Endorse, a nonbanking financial services company, has debuted a new platform that digitizes factoring operations for the supply chain, a Tuesday (July 6) press release said.
It encompasses a digital end-to-end solution for invoices and helps to connect suppliers, buyers and factoring companies.
Mervat Erian, CEO of Endorse, said in the release that the factoring services are often useful for companies, letting them sell their bills and receivables to Endorse, which acts as the factor and then becomes responsible for fulfilling the payment.
The company will be partnered with Prime FinTech and use that company’s digital platform. This will also be part of the factoring proposition of Endorse to the Egyptian business sector, as that country continues to work on digitizing payments and doing away with cash.
The release noted that the solution helps to keep up a good foundation between suppliers and buyers and essentially automates the entire invoicing process for efficiency.
And for buyers, Endorse’s solution will reportedly help to take the pressure off cash flow and let them make more purchases without becoming financially entangled.
PYMNTS reported on the issues with trade finance, particularly in terms of goods crossing the U.S.-Mexico border, which still too often relies on the long-held paper trail of documents flowing between places like ordering goods or paying shippers and truckers. That border is also the biggest trade line in the world, according to Deepak Chhugani, founder and CEO of Nuvocargo.
Nuvocargo is a digital platform focused on shippers and carriers who work in trade between the U.S. and Mexico. Chhugani said the platform was working on tech to help build a transportation network in both countries, something similar to ordering from a pizza shop like Domino’s, except for ordering products for trade finance. There’s also the ability to track progress from ordering to final delivery.
Chhugani said this will help with visibility and lets companies hire fewer people in their import and export departments.