“Liquidity bottlenecks belong to the past.” Factoring provider Rechnung48 talks in our #figoInside interview
Factoring becomes easier – thanks to figo partner Rechnung48
This time, Matthias Bommer, Managing Partner of the Elbe Finanzgruppe and founder of the Dresden factoring company Rechnung48, joins us for the #figoInside interview. The startup, founded in 2014, offers freelancers, small and medium-sized companies and the self-employed an opportunity to pre-finance outstanding money from commercial customers quickly and easily – thus improving liquidity. The following interview will show Matthias Bommer‘s opinion about FinTechs, what advice he would offer bank CEOs and how figo makes factoring even easier.
Short & sweet
1. The Future of FinTechs is …
2. Developers and banks are friends. Yes? No? Maybe?
3. PSD2 makes banking better. Yes? No? Maybe?
4. In 2035 there will still be bank branches. Yes? No? Maybe?
5. Mountains or beach?
Starter: When did you first get the idea for your service? What were you doing?
Factoring, as an alternative finance solution, was especially reserved for medium-sized and large companies. We wanted to change that in 2014 so we were looking for a suitable solution. As we had years of experience in the financial services business, the concept was easily established and quickly implemented. The launch of Rechnung48 then came in June 2014.
World Improver: How does your service make things a little better or easier?
Rechnung48 supports freelancers and the self-employed with additional liquidity, meaning these professional groups can become even more successful and do not have to depend on the long payment terms of their clients.
Wisdom Distributor: What would you tell a bank CEO if you could take him/her out for a coffee? What should she/he do better or differently?
Break old structures and break new ground. Banks have to adapt to new technologies and should not run away.
Door Opener: Briefly explain your product or service. What is figo’s role in this process and which solutions can provide figo? What would be difficult or impossible if the figo API was not integrated?
Often freelancers have to wait a longer time before getting the money for work they have already done. In order to bridge these payment gaps, Rechnung48 takes over the pre-financing. Liquidity bottlenecks are no longer reality.
After the registration on www.rechnung48.de, account statements will be checked. To simplify this check, the user can provide all necessary information via account access through figo’s verifier. With this solution, customers do not need to scan or email their statements any longer. Because of this immediate verification, the user’s request can be processed faster and he will receive the invoice amount transferred to his account within a few hours.
Where did you first hear of figo?
In 2017 we searched for a solution like this.
Describe which ‘pain point’ figo’s verifier solves for you and the added value of direct account access with figo over other risk analysis options.
The electronic transmission of account statements facilitates a quick evaluation and risk analysis, meaning customer concerns can be processed faster.
With figo’s verifier we get a complete overview of all the relevant data. In addition, these can not be manipulated.
What do your users think of account access?
The possibility of account access has had a good reception. The electronic transmission of data saves time, but is also a relief from the customer’s point of view, since the scanning of account statements is omitted.
figo makes financial data from thousands of European financial sources easy and secure to use for your digital services – learn more about our products.
Find out more about figo and the team behind it here.