The total invoice finance market has been growing rapidly and reached over $3 trillion worldwide. It has been a business practice for centuries and has been a savior to small business owners so they are more focused on running the business and able to ensure availability of working capital and petty cash for suppliers and employees. These days it is facilitated by P2P lending platforms, Banks and NBFCs. Though the practice has evolved and decently digitized still there are chronic issues which are impacting growth on both sides lenders and seekers.
Long processing and approval time
Higher risk if shorten the processing time
Entire process is manual including reconciliation
Double spending risk exist even after digitization
Lack of credit history limits ability to lend
With our blockchain based i-Factor solution we can help you eliminate all these issues and ensure that your platform becomes truly digital. You may be Bank, NBFC or P2P lending platform our i-Factor solution is designed as plug and play with your existing platform to blockchain based platform without impacting users. It is like a booster dose to your platform which works as underlying layer and helps you compete with various other blockchain based invoice factoring platforms. Blockchain brings trust in system which gives confidence to lenders for better rates consequently attracting more seekers and business growth.
Our blockchain layer is based on hybrid technology which is powered by XinFin XDC protocol and is specially designed for commercial grade industrial applications. It is permissioned environment where sensitive data remains in private state however liquidity comes from public state and that makes our blockchain technology unique. Hybrid blockchain technology is the future:
Shared access of ledger among buyer, supplier & financier reduces risk
Smart contract based reconciliation eliminates manual intervention
Blockchain protocol prevents double spending and fraud
Blockchain based shared repository building trusted credit profile