International Factoring Congress was organised by the Polish Factors Association at the end of September. The congress was in a way exceptional, because the meeting was held in its traditional form after a year long break caused by the pandemic. The 2020 meeting was broadcast exclusively on-line.
As Comarch we had the pleasure to participate in the Congress as the main partner of the event.
It was primarily an opportunity to meet in a group of supporters and enthusiasts of factoring, exchange experiences and participate in interesting panel discussions.
One of the topics was COVID 19: "What the pandemic has taught us – how the experience of the last two years influenced running a business". How lock-downs have affected not only factors’ business but also the clients’ ones . The factoring market has also been affected by the pandemic, which is clearly shown by the figures - in 2020, sales dropped down by 6% worldwide. The statistics showing which markets were most affected by the decline were also interesting.
It is certainly worth highlighting that every year PZF rewards the authors of the most interesting graduation thesis on factoring - the competition is called "Złote Pióro PZF" (PZF Golden Quill).
The last panel discussion "Managing receivables on the threshold of a new era in the economy - the role of factors, insurers and brokers" was also very interesting. Building factoring consortia was the subject discussed during that panel.
The year 2020 is long behind us, fortunately the first 3Q of 2021 show the capabilities of the industry and the fact that factoring in the following years will be one of the most important products offered by financial institutions.
Factoring Product Manager at Comarch