FactorFox Introduces Artificial Intelligence Factoring Application
FactorFox Software launched FactorFox Mobile Optical Character Recognition (OCR), an artificial intelligence factoring application.
A provider of factoring software for the past 18 years, FactorFox set out to provide a revolutionary new way to fund clients with mobile technology. Traditionally, factors and their clients require a significant amount of manual input for each transaction, which takes hours of processing. FactorFox is attempting to optimize operations to speed up those transactions, allowing for faster funding, more accurate documentation and a streamlined way to help scale and grow factoring businesses.
“We’ve always set out to be on the forefront of technology in the factoring industry,” Robert Vasquez, CEO of FactorFox, said. “We spend a good portion of our time getting to know our users and learning what their biggest challenges and pitfalls are so we can improve their experience and bring new and exciting features. Our OCR technology has created a lot of buzz, especially among transportation factors who are constantly looking to optimize their workflow with their debtors. This technology is remarkable because we’re changing the mindset of the industry and allowing for significant positive growth for our current and new users.”
The addition of the new OCR application is in conjunction with FactorFox’s move toward Intelligent Factoring, which provides the ability to completely automate and streamline client front-end and business back-end processes by:
Reducing hours of labor-intensive paper management and sorting, allowing factors to grow their businesses quickly by providing a frictionless relationship with clients
Shifting business models from reactive to proactive using AI products to allow progress, speed and growth.
“FactorFox is focused on reshaping transportation factoring by helping our factors adopt digital technology which leads to digital transformation,” Vasquez said. “The tools we are offering the factor’s clients will allow them to stay competitive, scale the client’s business and continuously grow with the evolution of technology.”