[Cloud factoring] OLTA formed a capital and business alliance with Okazaki Shinkin Bank and started offering cloud factoring business -Supporting cash flow for local SMEs and sole proprietors-
・Concluded a capital and business alliance with Okazaki Shinkin Bank. ・From May 23, we started offering “Okashin Cloud Factoring powered by OLTA”. We aim to support SMEs and sole proprietors who are more closely tied to the community.
・As a result of this alliance, 27 financial institutions (23 banks, 4 credit unions) have OEM partnerships with OLTA in the cloud factoring business.
[Image 1: https://prtimes.jp/i/45310/92/resize/d45310-92-27cd4698cd9742b3a03d-0.png&s3=45310-92-2d35ec206739a555de1805b19ac05eaa-1200×630.png] OLTA Co., Ltd. (President and CEO: Yuki Sawagumi, hereinafter referred to as “OLTA”), which provides Japan’s first* online factoring service “OLTA Cloud Factoring”, announced that the Okazaki Shinkin Bank ( Chairman: Hideaki Tanaka) and the cloud factoring business “Okashin Cloud Factoring powered by OLTA” will be launched.
With the partnership with Okazaki Shinkin Bank, 27 regional financial institutions will partner with OLTA in the cloud factoring business. In addition, OLTA entered into a capital tie-up with Okazaki Shinkin Bank prior to the provision of this service, and through this, both companies will realize long-term and effective support for local SMEs and sole proprietors.
*Comparison of service start dates announced by five major domestic factoring service providers. May 2023, OLTA research.
About partnership with Okazaki Shinkin Bank
In the cloud factoring business alliance between OLTA and Okazaki Shinkin Bank, OLTA provides consulting services for planning, development, introduction and operation of web services to Okazaki Shinkin Bank, and Okazaki Shinkin Bank provides services to corporate and sole proprietor customers. I will guide you.
For customers of Okazaki Shinkin Bank, in addition to the services of financial institutions that they usually use, they can use cloud factoring provided by OLTA, making it possible to procure short-term and small amounts of working capital more easily. Customers can use it as a new financing method that allows them to quickly raise the necessary funds at the necessary timing.
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About “OLTA Cloud Factoring”
Factoring is a method of raising working capital at an early stage by selling “invoices awaiting payment” generated in a business
transaction by a company. OLTA is a pioneer company that started offering “OLTA Cloud Factoring”, Japan’s first online factoring, in 2017. We have realized a “quick, easy, and reasonable” service through screening using AI. It is used by many small and medium-sized enterprises as the “No. *2
[Image 3: https://prtimes.jp/i/45310/92/resize/d45310-92-50654032f3a54c6fa336-2.png&s3=45310-92-c245cc909c533b733017f319ef2a3afe-1024×586.png] *1 Among corporations that provide domestic online factoring *2 As of October 2022
Expanded use of “OLTA cloud factoring”
In recent years, as a new financing method for SMEs, technology-based alternative financial methods called “complementary finance
(alternative finance)” are attracting attention, and online factoring represented by “OLTA cloud factoring” is also used. expanding rapidly. Many small corporations and sole proprietors have been hit hard by the corona crisis, and have taken advantage of real interest-free and unsecured loans (so-called “zero-zero loans”). Partial repayment of zero-zero loans has begun, and the number of bankruptcies of companies that have received public-private corona loans, including zero-zero loans, has increased remarkably since March 2022, as they have not been able to recover their business performance due to the prolonged corona disaster. increase. It is said that the loss of corona loans has already exceeded 19.7 billion yen*, and measures to support small and medium-sized enterprises other than loans are required.
The number of companies using “OLTA Cloud Factoring” is rapidly increasing due to the fact that the number of small and medium-sized enterprises that are having trouble with cash flow due to the corona crisis is increasing, and that it matches the non-face-to-face needs of the corona crisis.
* Researched by Teikoku Databank.
Establishment of the Online Factoring Association (OFA)
On October 14, 2022, the “Online Factoring Association (OFA)” was established by seven companies that operate factoring businesses, including OLTA, with the aim of promoting the sound development of the factoring market. Since there is no business law related to factoring, there are factoring companies that carry out threatening collections and black money companies that pretend to be factoring (so-called “disguised factoring”), and service users are worried. I will come. OFA aims for the sound development of the factoring market by creating an environment where users can feel secure through the development of industry guidelines and publicity and awareness-raising activities for correct information. On October 31, 2022, the corporation was selected as a subsidized business operator of the Tokyo Metropolitan
Many regional financial institutions have already entered the factoring business through collaboration with FinTech companies. By working together, cloud factoring will be added to the series of services provided by regional financial institutions, and it will be possible to support SMEs through the provision of working capital. OLTA will continue to collaborate with many regional financial institutions and contribute to the development and revitalization of regional economies through the social implementation of innovative services such as cloud factoring.
List of regional financial institutions partnering with OEM for cloud factoring
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[Image 5: https://prtimes.jp/i/45310/92/resize/d45310-92-050e4cce886453735cdc-4.png&s3=45310-92-84b088d0d8e67ad49ee861d89b4f8bb7-1200×737.png] ◆ Banks: 23 banks below
Gunma Bank, Juroku Bank, Aomori Bank
Tottori Bank, Chikuho Bank, Hachijuni Bank, Higo Bank, Shikoku Bank, Senshu Ikeda Bank, Akita Bank, Sanjusan Bank, Ehime Bank, Kita-Nippon Bank, Okinawa Bank
Shizuoka Bank, Kiraboshi Bank, Yamanashi Chuo Bank, Shimizu Bank, Kiyo Bank (2023)
Fukushima Bank, Towa Bank, Okinawa Kaiho Bank, Miyazaki Taiyo Bank ◆Shinkin bank: 4 banks below
Kiryu Shinkin Bank
Shiba Shinkin Bank, Obihiro Shinkin Bank, Okazaki Shinkin Bank A total of 27 financial institutions (as of May 23, 2023)
OLTA Co., Ltd. Company Profile
Representative: Yuki Sawashin, President and CEO
Head office location: 1-15-41 Minami-Aoyama, Minato-ku, Tokyo VORT Minami-Aoyama II 3F
Established: April 2017
Capital: 4,421,840,000 yen (including capital reserves, as of March 31, 2023) Business: Cloud factoring business, planning, development and provision of credit models, operation of cloud invoice platform “INVOY”
URL: https://corp.olta.co.jp/ (corporate site)
https://www.olta.co.jp/ (OLTA cloud factoring service site) https://www.invoy.jp/ (INVOY service site)
Overview of Okazaki Shinkin Bank
Representative: Chairman Hideaki Tanaka
Head office location: 41 Motosuga, Sugo-cho, Okazaki City, Aichi Prefecture Founded: July 1924
Business description: Financial institution business
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