BNP Paribas, a prominent financial institution, has entered into a strategic partnership with fintech company Lenvi, aiming to leverage Lenvi’s Riskfactor solution for bolstering their factoring and receivables finance operations.
Enhancing Risk Management at BNP Paribas Factoring
With a global presence spanning 12 countries and a workforce of 1,300 employees, BNP Paribas Factoring serves a client base with an annual turnover exceeding €210 billion. This partnership, extending over multiple years, will see the comprehensive Riskfactor product portfolio being implemented across eight European countries. The primary objective is to reduce risks and enhance operational efficiency.
Streamlined Operations through Riskfactor
Richard Carter, CEO of Lenvi, underscores the value of Riskfactor, emphasizing its role in harmonizing responses and operations across multiple jurisdictions. This harmonization is expected to bring about a significant enhancement in overall operational efficiency for BNP Paribas Factoring.
Introducing Lenvi
Established in 2023 through the amalgamation of UK-based Equiniti’s EQ Credit Services, EQ Riskfactor, and EQ KYC Solutions, Lenvi is a fintech company specializing in B2B consumer and commercial lending software and solutions. Their offerings encompass a wide range of services, including loan management software, risk management software, mortgage and loan servicing, standby servicing, and Know Your Customer (KYC) solutions.
Market Presence of Riskfactor
Lenvi’s Riskfactor solution has firmly established itself in the UK, commanding a substantial market share exceeding 90%. The solution has also made inroads into continental Europe, where it has been actively providing services since 2007.
This strategic collaboration between BNP Paribas and Lenvi underscores the growing emphasis on efficient risk management in the financial sector. It signifies a significant step toward enhancing BNP Paribas Factoring’s capabilities in risk mitigation and the optimization of their factoring and receivables finance operations.
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