Raiffeisen Bank Romania sealed a partnership with the Romanian fintech company iFactor to integrate iFactor Pure Analytics into its factoring requests. This credit evaluation tool uses Alternative Data (Social Media, Psychometric Profiling, Digital Footprint, Transaction Behavior, PSD2 account information) developed in a SaaS API model, enabling Raiffeisen Bank to perform rapid and detailed analyses of SMEs and corporations seeking factoring services.
New Credit Evaluation Tools
Integrating iFactor Pure Analytics allows Raiffeisen Bank to enhance its business workflows by incorporating advanced artificial intelligence tools, simplifying the analysis process, and improving risk management.
The partnership with iFactor represents a significant step in financing Romanian companies through factoring products, highlighting our desire to stay at the forefront of technological progress and offer innovative and rapid solutions that meet the evolving needs of the financial sector.
Cristina Kalinov, Manager of the Forfaiting and Factoring Department at Raiffeisen Bank Romania.
Impact and Technological Advancement
This collaboration began after iFactor won the Elevator Lab competition in 2020, leading to the development of a pilot project – Concept Project (PoC). Cosmin Curticăpean, CEO of iFactor, expressed enthusiasm about the partnership, noting:
We are thrilled about our partnership with Raiffeisen Bank and the fact that we can provide them with our cutting-edge Business Credit Risk intelligence solution, iFactor Pure Analytics. This partnership validates the importance of alternative data-based information in the financial landscape and especially the use of artificial intelligence in data management and evaluating potential business and fraud.
Cosmin Curticăpean, CEO of iFactor
This partnership marks an important moment for Raiffeisen Bank as it embraces fintech innovations to enhance its service offerings, particularly in credit assessment and risk management. By using iFactor’s technology, Raiffeisen is set to improve how financial services adapt to technological advancements and respond to customer needs.
