Moscow, 9 June 2016
X5 Retail Group, a leading Russian food retailer (LSE ticker: “FIVE”), and Edisoft, an electronic data interchange (EDI) services provider, announce the successful completion of the pilot run and full-scale roll-out of FactorPlat, Russia’s first e-factoring solution. FactorPlat’s platform gives suppliers full control of document flow for each consignment of products and faster payments for deliveries, thereby helping to expand the range of available products and increase production volumes.
Over a period of nine months, 23 banks and factoring companies joined the pilot, and 9,000 factoring transactions were completed. The FactorPlat platform was tailored specifically for X5’s suppliers.
EDI documents help prevent human error and fraud, and provide end-to-end cash-flow visibility. FactorPlat also enables three-party transaction reconciliations between a factor, a debtor and a supplier, as well as quick access to all factoring transactions between the companies.
This factoring method is currently used by more than 700 of X5’s suppliers, most of which have turnover of less than RUB 35 mln.
X5 Retail Group invites all suppliers interested in factoring services to join Factorplat.ru to access automated document execution, an interface with banks and X5, and quick financing of supplies. FactorPlat helps X5’s counterparties cut their factoring costs, and is also available for customers of all EDI providers with X5 accreditation via roaming services.
In June 2016, X5 and Edisoft will host a webinar on FactorPlat subscriptions and benefits. Details of how to join the webinar will be circulated to X5 suppliers using the factoring services. Alternatively, details will be available by phone after 10 June (+7 (499) 703-24-84) or by email connect@factorplat.ru.