OTP Bank has started cooperation with SupplierPlus
OTP Bank has entered into a cooperation agreement with SupplierPlus in the field of providing reverse factoring services to the bank's clients - legal entities.
According to Lina Zaika, Head of Factoring Financing at OTP Bank, the partnership between OTP Bank and the company will combine the bank's many years’ successful experience in financing customers with factoring and modern technologies of the SupplierPlus’ digital platform.
According to her, the SupplierPlus solution is a new tool for obtaining reverse factoring based on digital document management, developed taking into account the requirements of Ukrainian legislation and unites customers, bank and intermediary, which is Supplie Plus, on one platform.
“Reverse factoring is one of the types of invoice factoring, which allows reducing significantly the cash gap between shipment and payment for goods. This product will primarily interest buyers (medium and large companies) who want to attract more suppliers and offer them better cooperation terms. Reverse factoring is an optimal tool for companies engaged in production and wholesale trade, for example, for food and business networks, pharmacy networks, for agricultural holdings, etc., "— L. Zaika highlighted.
“This type of factoring will also be very useful for SME companies - suppliers, as they will receive quickly funds from OTP Bank, which is payment for the delivered goods (or services), immediately after shipment and without the risk of late payment by the buyer. An additional and no less important advantage of factoring is that OTP Bank provides such financing without collateral, companies receive money instantly, and the process itself is simple and clear, " — she said.
SupplierPlus Ukraine — a financial and technological company that specializes in supply chain financing solutions. SupplierPlus Ukraine is owned by Supplier Plus Group, which was founded in Estonia in 2015. The company offers innovative working capital management solutions used by large companies, their suppliers and banks. Source: https://rau.ua/predprosmotr-uk/supplierplus-reverse-factoring/.
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Public Joint Stock Company OTP Bank is a subsidiary of OTP Bank, which is the largest independent Central-Eastern-European banking group. JSC OTP Bank is one of the largest domestic banks, a recognized leader in the financial sector of Ukraine. The Bank provides a full range of financial services to corporate and private customers, as well as to small and medium enterprises. The bank entered the Ukrainian market in 1998, and since then it enjoys a staunch reputation of socially responsible, reliable and stable institution providing its consumers with services of European quality standard.
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