RUSSIA: X5 Retail Completes Pilot Of EDI Factoring System

The X5 Retail Group has announced the successful completion of a pilot run of e-factoring solution ‘FactorPlat’. The electronic data interchange (EDI) solution was designed specifically for X5 Retail by Edisoft, and has been touted as Russia’s first e-factoring solution.

FactorPlat offers suppliers full control of document flow for each consignment of products, as well as faster payments for deliveries. The retailer said this helps to expand the range of available products, increase production volumes, prevent human error and fraud, and provide end-to-end cash-flow visibility.

X5 Retail began trials of the same in September 2015, and said it has completed 9,000 factoring transactions since.  It is currently being used by more than 700 of X5’s suppliers.