factris invoice financing factoring

Creation of an innovative risk management system for factoring cases (FACTRIS)

UAB “Factris LT1” with its partner UAB “INNTEC” is currently implementing a project financed by the European Union.

The goal of the project is to create an automated risk management platform for factored cases, which will consist of several main modules (components of the system): data collection module, factored risk assessment module, risk tolerance configuration module, risk algorithm definition module, monitoring module.

During the project, it is planned to carry out research aimed at the development and validation of the concept of an artificial intelligence-based factorial risk management platform in laboratory conditions, as well as experimental development, the creation and demonstration of a prototype of an artificial intelligence-based factorial risk management platform under real operating conditions.

The developed technology will allow to assess not the riskiness of a specific entity, but the risk of a factored case. This will significantly increase the accuracy of the assessment (reliability) and reduce the default rate. Also, the platform being developed will allow to significantly shorten the time of risk assessment and provision of factoring services, compared to manual work. Finally, the system will allow performing such functions as the collection and evaluation of alternative data, configuring the acceptable risk of a factored case, decompilation of the risk score into risk assessment rules, fixing the version of the risk assessment algorithm adapted to each risk case, and others. All this will allow system users (factoring service providers) to ensure the efficiency, promptness and cost-effectiveness of the factoring service provision process and even better meet the needs of end users (factoring service recipients).

It is financed according to the measure “Smart FDI” of priority 1 “Promotion of scientific research, experimental development and innovation” of the 2014-2020 European Union funds investment action program. Funded from the European Regional Development Fund.
The name of the project is “Creation of an innovative risk management system of factoring cases (FACTRIS)”
Project executor – UAB “Factris LT1”
The total value of the project is EUR 1,955,389.10
Funding allocated from the European Regional Development Fund – EUR 1,397,043.52
Private investments corresponding to public support for innovations or R&D projects – EUR 558,345.58

The project is being implemented from 2020 February 11 until 2022 February 9
UAB “Factris LT1” has been operating since 2015. an active alternative financing company. It is the first provider of non-bank factoring (invoice financing) solutions for small and medium-sized businesses in Lithuania, occupying about 25% of the market. alternative factoring markets. in 2018 UAB “Factris LT1” was acquired by the Dutch factoring company “Factris”, which focuses on simplifying the business financing process and implementing innovative crediting solutions.

This site is registered on wpml.org as a development site. Switch to a production site key to remove this banner.