InstantFactoring, a fintech company has used blockchain technology to build an alternative registration and verification system.
With this new system, users can check if a bill or claim has been already divested. This would help to avoid multiple sales frauds. A startup, company or institution can record the bills and invoices that have been used in such transaction can record it in the blockchain.
This system would bring transparency into the market when it comes to buying and selling of claims from any legal entity or person.
The team at instantfactoring.com can process multiple requests at the same time. The startup would have to bare a low operating cost and can use low-value bills, these low-value bills were not profitable with the traditional factoring process.
The startup launched its platform 4 months ago which helps small and medium business in converting cash on time invoices and provides them in accelerating work capital and cash flow. Invoices of up to EUR 2,200 (RON 10,000) cost 3% per month and within 24 hours the money is returned.