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ICT | "JSC “Scorify’s” R&D activities for development of an innovative factoring risk assessment system"

Project promoter UAB SCORIFY
Project name "UAB Scorify's R&D activities implementation required to establish an innovative factoring risk assessment system."
Project code LT07-1-EIM-02-031

Funding 787 231,38 Eur
Project partners UAB Taurus fondas (LT)International Development Norway AS (NO)International Smart Finance solutions AS (NO) 

Currently the financing decision of the factoring company is submitted to the companies not earlier than within 24 hours. The new risk assessment system will allow small and medium-sized enterprises to approve decisions as soon as they receive an application, within minutes. The system will ensure that factoring companies can assess not only the overall risk to the customer, but also the often unnoticed low risks, also known as 'micro-risks', at the level of each specific account being funded. The solution will integrate both traditional and alternative data – no such comprehensive and comprehensive data analytics solution has been developed in Lithuania or the surrounding regions at the moment.

Project aims
› Develop a new innovative factoring risk assessment system (IFRV) with exceptional functional features. These include the assessment of factoring 'micro-risks', the systematic integration of traditional and alternative data sources and their applicability to development abroad;
› Contribute to the development of companies by offering a product that will allow companies to obtain financing in minutes, and artificial intelligence and machine learning methods will reduce transaction risk.


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