Open Banking and Open Finance Fintech Floid has announced the launch of its Open Finance product designed for the Colombian factoring industry.
The service was unveiled at the “Open Finance to Automate the Factoring Industry” event held in June by the Asociación Columbiana de Factoring Electrónico and Floid in partnership with the Cluster de Servicios Financieros, Asobancaria and Cámara de. I was. Comercio de Bogota (Bogotá Chamber of Commerce).
Open Finance and Floid Product Features
According to the announcement, the conference aims to strengthen ties between institutions providing financial services in Colombia, with Floid, an open finance fintech company in Latin America, developing automation and financial services for the Colombian market. announced a product that enables Simplify factoring link flows and expand access to financing.
This service allows you to verify your company’s risk in a few simple steps. In this process, with the client’s approval, all the company’s financial information is provided to factoring in an automatic and secure manner. The tool aims to leverage real data from businesses and digitize it to improve decision-making, simplifying processes that typically involve sending physical separate documents. . This allows the factoring company to deliver more products faster.
Alfonso Maira, CEO of Floid, said factoring accounts for about 14% of GDP in Chile, and Colombia is almost three times the size of Chile, so there are a lot of growth opportunities. advised. This is considered to be an important step in bringing about such growth.
A spokesperson said factoring companies have noticed that they are using the tool to increase their volume of financial products, and the company was one of the first fintech companies to launch such products in the Colombian market. However, he said his experience in Latin America convinced him that the tool would be useful. We provide increased and improved financing to businesses in the industry who are growing and in need today.
Juliana Carmona, executive president of ASOFACE, said that some of the company’s activities are focused on bringing new trends to the factoring industry, and that cooperation with Floyd is a cross between open finance and electronic factoring. It added that it is exploring ways to create synergies and which tools will simplify them and enable factoring. Automate your industry.
In addition, these product types continue to contribute to industry transformation, creating connections between new technologies and businesses, and are believed to help make them successful.
Based on information detailed by Latamfintech, the event was attended by 50 decision makers from the business world including banking, factoring and fintech managers.