Otkritie Factoring joins Factorin blockchain platform

A blockchain platform for trade finance Factorin and the fintech company Otkritie Factoring have signed a partnership agreement.

Otkritie Factoring is a subsidiary of Otkritie Bank. The company structures non-standard transactions for financing creditor and accounts receivable debt. At Otkritie Factoring, more than 400 debtor companies have been onboarded.

According to ForkLog representatives, moving deals onto the blockchain will automate business processes.

“The partnership with the Factorin platform gives us the opportunity to increase the speed of factoring transactions and simplify the client offering for financing the platform’s partners’ accounts receivable,” said Artem Durov, CEO of Otkritie Factoring.

At the same time, the Factorin platform is not a broker and has no access to information about deals – all data is available only to their participants.

“Decentralised solutions will help overcome the trust crisis, remove manual operations, accelerate financing processes, reduce costs and risks for the participants in the deal,” said Andrey Maklin, founder of Factorin.

Through the B2B platform Factorin, launched in June 2019, nearly 900,000 shipments have been financed. Nine of the ten largest Russian factoring companies are connected to the system. Factorin’s turnover has surpassed 100 billion rubles.

Earlier in June, the Moscow Innovation Cluster launched blockchain factoring for entrepreneurs.

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