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New Key Player in Factoring Software
German firm cormeta ag has established a subsidiary: cor-fs gmbh. The company provides specialist software to the factoring industry. The managing directors of the Ettlingen-based firm are Holger Behrens and Christian Kattwinkel.
The first solution from cor-fs is called Factoring.sprint and is due to be launched on the market in early 2012. It will enable factoring companies to process purchase, funding, administration and management of receivables directly in SAP.
As a specialist in SAP-based add-ons for the financial community, cormeta is developing a new and promising future market by establishing its new subsidiary cor-fs gmbh. Having more than 25 years experience in various executive positions the managing director Christian Kattwinkel and the managing director Holger Behrens are familiar with all aspects of the factoring industry. "We are seizing the opportunity to offer our standardised powerful software to a rapidly growing international market" says Christian Kattwinkel. Additionally cor-fs is currently planning the development of further software modules that are vital for the industry, e.g. supply chain finance (for handling accounts payable), invoice discounting, purchase order finance and asset based lending.
By taking international laws and specification into account from the very beginning in the software engineering process our soft-ware modules are well prepared to comply with dedicated Ger-man regulations and regulations of the international factoring market. "We are focusing on the worldwide market as it will continue to grow substantially in the future," says Holger Behrens, Executive Board member of cormeta ag and managing director of cor-fs gmbh. All the products are also provided in English additionally to German.
A Full Service Portfolio
In addition to developing and selling software, the company will also provide the full range of professinal services for the customers, including consultatancy, implementation, configuration and support. Being SAP-based means the cor-fs product range can be incorporated as optional specialised software into SAP. "It is an enormous advantage that cormeta offers a wide range of products that can be seamlessly integrated according to customer's requirements, for instance, the add-ons for credit insurance, credit information's and risk management," says Kattwinkel.
According to Factors Chain International, one of the world's most influential factoring networks, the total worldwide volume for factoring increased sharply in 2010 with more than 28 percent compared to 2009. The world factoring market achieved a turnover in receivables of around total stands now at 1.648 billion Euros.
A SHORT INTERVIEW WITH CHRISTIAN KATTWINKEL
Mr Kattwinkel, why did you jointly with cormeta ag establish a new factoring company?
Christian Kattwinkel: The factoring industry has seen high double-digit percentage increases for the last ten years - both in Germany and in Europe. At the same time, companies in the industry lack an up-to-date, flexible and highly standardised software environment for mapping their individual processes in an efficient and transparent way. We aim to fill this gap with cor-fs gmbh.
What do you and cormeta bring with you that will ensure your success in the market?
Christian Kattwinkel: For many years now, cormeta has been very successful in developing and distributing SAP specialist solutions for credit management, for example, focusing on credit insurance, credit information and risk management. I can add more than 25 years of experience in factoring to this expertise. We are working to jointly develop dedicated factoring solutions that precisely fulfil the diverse requirements of the factoring companies.
Where is cor-fs currently in terms of product development? What is the expected launch date?
Christian Kattwinkel: The basic module Factoring.sprint is already well under way and we are now working on specific individual features. We are currently planning to demonstrate the first solution to the public in autumn and we will be able to start supplying it in spring 2012. We are already in contact with companies interested in a supported test version.
Christian Kattwinkel, born in 1958, is banker and studied business administration in Cologne with a focus on taxation, tax law and auditing. While working for the Bertelsmann Group, Kattwinkel was employed in various roles relating to debt collection and factoring. As managing director of a software company, he developed factoring software for factors including Coface Finanz and FBW Factoring Baden-Württemberg. Kattwinkel also worked on international projects, e.g., Siemens Financial Services GmbH and Barclays Asset Sales & Finance in the UK. In 2011 Christian Kattwinkel became partner and managing director of cor-fs gmbh in Ettlingen. cor-fs gmbh develops and distributes products based on SAP for the international factoring industry.
Picture 1: Holger Behrens, Managing Director of cor-fs gmbh
Subline: ""We provide factoring companies with modern SAP add-ons for the efficient management of their day-to-day business"
Picture 2: Christian Kattwinkel, Managing Director of cor-fs gmbh
Subline: "cor-fs gmbh provides innovative IT solutions, by factoring experts for factoring experts."
German company cor-fs gmbh, with its headquarters in Ettlingen, was established in 2011 as a subsidiary of SAP Channel Partners cormeta ag. cormeta has been specialising in SAP-based industry solutions and add-ons for integrated credit management since 1995. Its managing directors are Holger Behrens and Christian Kattwinkel. The company develops and distributes SAP-based software products internationally to the factoring industry. cor-fs gmbh also provides additional services such as consulting, implementation, customisation and support for factoring solutions. Further information is available at: www.cor-fs.de and www.cor-fs.eu
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