JSC “Scorify’s” R&D activities for development of a new innovative factoring risk assessment system
Scorify ·Lithuania
About this project
<p><span style="font-family: Arial, Helvetica, sans-serif"><span style="font-size: 14px">The aim of the project is to create a new innovative factoring risk assessment system (hereinafter - IFRV System), which will have the following exceptional functional features:<br> 1. Application of innovative advance scientific methods</span></span><span style="font-family: Arial, Helvetica, sans-serif"><span style="font-size: 14px">; </span></span><span style="font-family: Arial, Helvetica, sans-serif"><span style="font-size: 14px"><span style="color: #000000">2. Factoring micro-risk assessment; 3. Automated and systematically integrated traditional and alternative data sources; 4. Multi-modular system; 5. Adaptability to development abroad (scalable).</span></span></span></p> <p><span style="font-family: Arial, Helvetica, sans-serif"><span style="font-size: 14px"><span style="color: #000000">At present, no company in the region has such an extensive and data-intensive system. Factoring service providers using the IFRV System will substantially improve the quality and compliance of their services and thus gain opportunities to increase their competitive advantage in both domestic and foreign markets. Such a financial instrument will enable consumers to improve the movement of working capital, provide opportunities for investment, improvement of service quality and development. The IFRV System is an innovation in the factoring market and by improving the factoring process it will increase the competitiveness of the entire factoring market in relation to other financing instruments.</span></span></span></p> <p><span style="font-size: 14px"><span style="font-family: Arial, Helvetica, sans-serif"><span style="color: #000000"><span>Partners from Norway</span></span> will contribute by helping adjusting the product for international market (including scientific, technical, regulatory and IT knowledge) which shall ensure that the product complies with international standards, and product’s scalability is achieved. International Development Norway will provide expertise and consultancy related to development and commercialization of innovations.</span></span></p>
Bilateral cooperation results
Partners saw the project as a strategic opportunity to develop joint business activities in Lithuania, Norway and other countries. Different partner models are considered and options with other partners in Norway were identified and onboarded. PArtner from Norway provided ICT- and market-oriented product-and service competence to the project.
Project partners
- International Development Norway AS Donor project partner· Norway
- International Smart Finance solutions AS Donor project partner· Norway
- Taurus fondas Project partner· Lithuania