X5 Launches New EDI Factoring System
Russian food retailer X5 Retail Group has successfully completed the pilot run and full-scale roll-out of FactorPlat, Russia’s first e-factoring solution.
X5, with electronic data interchange (EDI) services provider Edisoft, started the programme nine months ago, during which time 9,000 factoring transactions have been completed.
FactorPlat’s platform gives suppliers full control of document flow for each consignment of products and faster payments for deliveries, thereby helping to expand the range of available products and increase production volumes.
EDI documents help prevent human error and fraud, and provide end-to-end cash-flow visibility. The method is currently being used by more than 700 of X5's suppliers.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by John Golden. To subscribe to ESM: The European Supermarket Magazine, click here.