A new offering by FIT Solutions will help Turkish corporations manage cash flow by making payment collections more efficient.
FIT Solutions announced Tuesday (Aug. 9) that it is rolling out a new e-Finance Supplier Finance service for most of the top 2000 companies in Turkey. The supply chain finance tool, FIT said, will look to help these businesses access capital while they wait to get paid.
The portal enables business clients to view their outstanding invoice and the value that they are owed, reports said, and link companies to access capital by applying an earlier invoice payment date.
In its announcement, FIT said this will help Turkey’s largest firms manage working capital without depending on a bank loan. Interest rates on supply chain financing will depend on borrower credibility, the company noted, and the financing can be accessed at a faster pace than through traditional finance vehicles.
Turkey has recently moved to strengthen digital finance capabilities to combat shadow banking.
The nation’s Minister of Finance spoke last year on the topic, and launched a five-year initiative to increase transparency within the shadow economy. Digital finance and procurement, he said, would be paramount in this effort, with federal eProcurement practices leading the way for the private sector.