MFAKTOR System

Benefits of the MFAKTOR System
The factoring sub-system warrants cost and time effectiveness by the automated factoring processes. The fully entitlement handling modul also reduces the chance of fault by minimum.

Beside safe working, the flexibility of the system was also a major aspect in the course of planning. There is a possibility to create single product-portfolio for the financial company: the product constructions can be established flexibly with parameters by users.

Futher advantage of the MFAKTOR system is fully supporting of administrative workflow, such as registration of partner data, administration of factoring deals, contracts and invoices.

The debt handling sub-system includes automated process of claim-collection, analytics of claim-portfolio, registry of incoming documents, print of postal cheques, registration of transactions and generate of book entries. .

The agency sub-system enables administrating the agencies and agents just as calculation of the agent fees and premium and support of agency payoff.

In addition to the factoring processes, the MFAKTOR system supports incoming and outgoing operational invoices together with VAT administration, liquid assets analytics by administration of account turnover.

The general ledger sub-system receives the arrival book entries from the factoring and costs handling sub-systems, and books them. In this way the booking of transactions can be fully controlled and automated.

Besides the support of operational workflow, the MIS sub-system of MFAKTOR assists working of management.The mandatory report sub-system can significantly facilitate and accelerate the quarter-end closing of a company.

Detailed presentation of the MFAKTOR system

The MFAKTOR system developed by the Menas Rt. features diverse functionalities, as shown by the below list:

  • Full, integrated IT support of financial institution dealing with factoring.
  • Correspondence to the legal requirements (reporting, accounting requirements)
  • High level parameterisation when establishing the product, accounting the fees, bonuses, transactions, system operation.
  • Full tailor-support of the Factoring processes.
  • „Workflow” support.
  • Access system parameterised by the user.
  • Support of the product types occurring in the market; domestic Factoring, regression management, as w/o recourse Factoring deals, full or limited recourse deals, products established for supplier groups, export Factoring, chain bridge Factoring.
  • Management of export Factoring.
  • Multi-currency operation.
  • Management of partner data with the data storing necessary for the administration.
  • Supporting the „four-eye” principle.
  • Supporting the conclusion of supplier’s contracts.
  • Supplier’s, customer’s and banking limit monitoring.
  • Supporting the agency activity.
  • Invoice acceptance, administering the customer claims, managing the customer payments.
  • „Up-to-date” account status management.
  • Process supporting with receipts.
  • Usage of discounting possibility.
  • Automatic consideration of fees, bonuses.
  • Risk management support, client and deal scoring.
  • MIS for process handling.
  • Daily harmonisation reports.
  • Transaction and penalty interest calculation.
  • Automated bad debtors sub-system connection.
  • Handling the dates of invoices, first advice, second advice.
  • Daily automatic general ledger posting based on accounting parameters.
  • Assuring the closeness of the financial processes by using settlement and posting general ledger accounts.
  • Operation support with e-mail sending possibility.
  • Parameterisable daily closure without supervision.

Even the above listing proves the modular structure and the integrated operation of the system. The sub-systems of the MFAKTOR system are able to operate on their own (except for the MFAKTOR/mandatory report and MFAKTOR/MIS sub-systems), meaning that the individual sub-systems can connect easily to other systems providing identical functions (e.g. banking account management system, SAP general ledger system, data warehouse, mandatory reporting system).

The access and logging system covering the whole system assures the full monitoring and control of the work processes. The flexibility of the access protection is provided by the certain program functions and the arbitrary matching of the users.

The system is a 3-layer Oracle application, operating within a thin client – applications server – database server architecture. The control of the data processing tasks takes place from the work-station, the data processing itself takes place on the server.