Comarch launches new factoring system
Comarch, a global software house with expertise in financial IT, has gone public with a new, cloud-based factoring system.
The system, Comarch Cloud Factoring, allows factor customers to manage the entire lifecycle of an invoice with no paperwork involved.
Comarch Cloud Factoring, as its name suggests, operates in the cloud, and so it’s available to an even wider range of financial institutions, regardless of their size and maturity. The entire technical infrastructure and security matters are taken care of by Comarch.
One of the top benefits of the system is its pay as you grow model – the final price depends on how much computing power a factor actually needs. Another benefit is the early warning system that monitors contract behaviour on an ongoing basis, detects anomalies and passes them on to the appropriate bank department.
“The early warning system will catch any warning signals related to contracts or contractors thanks to the advanced artificial intelligence (AI) based algorithms,” says Karol Leszczyński, factoring product manager of Comarch. “Say, if the average payment delay increases from five to ten days, the contract operator will receive a signal.”
This, Leszczyński argues, is to prevent a situation in which the funds to be returned by the buyer of goods will never reach the seller, factor or bank.
Comarch Cloud Factoring, devoted to debtors and creditors, is able to settle up to 85% of payments automatically, minimising the workload for bank employees.