PAYMENTS

eFactor Network and PrimeRevenue Expanding Access to Finance for Agribusiness Companies in Latin America

PrimeRevenue | June 28, 2022

e_Factor_Network
FIRA (Trust Funds for Rural Development), a second-tier development bank that offers credit and guarantees among other products to the agriculture, livestock, fishing, forestry and agribusiness sectors in Mexico announced a new partnership with PrimeRevenue, Inc., the leading global provider of technology-enabled working capital solutions

eFactor's digital solutions, powered by PrimeRevenue's technology, will help streamline the funding of FIRA with its network of Banking and Non-Banking financial intermediaries (IF's). The foregoing will facilitate FIRA funding in the eFactor Marketplace, which is estimated to close with more than $7.5B USD in 2022.

This innovative model of connecting Bank with Bank, in this case, FIRA with its network of FIs and NBFIs, is created to facilitate factoring programs for clients related to the rural, agricultural, forestry and fishing sectors, as well as localities with a population of up to 50,000 inhabitants.

This is what we are seeking: to specialize and deepen services to the agribusiness sector with a leading technology company. It is an alliance where FIRA wins because it extends services with the help of technology, and we believe that eFactor wins to the extent that it can extend its services of value for the agribusiness." 

Jesús Alan Elizondo Flores, Managing Director of FIRA.

With this alliance, FIRA extends its financial services to small, medium and large producers, for working capital and factoring. Once migrated to the FIRA portfolio, they will be able to use the resources through the eFactor Network technology's platforms.

About PrimeRevenue
As a pioneer in global B2B payments, the PrimeRevenue SurePay Platform connects the entire supply chain by improving working capital and automating digital payments. Thousands of companies around the world leverage one streamlined platform to increase payment visibility, enhance control, and improve cash flow. PrimeRevenue is headquartered in Atlanta, with offices in London, Prague, Hong Kong, and Melbourne.

About eFactor Network
eFactor Network is a fintech company, leader in working capital financing in Mexico, started in 2009 with the vision of helping large purchasing organizations improve their working capital by extending payment terms without increasing the burden of their supply chain, as well as to serve its suppliers by giving the option of obtaining an advance payment at attractive financing rates. It has alliances with development banks such as IFC World Bank, IDB Invest, Bancomext, BLADEX and PrimeRevenue; today it has more than 15,000 clients and a presence in 20+ countries where they pay company suppliers in various currencies.

Spotlight

The Treasury Secretary’s pending report on innovation and financial technology, or fintech, is an important opportunity to assess the existing financial regulatory and supervisory framework with an eye towards reform that would promote responsible innovation, enhance the delivery of financial products and services to our communities and thus foster economic growth and development.


Other News
CORE BANKING

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NBT Bank | June 16, 2022

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CORE BANKING

Coast Central Credit Union Selects Access Softek’s Access Digital to Create a Digital-First Banking Experience

Coast Central | May 26, 2022

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PAYMENTS

Payveris Introduces Loan Payments® for Financial Institutions to Offer Customers Integrated Real-Time Payment Methods & Channels

Payveris | June 18, 2022

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FINANCIAL MANAGEMENT

Atomic and Bond Strengthen Partnership with Repay to Offer Consumers New Financial Lifelines

Atomic | June 10, 2022

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Spotlight

The Treasury Secretary’s pending report on innovation and financial technology, or fintech, is an important opportunity to assess the existing financial regulatory and supervisory framework with an eye towards reform that would promote responsible innovation, enhance the delivery of financial products and services to our communities and thus foster economic growth and development.

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