Endorse, a financing solutions company, has launched the first-of-its-kind supply chain finance digital platform, which digitises factoring operations.
The digitisation, which aims to save time and effort, is now available to institutions who conduct factoring activities.
The launch is a new step for Endorse to establish its presence in the fintech field using the digital platform developed by Prime FinTech to manage supply chain finance operations. This comes as part of its factoring proposition to the Egyptian business sector.
The company was the first to launch this digital service, in line with Egypt’s direction of a higher reliance on technology and reducing cash transactions, replacing them with electronic payments (e-payment).
Endorse CEO Mervat Erian said that factoring services are considered among the most useful financing options for the business sector, since they offer companies and institutions the ability to sell their bill receivables to a “factor”, in this case, Endorse, at a discount.
Endorse then becomes responsible for fulfilling the payment collection directly with buyers. This offers companies and institutions the opportunity to factor receivables to meet their company’s immediate cash needs. With Endorse, this is done through an automated front-to-back digital cycle.
She also added that Supply Chain Finance solutions, introduced by Endorse and developed by Prime FinTech, offer several features including a digital end-to-end invoice management system that connects supplier/buyer/factoring companies. This facilitates the entire invoicing process digitally, saving time and effort.
Among the benefits of supply chain finance is the ability of suppliers to increase sales while meeting buyers’ needs. It also includes outsourcing part of the administrative burden, and avoidance of debtor losses as well as to remain in control of their cash flow, allowing flexible forecasting and growth.
The solution also maintains a strong supplier-buyer relationship thanks to a faster payment process. From the buyer’s perspective, supply chain finance offsets pressure on cash flow, and enables increasing purchase volumes without being tied up financially.
