Nocashevents Instant Factoring uses blockchain technology to check if a claim has been divested - costs drop by 96%!

Instant Factoring uses blockchain technology to check if a claim has been divested – costs drop by 96%!

Instant Factoring, a Romanian fintech platform for factoring, has developed an application that allows access to the verification of claims assigned by a company by creating an alternative registration and verification system based on blockchain technology.

“One of the main issues in the factoring area is checking that a certain invoice has not already been purchased by another player in the market. Until now, this risk was removed by querying the Electronic Archive of Real and Securities Guarantees (AEGRM). For low-value bills / transactions, however, the costs of recording the claim to this authority are prohibitive, reaching up to 120 lei per recorded and subsequently canceled transaction, which meant that for certain transactions AEGRM would not be used “, says Elisa Rusu, CEO Instant Factoring.

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