About the upcoming changes in the Factoring service

This year a new factoring system will be introduced and by transfer of enterprise the factoring service will move from SIA SEB līzings to SEB banka. It means that SEB banka will take over the function of providing the factoring service from SEB līzings, i.e. factoring client portfolio. In the future, all SEB factoring agreements will be concluded with SEB banka.

Here are some most significant changes: 

• The main commercial conditions that are now in factoring agreements with SEB līzings will remain the same. 
• Due to factoring system functionality change SEB banka will re-signing agreement with customers so they would be aware of new changes. All agreement re-singing will be organised by client executive and information will follow. 
• The beneficiary will change to SEB banka for all payments to the factor. SEB banka will be the new beneficiary but the accounts themselves (IBAN numbers) will remain the same as before – we will transfer leasing accounts to the bank. We will notify customers later in a separate letter about the moment of changes in the payment details, but until then - the payment details remain unchanged.

Benefits for customers: 

• Simplified process of paying fees and other payments – from now on SEB will be able to deduct fees and other payments from the customer's accounts (no need to pay the leasing invoice);
• More new digital options. New client self-service system – Client manager – will be introduced. There will be possible to generate reports, see all the transactions, send invoices for faster payments receive and much more. 

Client executives at SEB will soon contact customers to provide more specific information and send a new agreement for re-signing. Before that no actions needed from customer side.