In only a year Factorin, a young technology company was able to change the trade finance market in Russia. The distributed platform automates the interaction of the customers’, suppliers’ and factors’ accounting systems, and removes all manual work in the preparation, verification, and approval of documents.
Factorin reduces the overhead costs of all processes and minimizes the risks associated with human errors and fraud. Its platform makes trade finance more accessible to small and medium-sized businesses. Suppliers can receive payment within just two hours after delivery. The process used to take 1-2 weeks. Some 30 banks have already processed $502 million financing to hundreds of companies via the Factorin platform.
How blockchain platform Factorin is transforming Russia’s trade finance marketRead More
Topics:
Blockchain, Finance, Startups
