BNP Paribas Factor directed in 2015 a growth of 84 percent
BNP Paribas Factor, the factor of the French major bank BNP Paribas, closes the year 2015 with a new sales record.
Compared to the corresponding period of the previous year, the company increased its sales by 84% to EUR 17.3 billion and thus continued the growth course which has been struck since 2012.
Already at the end of the year 2015, BNP Paribas Factor showed a rapid growth compared to the previous year with a significant growth in sales compared to the market. The factoring industry grew by 11.6% to EUR 100.5 billion in the first half of the year and thus broke the EUR 100 billion limit, as the German Factoring Association announced. After the upswing in 2015, the industry expects a further expansion of the factoring market for 2016 as well.
A key growth driver at BNP Paribas Factor is the product "Inhouse Factoring", where the assignment of the receivables to the factoring company leaves receivables management and the dunning process with the factoring customer, thus maintaining the customer’s direct contact with its debtors. Only then does BNP Paribas Factor take over the debt collection. A distinction is made between open and silent factoring. In open factoring, the debtors of the factoring customer are notified of the sale of the receivables and the payment is made to the factor. In the case of a silent factoring, on the other hand, the debtors are not aware of the transfer of claims.
Cross-selling with BNP Paribas, cooperation with sales partners and international business also contribute to the growth of BNP Paribas Factor. After all, BNP Paribas Factor with its factoring sister companies is represented in 15 countries on two continents.