e.f@ctoring, a system designed by Factofrance using its experience in cutting edge technology, represents an opportunity for companies to significantly increase their efficiency. Totally bypassing the need for paper transactions, clients of Factofrance and its Factobail and Cofacrédit subsidiaries can now make online financing requests in complete security. This new system gives them access to a flexible online financing facility with no upper limit.

“We decided to get our clients involved in the development stage of this service to make it more responsive to their daily requirements. Our aim is to consolidate our clients' growth by giving them access to a major new technology,” explains Thierry Willième, Chief Executive Officer of Factofrance.

“The dematerialisation of subrogation releases and the electronic signature represent clear advantages for businesses, giving them the chance to both lighten their administrative workload and simplify their accounts receivable management. Thanks to e.f@ctoring , companies will be able to obtain financing online!”

Whate.f@ctoring offers:

• dematerialisation of the subrogation release, the legal document representing a transfer of receivables ownership. Having sent the electronically signed release document together with the invoice files via our Facto Net web interface, the user can then access our online financing facility.
• online management of electronically signed transfer orders.

Maximum transaction security:

The electronic signature, which has equivalent legal value to a handwritten signature, enables companies to make online financing requests to Factofrance and issue invoice settlement instructions in total security.

Factofrance offers a chip card-based electronic signature system that complies with the recommendations issued by banking supervisory bodies.

A user friendly system which offers the following advantages:

• secure online financing.
• a significant reduction in administrative costs through dematerialisation of subrogation releases. (+ less paper, savings in postal expenses, reduced processing time, etc.)
• simplification of accounting tasks.
• real time visualisation of available funds.

The GE Factofrance group is expecting a sharp increase in the use of electronic signatures:

The principal advocate of the electronic signature today is the Ministry of Finance. To make our system as user-friendly as possible for our clients, Factofrance decided to make its electronic signature application as widely compatible as possible, ensuring in particular compatibility with Ministry of Finance applications such as TéléTV@, its online VAT declaration system.

Availability:

This new service has been available to all of Factofrance's clients since December 2004.