For the First Time in Bulgaria: 100% Digital Factoring from Allianz Bank

The Allianz Bank mFactor mobile application was developed in partnership with AMFS and Software Group.

Allianz Bank Bulgaria presented the first fully digital factoring solution in Bulgaria - Allianz Bank mFactor, which provides a quick and easy process for receivables financing for corporate clients. The new mobile application is available to Allianz Bank customers in the App Store and Google Play.

With mFactor, bank customers can leave the deferred payment risk to the bank and receive their funds immediately. They have 24/7 online access to the factoring services they use via their smartphone or tablet. All factoring management activities, from invoice assignment and financing request to approval, can now be done through the mobile device, saving customers time, effort, risk and cost. Quick and easy digital access to all factoring services enables automatic transfer of invoices and documents, reminders of upcoming and overdue payments and much more.

Allianz Bank's innovative solution was developed in partnership with Advanced Mobile Factoring Solutions (AMFS) and Software Group and is in tune with the latest trends in the fintech industry in the field of trade finance and corporate banking. The all-digital process provides over 3 times faster and more efficient communication compared to existing web applications to factoring systems.

The implementation of Allianz Bank mFactor is part of the bank's digital transformation strategy, which aims to offer its customers sustainable solutions related to limiting the use of paper, in the context of climate change and reducing the carbon footprint on the planet.

About Allianz Bank Bulgaria

Allianz Bank Bulgaria is part of the world leader in insurance and asset management Allianz SE. Allianz Bank is positioned in the top 10 banks in Bulgaria and strengthens its position on the Bulgarian market as a dynamic bank that offers attractive individual solutions to its customers. It has a long-term credit rating of BBB+ with a stable outlook, confirmed by Fitch on 21.06.2023. More information: www.allianz.bg

About AMFS

AMFS is a product technology company specializing in digitizing the factoring processes of financial institutions. It was founded by a team that built and managed innovative projects in the field of financial services and information technologies in Eastern Europe, as well as in developed markets such as Italy, Germany and Austria. More information on: https://mobile-factoring.com/

About Software Group

Software Group (SoftwareGroup.com) is a global technology company specialized in digitalization and integration solutions for financial service providers. Founded in 2009 and headquartered in Sofia, Bulgaria, it currently serves a worldwide client base in over 80 countries and operates from 9 offices located in Australia, Bulgaria, Ghana, Egypt, India, Kenya, Mexico, USA and the Philippines. Among the company's clients are organizations such as Bill & Melinda Gates Foundation, MasterCard & MasterCard Foundation, International Finance Corporation (IFC), Asia Development Bank, Asia Confederation of Credit Unions (ACCU), Access Bank Germany, Atlantic Bank Group, Bank South Pacific, Commercial International Bank Egypt, Dosh New Zealand, EuroBank, Allianz Bank, Generali, Fidelity Bank, Kenya Commercial Bank and many more. For more information: https://www.softwaregroup.com/