Stories from Commercial Finance and Factoring Business Department

Meet Teodor Stoyanov

Question: Tell us a bit about yourself. How did you start working for CODIX, and what’s your background?

My name is Teodor Stoyanov and I’m working for the Bulgarian branch of CODIX.

I graduated with a Bachelor’s degree in Computer science and Business administration from the American University in Bulgaria and also obtained a Master’s degree in Business Intelligence from Maastricht University in the Netherlands.

I’ve been with CODIX for 3 years and am currently a Senior Business Expert in the Commercial Finance and Factoring Business Department. My main responsibilities revolve around expanding the range of the factoring software solution (iMX) in order to meet any needs that our clients may have in relation to their business and the wide variety of products that they offer.

My role is limited to one module of the iMX solution, which incorporates in one single platform the Debt Collection Software Solution with Amicable Collection and Late Collection, Accounts Receivable Management and Preventive Actions, as well as the Commercial Finance Software Solution in all its varieties: Classical factoring, Reverse Factoring, Receivables Finance, Asset-Based Lending, Supply Chain Finance, and Purchase Order Financing. iMX is also a Leasing Software Solution for Leasing and Auto Finance, Equipment Finance and finally a Consumer Finance Software Solution.

My previous experience involved working as a Project Manager for a US-based company helping with small- and medium-sized IT projects. My work at CODIX introduced me to the world of commercial finance, factoring, debt collection and banking. Although I have a good educational background, the work here has given me a lot of insight into those business sectors thanks to my close interaction with our clients, which dominate the markets in their fields.

Question: Tell us a bit about the company, the industries for which CODIX provides services and iMX, the core company product. What is CODIX’s market position?

Although the banking industry might not seem dynamic from the outside, it is actually very dynamic.

Unlike before, the market is a lot more open and the competition our clients face has become global rather than local. Now a bank in France can easily compete with a bank in Poland in its domestic markets.

In addition, the quick-paced developments in the IT industry have lowered the barriers to entry, thus expanding the dynamic Fintech industry, in which big players can compete for niche markets and products. As a result, much greater flexibility is required from big institutions in order to remain competitive and keep their market share.

These two factors have led to an increase in market volatility, and our clients’ needs have changed as a result. Software providers like CODIX need to provide tailored solutions to be able to serve their client base. They need to be able to satisfy Fintechs’ requirements for flexibility and speedy delivery and at the same time handle big volumes and follow procedures and regulations with ease when serving their big institutional clients.

Let me provide an example from our factoring software. There are clients which deal with big volumes of receivables. They serve a lot of individuals under classical or reverse factoring. In addition, we also have clients which require a full business process product and need software which can handle all stages of supply chain financing. In such cases, volumes and diversity are crucial when these clients go out looking for a commercial finance software system. Also, there are clients which provide invoice level financing, which basically requires full details on each and every accounts receivable item, while others would like to have a commercial finance platform where a large percentage of the full process is automated. In order to serve such clients, our factoring software can be custom-tailored on a very atomic level.

I’d like to think of CODIX’s position in the following manner: some clients (Fintechs for example) want to be so flexible that the tool that they need resembles a rope –allowing customization on every possible level. Others (such as institutional clients) are like a metal rod: they need to be strong and not break under pressure in order to handle big volumes and dynamic markets. What CODIX does is provide the perfect tool – bamboo sticks bundled together. Bamboo, especially when grouped together, is extremely strong and flexible. If need be, each stick can be used individually, thus increasing its flexibility. Furthermore, you can use bamboo to make a rope if you really need to go in that direction.

This is what sets us apart from other companies operating in this market and has led us to a position where CODIX’s client portfolio contains some of the biggest banks and financial institutions in Europe and the world. This allows us to learn from our clients and work alongside them in order to expand our software solution and accommodate any new products, functionalities and regulations that our clients may need. As a result, we are not only a company serving the market leaders– we also drive the market, push further its boundaries and increase the variety of products on offer.

Let me provide evidence of our desire to help expand the market. CODIX organizes the so called User Club where every two years our clients get together and discuss anything related to iMX and its business. They discuss markets and their future, exchange good practices and share their experience and expectations of our software.

Regarding the company’s future, we are expanding our range of software products related to Consumer finance and Leasing. We are already strongly positioned in the European market and have a solid client base in Africa and North and South America. Currently, we are gaining a foothold in Asian markets as well. Definitely a lot of exciting things to look forward to and help build and create!