Innovations in UniCredit Factoring: Using factoring services is 3 to 5 times faster

Innovations in UniCredit Factoring: Using factoring services is 3 to 5 times faster

Factoring is getting digitized through a new web application of UniCredit Factoring;

In view of the good performance this year, the expectations for 2016 are for two-digit growth on the factoring market.

The use of factoring services after their digitization becomes 3 to 5 times faster. The clients of UniCredit Factoring will now be able, through the web application, to track and request services more quickly, more easily and more conveniently.

"The development and integration of innovations is part of the policy of UniCredit to meet the needs of the clients, who are now better informed, mobile, online, adapted to the new technologies", Asya Baeva, Executive Director of UniCredit Factoring, comments.

According to information from UniCredit Factoring, companies from more and more sectors use factoring services - from chemical products, through clothes and electronics to the service sector. Factoring is used for transactions both on the domestic market and on the international markets. The share of small and medium-sized enterprises in the portfolio of the company increases up to 62%, and over 30% of the clients are looking for factoring not only for working capital funds, but also for optimization of their credit risk (factoring without recourse). Besides, the companies can now use factoring for their receivables from public entities.

UniCredit Factoring reports an increase in the number of purchased invoices on an annual basis by 25% to over 100 thousand. The new clients of the company are increasing significantly too – by over 40%.

"In view of the good performance this year, the expectations for 2016 are for two-digit growth on the market", Asya Baeva forecasts. In the last one year, the factoring market makes nearly 4% of Bulgaria's GDP, or the evaluation is for 1.7 billion euro. Globally, the factoring turnovers usually reach up to 10% of the GDP. According to Asya Baeva, there are prerequisites for such volume to be reached on the Bulgarian market in four-five years. There will be several drivers of development – popularization of the factoring as a service and its advantages, the variety of factoring products and the appearance of new participants on the factoring market. The digitization of the sector will further stimulate the market.

Further information for clients:

UniCredit Bulbank, Call Centre

Phone number: 0700 1 84 84

More information for media:

UniCredit Bulbank, Identity & Communications Department

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

Magdalena Ivanova, Phone: + 359 2 9232 528, nbhebmfob/jwbopwbAvojdsfejuhspvq/ch