.
Post-pandemic, the global factoring sector is recovering at a great pace, and it becomes extremely difficult for fintech providers to meet the scaling requirements and compete with banks and factors without depending on the 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 automatically settle up to 85 per cent of payments. This means minimised operational activities and a better customer experience.
However, contractors or reconciled contracts become equally important along with speed, continuous monitoring of the entire portfolio, and catching warning signals and anomalies on contracts. 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 slip 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 the wealth of opportunities that are readily available in the market and that can be customised to meet the banks' requirements instead of having to develop, test and run inhouse.
Cloud-based offerings such as Comarch Cloud also factor in a support pay-as-you-grow model, where you can pay less when your business starts and cover bigger costs only when you can afford them. Also, the modular structure enables quick time to market with implementations in just a 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, and invoice discounting, to name a few.
Comarch Cloud Factoring also delivers value to bank employees as it facilitates getting work done faster and with greater visibility to help them focus on more exceptions and 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 the headaches away from running a new venture or bringing older systems up to date. There is no longer a 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 the cloud.
Not only is the same solution available on mobile devices as well with extensive functionalities for management of invoices, counterparties, settlements and communication with the factors, but the back-office portal also comes with end-to-end tools for automation of receivables and payables financing process, payment reconciliation with automatic matching of invoices, payments, own services invoices generation, along with advanced fee wizard and a variety of agreement parameters allowing for customisation.
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