MTS joins Factorin blockchain platform

The Factorin blockchain platform for trade finance has begun operating in the non-food retail segment, with the MTS retail network as its first client in this direction. ForkLog was told by platform representatives.

Now the retailer’s suppliers will be able to obtain factoring financing from 39 banks within an hour. The ready shipment registers are uploaded to Factorin directly from MTS’s retail unit’s accounting system as soon as goods are received at the warehouse and the documents are processed by the accounting department.

This enabled suppliers to receive real-time information about which shipments are ready for financing, and for factors to shorten verification times, according to platform representatives.

The pilot project was conducted in July 2020.

As of early November, Factorin processed 1.4 million transactions, and its turnover exceeded $1.1 billion.

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