Account Receivables Financing company

Account Receivables Financing is a comparative newcomer to the Russian markets, which however makes great gains in popularity. It is a package of financial services that includes:

• Provision of liquidity to a company in exchange for its debt obligations (factored financing).
• Insurance of liquidity, credit and currency risks arising in conditions of goods delivery with delayed customer payment schedule.
• Administration of debts.

Account Receivables Financing business therefore is inseparable from a large flow of documents, which can come from clients, be connected to registration of incoming or outgoing payments, recalculations of rates and debt repayments, and generation of a large number of other documents such as receipts and reports.

Ivelum solution for automating documentation of factoring services

On contract with «StroyCredit-Factoring», one of the first companies that specialized in providing factoring services in the Russian markets, Ivelum designed and operated a programming solution to the needs of automated Account Receivables Financing.

Capabilities and specific features of our solution:

• Full business circle solution. Ivelum solution covers the whole spectrum of factoring operations, which includes client contract registration and management, tunable tariffs and limits system, forming of schedules (detailed listings) and their signing, finance calculations, debt repayment calculations, fee and fine calculation, refinancing, as well as creation of all documentation that accompanies these transactions.
• Support for regressive or non-regressive factoring. The system supports work with client contracts with or without transfer of obligations to the client.
• Powerful reporting capabilities. The system contains approximately 30 types of reports related to the work of a factoring company and its clients, which includes current factoring services reports, as well as statistical reports and projections.
• Integration with Client-Bank software. Our system is integrated with iBank electronic payment system.
• Provides separate logon for the company clients. Clients of the financial factoring company are provided with a separate logon which gives them access to the current report for their firm, and where they can request client-side reports or generate necessary documentation..
• Access controls and audits. The system supports detailed specification of access control for different-level employees of the financial company, and also audits all changes in the system.

In further development of this solution, Ivelum has implemented another project which automates large-volume paper document entry into computer systems.