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Allianz Bank launches mFactor - the first mobile factoring application in Central and Eastern Europe

28 June 2021

The F27 partnership is part of the bank's strategy for innovation and business development

Allianz Bank Bulgaria has entered into a strategic partnership with the innovative company F27. The partnership started with the implementation of the digital platform mFactor, which serves all factoring processes. Thus, Allianz Bank became the first bank in Bulgaria to provide 100% digital travel for customers and speed in processing factoring services.

The digital journey takes place in a fully mobile environment, in which all parties in the process participate - buyer, seller and Allianz Bank Bulgaria. From the application, approval and document flow to the daily operational service and facilitated visualization, management and export of information - everything is done in a digital environment. Opportunities are provided for different roles and levels of authorization, removal of paper invoices and integration with customer ERP systems. The new application provides instant access to all important information of a company - every contract, every participant, every payment due, at any time, with just a few clicks on a smartphone, tablet and/or computer.

"Because of the Covid crisis, factoring is evolving at an even faster pace everywhere, and customers, in turn, want better and faster service. mFactor provides a digital and instant experience in the world of deferred payments between companies - in a fully mobile environment, with exceptional savings in time, effort, risk and cost. We completely eliminate physical documents and the hassle of creating, signing, certifying and delivering them. The acceleration of the exchange of information and trade operations between the companies and the bank is over 10 times", commented Filip Genov. "Allianz Bank is currently ahead of the most advanced fintech platforms and startups in the field of trade finance and corporate banking."

"The new digital platform mFactor provides our customers with convenience, speed and security when using factoring services. This will allow us to focus our efforts on customer consultation and business development, " said Magdalena Hristova - Director of Trade Finance and Factoring.

"Partnering with the innovative company F27 is part of the strategy of Allianz Bank Bulgaria to add value to its business customers by providing them with modern digital services in the field of factoring. Innovations are the future of the banking business," commented Georgi Zamanov, CEO of Allianz Bank Bulgaria.

About F27:
F27 AD is a digital transformation company founded by a team that has built and managed some of the most successful organizations in the fields of financial services and information technology in Eastern Europe. Building on this experience, F27 develops new products, services and solutions that create cutting-edge innovations and significant competitive advantages for its customers. The company is a world leader in the development and implementation of mobile technologies for commercial financing and digital identity management for legal entities.
F27 also actively invests and develops companies that are leading innovators in the areas of factoring services, management of the investment process for individuals and software robotics of complex corporate companies. More information: www.F27.io

About Allianz Bank Bulgaria:
Allianz Bank Bulgaria is part of the group of the world leader in financial services Allianz SE and offers its clients a full range of financial solutions. Allianz Bank has a long-term credit rating "BBB +" with a stable outlook, confirmed by the international rating agency Fitch Ratings Ltd. In 2020, the bank ranks in the top 5 of the best banks in Bulgaria in terms of stability, efficiency and sustainability, according to the prestigious ranking of the Capital newspaper. More information: www.allianz.bg