A replacement of Factris’ FAB (Finance Automation for Business) platform has been released simultaneously across all five of Factris’ markets. These are Belgium, the Netherlands, Poland, Latvia, and Lithuania. Improvements include 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.
Factris said this new version of FAB enhances how it 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; and
- 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 technology utilizes optical character recognition to recognize and extract text from images and documents, which allows the company to process invoices quickly. By using this AI tool, the company can streamline its workflows and increase productivity while eliminating the need for manual data entry.
These new automated features also give the company greater control, flexibility, and scalability of its financial products. Armed with these new automated capabilities, Factris can now expand into new markets more easily and at a lower cost.
“Since Factris’ beginning, technology and automation have allowed us to offer fast, convenient funding to SMEs,” CEO Brian Reaves said. “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.”