Nelson Holzner, former CEO and Founder of BillPay, has announced a new digital trading platform aimed at small to medium-sized businesses.
Dubbed MODIFI, the platform allows SMEs to apply for import financing between 5,000 Euros to 75,000 Euros in under 10 minutes via an online account. What's more, responses are usually given within 48 hours.
According to the company's website, most banks reject over half of SMB Trade Finance requests due to complex validation processes like KYC and AML, or issues with credit decisioning.
"MODIFI strives to change that through technology and a global ecosystem for trade partners." reads the official mission statement. "We make Trade Finance available, easy, flexible and transparent. We help our partners grow their businesses and give them peace of mind.
Because MODIFI is partnered with the IPA-integrated solarisBank, the platform will be able to keep exchanges entirely digital, cost-effective and 100% transparent.
"The company's digital-first approach is reflected in their partnership with the innovative solarisBank, MODIFI's licensed banking partner." the company said in an official release [Source: Crowdfund Insider]
"The API integration of solarisBank's services enables MODIFI to offer a fully digital end-to-end process from identification (KYC) to payout. Consequently, pricing is low and transparent, starting at just 0.99% per 30 days and with repayment terms of up to 120 days."
The platform will provide businesses with a choice of 30, 60 or 90 day payment terms, as well as an extra 30 days if goods deliveries are delayed.Image: Bigstock
11/17/2018 / 05:00:23 Source: cryptonewsreview