In this article, we share the results of a survey on the current methodologies used by factoring companies in the CEE region for invoice and contractor verification, which we conducted in February this year.
Most factoring companies in the CEE region (67%) still rely on either partially automated or manual processes for contractor verification. This is mainly due to the limited volume of invoices and debtors requiring verification, and the lack of a comprehensive solution that can automate all functions simultaneously. Only 33% of factoring companies have nearly fully automated their processes.
50% of factoring companies in the CEE region, regardless of the level of automation, use multiple tools for contractor/debtor verification. And nearly all factoring firms conduct some form of manual verification via the Internet.
Additionally, 70% of factoring companies in the CEE region have experienced delays in the contractor onboarding/factoring process, often or occasionally.
70% of factoring companies have also reported a significant reduction in operational costs and/or delays due to automation. However, 20% of companies indicated that automation (whether full or partial) did not yield the expected results, or they encountered false negative results.
Recognizing the potential for automating the contractor verification process—which can significantly accelerate the factoring process—we decided to organize a dedicated webinar in collaboration with Vercly, whose core business is automation of verification.
Watch the recording for more insights:
For further information on automating verification processes or to request a demo, please complete this online form. A representative from Vercly will contact you promptly.
