Factoring companies can easily verify if an invoice has already been factored with UNBIAS. The platform registers the factoring status of an invoice on the UNBIAS blockchain. The factoring status is automatically shared with the network of users. This way, factors can see immediately whether an invoice has already been factored.
One of the main risks for factors is double factoring. This situation happens when a malicious company receives funds from multiple factors based on a single invoice. As there are multiple factors that have financed the invoice, conflicts arise on who is entitled to payment of the invoice.
Factoring companies that join UNBIAS can check in real-time if an invoice has already been factored. Using UNBIAS, they are automatically notified if double factoring is detected. This way, UNBIAS prevents double factoring of invoices and reduces the risk of fraud.
For more information about UNBIAS, please contact firstname.lastname@example.org