Innovation in the area of factoring services in Bulgaria: The new eFactoring.bg platform makes factoring services up to three times faster and cuts company costs

The factoring market is expected to double in size in 2016.

UniCredit Factoring has developed the first electronic platform for factoring services in Bulgaria - еFactoring.bg. It enables companies to effect factoring transactions entirely electronically. This innovation successfully digitalizes, automates and optimizes all day-to-day operations which companies perform while using factoring services. The platform significantly shortens the time for receiving advance payments and for the overall management of the receivables of companies and optimizes their everyday expenses for printing and logistics. The service is entirely free.

It is a major innovation for Bulgaria and for UniCredit Group. At this stage it is without analogue in terms of the range of offered services and ease of use.

The eFactoring.bg platform for clients is an online based platform for exchange of electronic information and documents between users of the platform and UniCredit Factoring. Its purpose is to reduce time and effort for all stakeholders in the information exchange process and to provide users with the opportunity to access needed reporting information on their own any time and anywhere.

Through eFactoring.bg clients can upload invoices directly from their accounting systems, create electronic assignments with the help of a digital electronic signature and load all the necessary information and documents to make an advance payment only with a few clicks. Buyers are able to confirm their liabilities in the platform. Thus the process could be finalized successfully within minutes. In order to facilitate clients and inform them in a timely manner, the platform sends email notification for the performed actions. In eFactoring.bg users themselves may generate reference statements and reports of the information they need. Clients have constant access to the invoices issued by them.

The eFactoring.bg platform completely obviates the need for paper documents as it provides transparency and speed in the realization of the factoring services. The complete information for the factoring deal is available to clients in real time without compromise with the security of the system.

"In view of the good performance last year, in 2016 the expectations are for a two-digit market growth", forecasts Asya Baeva, Executive Director of UniCredit Factoring. In the last year, the factoring market is appraised at around 4-5 % of the GDP of Bulgaria. Globally factoring turnovers usually reach up to 10% of the GDP. According to Asya Baeva, there are grounds for the Bulgarian market to reach such a rate in four or five years. This growth will be driven by several factors. Firstly, more and more companies are familiar with factoring and appreciate its benefits. Secondly, the factoring companies themselves have become more flexible and faster and offer a larger range of various factoring products. Other new participants are also entering the factoring market. And last but not least, currently a lot of new technologies and business models (supply chain financing) are emerging and have the potential to reach a broader circle of clients.

More information for media:

UniCredit Bulbank, Identity & Communications Department

Viktoria Blajeva, Phone: + 359 2 9264 993, wjlj/ebwjepwbAvojdsfejuhspvq/ch