Streamlined Digital Factoring: Ease, Access, and Rapidity as Its Core Features
Halyk Bank's Digital Factoring Service Empowers Businesses and State Procurement Participants
Halyk Bank, a leading financial institution in Kazakhstan, has been at the forefront of digital transformation in the banking sector. Their website, halykbank.kz, offers a wealth of information about their services.
One such service is digital factoring, a tool designed to help businesses further develop their operations. This service provides opportunities for companies to sell their accounts receivable to a factor and receive immediate funds, bypassing the need to wait for payment from the client. This is particularly beneficial for those involved in tenders, as it ensures quick financing.
Digital factoring from Halyk does not require collateral and can be done entirely online through the bank's Onlinebank service. This service helps businesses avoid cash flow gaps, allowing them to maintain continuous operations by purchasing new goods, paying suppliers, and participating in other tenders without waiting for payment from the customer.
Halyk Bank has also implemented solutions for state procurement participants. Obtaining a digital blank tender guarantee from Halyk is a convenient solution for state procurement participants, while the "Digital Factoring for LLP" product developed by Halyk has simplified and accelerated all processes, providing full client service online.
The service commission for digital factoring from Halyk is 3.5 percent of the amount of work performed. Upon customer payment to the supplier's account at Halyk, the bank automatically debits these funds for factoring. The minimum application amount for digital factoring from Halyk is 500,000 tenge, with a maximum of 300 million tenge and a term of up to 60 days.
The use of digital factoring allows for significant time savings and reduced labor costs. Traditional banking services have been transitioning to online formats over the past few years, and Halyk Bank plans to develop digital factoring for other platforms and audiences in the future.
Participating in tenders is an important way for small and medium-sized businesses to secure orders. Having free liquidity is crucial for fulfilling obligations in tenders, as clients pay after 30 days according to the contract terms. With digital factoring, businesses can participate in tenders with confidence, knowing they have the financial resources they need.
Olga Vuros, the Deputy Chairman of the Management Board at Halyk Bank, has been instrumental in driving the bank's digital transformation efforts. Halyk Bank offers digital products applicable from tender application to payment, including lending, guarantees, and factoring.
In conclusion, Halyk Bank's digital factoring service offers a valuable solution for businesses and state procurement participants alike. By providing quick financing and simplifying the factoring process, Halyk Bank is helping to empower businesses and ensure their continued success in the digital age.
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