OREANDA-NEWS. From 17 March of this year, all information on Ukio bankas factoring agreements, invoices and limits is posted on Ukio bankas internet banking system Eta bankas. The users of this system can use a detailed factoring portfolio statement, have the chance of viewing and analysing the history of invoices transferred by them, watch whether the transferred claims are paid by the buyers in time, etc., reported the press-centre of Ukio bankas.

“The presentation of factoring information in Eta bankas system is designed so that any user could easily find the required information and be able to use it independently without being assisted by a banker. When creating this new function in Eta bankas the main requirements observed were simplicity and clarity to the user,” said Lina Babeliene, deputy director of Ukio bankas Trade Finance Department.

Factoring is a form of short-term lending when the seller transfers to the bank rights to monetary claims according to invoices issued by the seller to the buyers for the goods sold or services rendered to the buyers. When acquiring monetary claims belonging to the client with respect to the client’s buyers, the bank pays a factoring advance against the submitted invoice to the client.

By using a full range of factoring services, the factoring seller has the chance to receive finance without pledge of assets, can offer more favourable payment terms to the clients and extend payment deadlines. In addition, factoring is a perfect tool to increase company’s liquidity, facilitate cash flow planning, debt administration and amounts receivable collection, etc. The factoring buyer raises its purchasing power without any other sources of financing and has the possibility to receive better payment terms. Furthermore, factoring helps the buyer attract new suppliers.