decimo: Factoring for Professionals, Freelancers and Small Businesses

decimo is a young, innovative FinTech start-up based in the heart of Berlin. The company supports self-employed workers with factoring. In fact, decimo almost exclusively offers “real factoring”, i.e. the invoice that is submitted ends up being purchased. This way, decimo becomes the owner of the receivable and assumes the complete default risk of the invoice.

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Glühbirne mit Euro-Zeichen

Starting Point: Accelerate Factoring of Outstanding Receivables

Factoring has long been a matter of course for medium-sized and large enterprises. Due to long payment periods (average of 40 days), companies often like to factor their invoices quickly in order to maintain liquidity for running costs. However, with classic factoring, all invoices and numerous other documents (e.g. business assessments) usually have to be submitted. The hurdles for solo self-employed individuals and small businesses are thus correspondingly high – this is where decimo comes in. The customer uploads their invoice to decimo’s website, receives the money within 24 hours and also enjoys secure payment protection. Customers reap the benefits of a simple and fast process without unnecessary paperwork.

Key benefit: You don’t have to enter into a long contractual relationship with decimo. In fact, the customer decides which invoices they submit to decimo.

Challenge: Fast Account Holder Verification and Identification Process

After the decimo customer has uploaded their outstanding invoice, it is checked and the remaining amount minus a fee is transferred to the account. Two steps are of particular importance: account holder verification and the identification process. By verifying the account holder, decimo ensures that the specified account is in the name of the company or self-employed person. For fast processing, real-time account verification provides a decisive advantage. The process will ideally be completely digitalised and available remotely for the decimo customer.

API Schnitstelle

The FTS Solution: Real-Time Account Holder Verification via XS2A

The Open Banking API platform provided by FinTecSystems (FTS) is the ideal solution to meet the customer’s requirements, as online banking access (XS2A) is perfectly suited to account holder verification and digital bank information. At FinTecSystems, the offering essentially ranges from the provision of “raw data” for further independent categorisation to transaction analysis (e.g. cash flow analysis, categorisation of income and expenses as well as basic information such as existing credit cards) to ensure precise scoring. Fast account holder verification enables no misdirection of funds and ensures decimo meets the regulatory requirements of BaFin and the Money Laundering Act.

Customer Benefit: Fast and Secure Account Holder Verification Ensures Precise Scoring

Before FinTecSystems, decimo worked together with another provider for account verification. However, they were not able to provide extensive information. With the provision of account holder verification by FinTecSystems, decimo now has a much more solid basis for precise scoring and can thus offer its customers much improved conditions.

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“With decimo, freelancers and self-employed people in particular can optimise their liquidity planning and better manage their cash flow. After all, just less than one in five freelancers are paid on time. We are pleased that decimo is able to accelerate precise account holder verification via XS2A”.

Maximilian EberhardtBusiness Development

“The professional, personal contact combined with the simple interface connection makes cooperation between FinTecSystems and decimo incredibly straightforward”.

Prof. Dr.-Ing. Roland