Automated, Scalable SME Funding Now Possible Thanks to New Platform from Fintech Factris

  • Major changes for Factris’ platform include same-day payments, streamlined onboarding, and fraud prevention for European SMEs.
  • Automation and AI features enable adaptations to local languages, currencies, and regulations.
  • The new platform is a key component of Factris’ expansion into new markets in the EU.

After years of designing and programming, a replacement of Factris’ FAB (Finance Automation for Business) platform has been released simultaneously across all five of Factris’ markets. These include Belgium, the Netherlands, Poland, Latvia, and Lithuania.

Factris’ IT engineers applied insights gained over six years to the new platform, improving nearly every aspect of how Factris funds European SMEs. This includes offering more types of financing, faster approval, direct control of accounts, and easier access to funds thanks to the platform’s new automated, AI-powered features.

The new platform replaces the original FAB platform from 2018, which has been an integral part of Factris’ main financial product known as “factoring.” The first FAB platform enabled SMEs to upload and sell their unpaid invoices to Factris for a fee, allowing them to receive working capital within 48 hours.

This new version of FAB, though, enhances how Factris funds SMEs in almost every way while also offering unique features and capabilities, including:

  • Same-day payments to SMEs and faster debt collection from debtors
  • Streamlined onboarding for simpler, faster approval and service
  • Three different types of factoring products are now offered, along with access to multiple insurers and funders
  • Self-service portals for clients and brokers to directly manage their info, submit invoices, monitor statuses, and view reports
  • AI-powered risk management to prevent fraud, late payments, or credit issues
  • Automated compliance with local regulatory requirements, government institutions, financial reporting requirements, and VAT variations
  • Multi-currency and multi-language capabilities for clients and debtors to interact with Factris in their local language and local currency

Factris also introduces the latest addition to the platform – the AI-enhanced Robot OCR Tool. This state-of-the-art technology utilizes optical character recognition (OCR) to recognize and extract text from images and documents, enabling the company to process invoices efficiently. By using this AI Tool, the company can streamline its workflows, increase productivity, and eliminate the need for manual data entry.

These new automated features also give Factris greater control, flexibility, and scalability of their financial products. Armed with these new automated capabilities, Factris can now expand into new markets more easily and at a lower cost.

The latest FAB platform’s new capabilities have CEO Brian Reaves excited for European SMEs. He commented, “Since Factris’ beginning, technology and automation have allowed us to offer fast, convenient funding to SMEs. Now, with this powerful new platform, we can expand our financing services across the EU and help even more SMEs receive the working capital they need.”

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