Endorse introduces digital supply chain finance platform developed by Prime FinTech
By Pavithra R
Endorse, a non-banking financing services company, has announced the launch of the first-of-its-kind Supply Chain Finance digital platform which digitizes factoring operations in a way that saves time and follow up, available to institutions who conduct factoring activities.
The launch is a new step for Endorse to establish its presence in the fintech field using the digital platform developed by Prime FinTech to manage Supply Chain Finance operations as part of its factoring proposition to the Egyptian business sector. According to the announcement, the move makes the firm the first to launch this digital service which is intended to be in line with the country’s direction of higher reliance on technology and reducing cash transactions; replacing them with e-payment.
Mervat Erian, Chief Executive Officer at Endorse explained that factoring services are considered among the most useful financing options for the business sector, since it offers companies and institutions the ability to sell their bill receivables to a “factor”, in this case, Endorse, at a discount. Endorse then becomes responsible for fulfilling the payment collection directly with buyers.
Supply Chain Finance solutions, introduced by Endorse and developed by Prime FinTech, offer several features including a digital end-to-end invoice management system that connects supplier/buyer/factoring company. This facilitates the entire invoicing process digitally, saving time and effort. The solution also maintains a strong supplier-buyer relationship through its faster payment process. From the buyer’s perspective, supply chain finance offsets pressure on cash flow, and enables increasing purchase volumes without being tied up financially.
“It is among our main priorities to introduce digital financing solutions to the business sector and we look forward to introducing more such solutions that will reduce burdens and unlock growth potential,” said Erian.