NORDFaktor for NORD Bank Polska SA

The ‘bank made for companies’ stresses professional customer service as well as the creation and development of modern financial products.

DnB NORD Bank Polska SA is a rising star among financial institutions and factoring occupies a special place among its products. The bank’s managers along with Comarch specialists have combined their talents and energies to develop an IT solution that guarantees the bank first place on the trade financing market, and which also simplifies and completely automates factoring.

The implementation of the NORDFaktor system was preceded by the implementation of Comarch’s NORDnet Internet banking system. The Comarch design team, along with a dedicated team of specialists from the bank, worked together to find a way to implement the application. NORDFaktor is Comarch’s first comprehensive factoring solution. Analysis activities and implementation took seven months and on the 1st of October, 2006 the bank’s employees began using the application.

The first stage of implementation involved getting the basic factoring functionalities running and integrating this solution with the NORDnet Internet banking system, the central Midas system, the Hades central user management system and the ECOD electronic documentation center for e-invoices. The second stage involved extending the functionality of the system to include reverse factoring. The basic principle of the implementation design was to create a solution that would service factoring processes from beginning to end with maximum automation.

The NORDFaktor system resulted in the bank launching itself extensively and successfully on the Polish factoring market. Thanks to the fully automated process, the client can access financial resources within one hour of the bank receiving an application online.

The NORDFaktor system has been honored in the fifth edition of the Polish Banking Gazette’s (Gazeta Bankowa) competition for the best IT design under the title, ‘Information Systems Leader among Financial Institutions’. The NORDFaktor system was awarded its distinction in the transaction systems category.

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