Comarch Factoring software utilized by the most rapidly growing factoring institutions in Poland

The total turnover of the Polish factoring market for 2008 has risen by over 50%. The worldwide crisis, combined with restricted access for companies to sources of funding have become crucial factors in the further development of the factoring industry. The largest increase of turnover was accounted for by DnB NORD and BGZ Banks. Each decided to buy and deploy the Comarch Factoring Software system.

According to many experts, factoring companies are set to benefit from the upcoming crisis. The current situation on the financial markets comprises a chance for growth in factoring products popularity, which up until now have not been particularly well favored among Polish entrepreneurs.

Nowadays, an increasing number of companies have been in search of new methods of funding that differ from traditional overdrafts. Funding current enterprises’ activity with the use of traditional financial instruments is becoming more and more difficult. Obtaining cash for ensuring financial liquidity poses a big problem for companies. In some cases, the factoring service is becoming the only option for enterprises to guarantee their survival.

An increase in interest in factoring products is affecting factoring financial results. The figures released by Poland’s biggest banks indicate which factoring institution is most rapidly growing on the market. DnB NORD Bank and BGZ Bank noted the biggest turnover growth in Poland this year (total turnover exceeded 100%). Both banks have bought and deployed Comarch Factoring Software.

- We are proud that our factoring software has been chosen by the most rapidly growing institutions within the industry. We believe that the listed banks will continue to increase their turnover with the help of our IT tools – says Jarosław Zając, Consulting Manager at Comarch SA. Comarch Factoring Software is a web-based solution that provides banks and independent factoring companies with all factoring functionalities necessary for their business. The factoring platform ensures automation of many business processes and supports client, debtor, invoice and agreement management. In addition, the factoring system incorporates several more optional modules that have been frequently utilized by factoring companies. The factoring software has been designed using the most recent web technologies. The innovative and unique nature of the solution has been rewarded in a competition organized by Poland’s most highly respected banking journal "Gazeta Bankowa".