MTS joins trading financing platform on Factorin blockchain
The telecommunications company MTS joined the platform on the blockchain Factorin. Now the company’s suppliers will be able to receive factoring financing from 39 banks within an hour.
This summer, the companies conducted joint testing to build internal processes of the trading network. This made it possible to download supply registers to the blockchain Factorin platform directly from the MTS retail accounting system after accepting goods in stock and processing documents by accounting.
By optimizing the process, MTS suppliers can get real-time information about which deliveries are ready for financing. General Director of MTS retail chain Sergey Belyakov commented on this initiative:
“The highly competitive field of mobile retail requires us to build business processes as efficiently as possible at all levels of working with customers and counterparties. During the pilot project with Factorin, we received positive reviews from suppliers: they all note the speed and simplicity of working with the platform. Therefore, it was decided to scale integration with the service to the entire retail network. “
Factorin is the only one in Russia and one of the world’s largest decentralized platforms for trade financing. The goal of the platform is to automate the entire process of information exchange between the supplier and the buyer. CEO and co-founder of Factorin Andrei McLean said:
“We help companies and their counterparties get the best services on the market from 39 leading banks and financial companies. I am very grateful to the MTS retail network for its productive work, unique expertise and strategic vision of the development of the mobile retail market. “
The Factorin platform was created in 2018 with the participation of the international investment company Digital Horizon. Factorin entered commercial operation in June 2019, and over the past six months, the platform turnover exceeded $90 billion.
Large companies are increasingly using the services of trading financing platforms on the blockchain. Recently, Alfa Bank was the first in Russia to join the trading financing platform on the Contour blockchain, the beta testing of which was successfully completed in October.
