Decentralized trade finance platform
Factorin is an open platform with an innovative distributed architecture based on DLT (blockchain) technology for automating the relationship between buyers, suppliers, banks and other companies. Factorin provides automatic exchange of data and legally relevant documents between accounting systems of the members and eliminates manual work, providing a high level of security and confidentiality.
Information is transmitted in encrypted form using a secure peer-to-peer connection without intermediaries. The platform automates the verification and scoring of counterparties, financing of supplies, reduces the cost of maintaining processes and minimizes the risks related to human errors and fraud.
The network consisting of 57 nodes processed more than 1.8 million transactions. More than 795,000 supplies worth over 94.9 billion rubles were financed through Factorin (as of December 1, 2020). Factorin is a portfolio company of Digital Horizon venture builder.
“Dixy”, “Magnit”, “Victoria”, MTS communications stores and suppliers are connected to the platform. Platform participants have access to financing from 39 banks and financial institutions including Alfa-Bank, Promsvyazbank, GPB-factoring, Rosbank, National Factoring Company (NFC), etc.