BNP Paribas has selected Lenvi, a commercial lending software and solutions provider for the factoring and receivables finance market, to support risk management for factoring.
Through the engagement with Lenvi, BNP Paribas will deploy the former’s risk management software Riskfactor to support its European risk management and operations functions.
Lenvi will assist the French banking group in decreasing risk and enhancing operational efficiency over the course of the multi-year contract.
BNP Paribas will be able to better avoid and manage risk and fraud by implementing Riskfactor’s full-service risk management and fraud analytics software for receivables finance, said Lenvi.
The French financial services company will deploy the complete Riskfactor product portfolio in eight European countries.
BNP Paribas factoring global head Lionel Joubaud said: “We are confident that Riskfactor will deliver on its promise and we are happy to have Lenvi’s support in implementing the solution.”
Founded this year, Lenvi focuses on business-to-business (B2B) consumer and commercial lending software and solutions.
The firm offers loan management software, standby servicing, risk management software, mortgage and loan servicing, and know your customer (KYC).
Lenvi CEO Richard Carter said: “We are excited to partner with BNP Paribas, who is a leader in European receivables finance. Riskfactor allows businesses to harmonise responses and operations across jurisdictions, resulting in significant improvement in overall operations efficiency.
“We look forward to working together with BNP Paribas to support them in optimising their risk management capabilities, while preventing fraud and improving overall efficiency. BNP Paribas’ commitment to risk management ensures a future-proof business.”
In April 2023, BNP Paribas extended its collaboration with France-based payments services company Worldline for mitigating fraud in Single Euro Payments Area (SEPA) Direct Debit transactions.
