InstantFactoring creates blockchain-based registration and verification system

Wednesday 15 August 2018 09:48 CET | News

The fintech company InstantFactoring has created an alternative registration and verification system based on blockchain technology.

Anyone can now check if an invoice or claim has already been divested, thus avoiding multiple-sale frauds. At the same time, any company or institution, regardless of size and financial capacity, can record the bills that have been the subject of such transaction – in the blockchain. This sets the foundations for a transparent market in the sale and purchase of claims from legal persons.

The strategy of the digital micro-factoring platform is focused on developing the easiest and fastest flow of financing bills in Romania (and not only) through digitization. Thus, the team can process multiple factoring requests simultaneously, with significantly lower operating costs than the traditional process, thus making it possible to finance low-value invoices, a process that is not profitable in the classical factoring system.

With its FinTech platform launched 4 months ago, helps small businesses and micro-businesses instantly convert cash on time bills by providing them with a cashflow and work capital acceleration solution. The money is returned to the customer’s account within 24 hours of request, for invoices up to EUR 2,200 (RON 10,000) at a cost of 3% per month of the total amount of the invoice.

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Keywords: InstantFactoring, invoices, Registration, verification, blockchain, financing , billing
Countries: World