System for factoring companies

System ready to implement with the ability to adapt to your needs.

Comprehensive service for factoring companies

PRAGMA FAKTORING S.A. – it’s a company that is a leader in providing factoring services outside the banking sector. It offers a wide range of financial services purposed for MŚP, start-ups and the self-employed. This business is based on innovative system providing online fully automatic processing of procedures related to financial and credit approvals.

Benefits in figures.

328

number of clients in 2016

840

number of clients in 2018

36 thou.

number of handled invoices in 2016

154 thou.

number of handled invoices in 2018

Client's needs

In 2015 Pragma Faktoring S.A. engaged Mint Software to develop factoring system handling all its products and services.  A previous factoring system covered a small range: and employees had to perform many operations manually and the system did not handle many tasks. This inhibited further development of business processes, impaired efficiency and negatively influenced Pragma image comparing to competition.

Mint Software main objectives:

Developing fully automatic online factoring system that offers all functionalities of previous system, based on modern technology and fin-tech solutions;

Developing scalable architecture that offers possibility of extension with added functionalities depending on clients needs and market situation;

Automated settlement without any papers– provided online accounting and booking services;

Developing discount managing algorithms that would offer a client an attractive price considering the nature of transaction and any possible variations;

Precise automated risk analyses and providing economic data collected from different external sources;

Developing the system that would handle a bigger portfolio and increase of sales.

Applied solution

To develop the application consistent with client’s idea, we performed analyses of the project pursuant to Agile paradigm and Domain-driven design approach.

Because our focus was scalable functionality and efficiency, the key elements of system were based on SOA (Service-oriented architecture), and additionally where totally tested with PHPUnit.

The goal was to develop the system that will handle all business processes characteristic to factoring company and provide an option of automated on-line financing. As a result the system handles over 50 algorithm configurations managing discounts and charged fees related to: contract status change, daily billing, debt settlement. Some processes related to settlement and billing are based on RabbitMQ queuing and specialized services performing tasks in the background.

It was a big challenge to provide:

a mechanism handling set-off for foreign transactions and acceptance thereof;

a mechanism handling recourse related payments;

service including delivery of funds and settlement of transfers integrated with online banking along with full support for split payment;

a generator of documents, e.g.: contracts, set-off, transfer statements;

and implement e-invoice functionality along with automated confirmation by recipients and acceptance of corrections made.

Because our primary goal was to ensure fully automated solution that would reduce maximally operations performed by administrator and reduce system maintenance costs, we implemented containerization using Docker to simplify significantly the process related to implementation of upgraded applications and modifications of the environment from server side.

The essential part of the solution was system reporting layer provided in the form of data warehouse that enables multidimensional analysis of financial data along with some functionalities of Fraud Detection System.

Navi Faktoring system enabled:

Operations in one, integrated environment supported with external IT infrastructure;

Communication with client supported with omnichannel and modern digital channels, including tools supporting broker network, automatic sales handling modules, affiliation links;

Implementing process risk analysis to increase Company profitability (tools dedicated for analysts, scoring modulus, integration with economic information databases);

An advanced automated factoring and relative processes: sales process support (processing of applications, contracts and integration with CRM), handling operations and settlements (integrated with booking systems, payments and transfers, payments settlement, automatic settlement of remuneration, interest and agreements), as well as financing (management of financing limits, acceptance procedure and insurance);

Comprehensive services related to factoring, including different forms of factoring and financial products;

Reporting (predefined reports, client preview and management dashboards. Additionally further reporting related tools are available);

Reduction of operations performed manually (automatic tools that increase analyst efficiency a few times; implemented workflow and electronic documents provide time savings and increase work efficiency of sales team).

Advantages

The old system offered only 20% of present functionalities and its extension was not possible to ensure online processing of credit applications, integration with data suppliers and online banking;

Fully automated process: including on-line communication with client what ensures short decision-making process– a client can sell his invoice within an hour and has money transferred to the account;

All processes integrated in one system – including management, and processing;

Pragma Faktoring S.A beat the competition; at this moment they offer a wide range of products and services handled by the advanced technologically system that offers many functionalities;

Developed application reduced significantly operating costs of supplied services, and consequently: more attractive offers were prepared for clients;

Reduction of damages and growing number of customers and business partners, by meeting low risk level criteria.

Our programmers about the system

Marcin Walczuch, PM Mint Software

The developed service performs more than 100 000 operations every day, what saves time and money. It also provides support for commercial activity, processing of applications and credit agreements including commission calculation.
The service is provided with integrated settlement module that ensures automatic handling of booking registers and information exchange with banks and booking systems.

References from our client

Tomasz Boduszek, Pragma Faktoring SA Board President

Mint Software provided us with solution tailored to our business needs and nature of business activity, along with specialized tools. Thanks to their hard work we developed the program that opens up a way for successful activity in future. Now it depends on us if we get the most out of developed system – a unique and advanced, high quality, reliable software tailored to our needs and developed by Mint Software.

What can we do for you?

Do you have an idea, an operating system? Are you in need of dedicated software or process automation and robotisation?

Contact us now.

We are here for you

We are here for you

+48 608 007 200

Monday - Friday

Monday - Friday

8:00 am – 7:00 pm

Mint Software

Mint Software

Jasnogórska 23 Street
31-358 Cracow

Let us know how we can help you?



We will answer within 24 h,

to the phone number or e-mail address entered in the form.

We will contact you.

Discussion helps determine the objectives of the project. Our experts will advise you and listen to your needs. We will contact you to discuss the details.

We offer advice and pricing.

We care about quality, scalability and compatibility with software engineering benchmarks. Business-oriented approach is our everyday life.