Software products

FACTORING subsystem is designed to provide comprehensive automation of the banks’ and other financial companies’ factoring operations.

Description and advantages of the solution 

This system has a flexible setup of accounting scheme. A mechanism of Money claims (further referred to as “MC”) uploading from files (*.doc, *.xls) is in place. Personal accounts may be opened prior to factoring service agreement registration or after the money claims are registered. Risk Dept officer can make provisions from his/her working place or do it during the end-of-day procedure. ON-LINE provisioning at every payment and redemption of funds is possible. The suppliers can register their money claims themselves (WEB).

Limit control is performed by:

• contracts
• buyers under contract
• buyers
• suppliers
• supplier groups (holdings)

VIP service is possible (funding over the limits). A limit calculation methodology is available. The turnovers are shown by limits indicating the following information:

• number of MC
• of them unredeemed
• turnover currency
• general limit
• current limit
• assignment amount
• funding amount
• redeemed funding
• unredeemed funding
• amount of payments
• outstanding payments
• credited balance amount
• charged for recourse repayment (at the expense of balance crediting)
• netting amount
• accumulated fee amount
• charged fee amount
• recourse amount
• recourse redeemed
• recourse unredeemed

Tariff plans are used:

• at funding
• at redemption of funding
• at balance crediting

Factoring contract maintenance
Buyers, suppliers, accounts database (the system can open new accounts automatically according the existing rules). Factoring service contracts register, money claims register, payments register are kept.

Assignment
This operation is separated from funding if funding and assignment dates are different.

Funding
Funding is performed taking into account the limits (per buyer under the contract, per contract, per supplier, per holding (supplier group), however, funding in excess of the limit is possible at the bank’s discretion.

Payment capturing
Allows identifying the entries from the kernel that are linked to the subsystem and influence the limits immediately. The off-balance expense is executed here for the amount of payment (income took place at assignment).

Funding repayment
There is a setup in the system that allows setting the priority to funding repayment or fee charged.

Balance crediting
It is the transfer of money claim balance after funding is repaid. It is also used for credit at the expense of recourse repayment of a supplier

Recourse
File # 2 is used

Reports
Payment orders for the bank needs and notifications for suppliers can be printed out.

There is a large bulk of reports including those for future periods in the factoring contracts register.

Product compatibility

Database:

Standard Edition One 9i/10g

Standard Edition 9i/10g

Enterprise Edition 9i/10g

Enterprise Edition Options:

Partitioning