Norion Bank has chosen Quiddly as their new provider for their factoring management system. We met up with Erik Andersson, the product manager for factoring at Norion Bank, to talk about the project, the platform, and the cooperation.
Erik has been with the bank since 2016 and has worked on a variety of factoring-related tasks, such as initiating new partnerships and integrations. His main focus as a product manager is on optimizing processes to create profitable growth for both the bank and its clients.
The story of Norion Bank
Norion Bank, previously known as Collector, was founded in 1999. The company obtained a banking license and was listed on Nasdaq Stockholm in 2015. In 2019, a strategic transformation began, aiming to become a Nordic financing bank. Since 2023, operations have been conducted under three brands: Norion Bank, Walley, and Collector. The bank had a loan portfolio of approximately SEK 45.5 billion in Q4 2023, with an RoE of 17,2 % for the whole year 2023.
Why did Norion Bank choose Quiddly?
We first met with Norion Bank back in early 2021 when we were expanding the base of our factoring platform. Our ambition is always to build our products based on real-world needs, not on what we think customers need. We always work in close collaboration with the market.
We’ve followed Quiddly on their journey and have seen first-hand how swiftly they’ve evolved and enhanced their factoring platform. Quiddly’s solution-oriented approach grabbed our attention from the start. They were genuinely interested in understanding our product, working method, and future plans.
Back in 2021, we had a modern, cutting-edge platform primarily for early adopters. Since then, we’ve been working hard to evolve our platform to suit the broader market. Norion Bank, along with existing clients and other major actors in the factoring industry, has played a significant role in taking our factoring platform to the broader market.
Now we’re ready to welcome both small and large factoring providers into the most flexible and modern factoring platform on the market. We’re also expanding our reach to both Finland and Norway.
Quiddly is a company with a high capacity for innovation and a clear focus on factoring, where they develop their platform impressively with new features and logic. Their commitment, collaborative spirit, and domain knowledge have been distinctive.
Collaboration and Project Dynamics
We actually refer to our clients as partners, which speaks to our collaborative approach. Our processes adhere to a classic model, encompassing everything from the planning and discovery phase to maintenance and updates. However, our collaboration is closer than that of most suppliers, characterized by frequent follow-ups, close updates, and an agile mindset. This is particularly evident during the development and implementation phases.
We have a highly effective collaboration with Quiddly, where we engage in continuous alignment. From the very onset of the project, we experienced a strong cultural affinity, closely linked to our core values of business-minded, committed and caring. Quiddly’s dedication, strong spirit of cooperation, and domain expertise have been standout qualities. They have also brought a solution-focused approach and constructive dialogue to the table when we’ve encountered challenges.
About the platform
Norion Bank is using what we call the Quiddly core combined with our factoring module. Portal-wise, they are using all three, one for each user group: Operators, Factoring Clients, and Debtors. The portals are seamlessly integrated with each other, connecting the Operations Team with their Clients, and in turn, their Debtors.
With Quiddly’s factoring platform, we feel confident that we will be able to meet the market’s heightened expectations and deliver a leading-edge factoring solution for our corporate customers.
As you might know, Quiddly features a flexible and competent REST API, along with our own query language for complex filter queries. This is beneficial when our clients wish to build their own ad hoc services, connect their custom-built client- and/or debtor-facing portals, or just make custom integrations. The integration process is of course always adapted to our clients’ needs. Sometimes they undertake most of the integration work in-house, sometimes Quiddly handles all the heavy lifting, and in some cases it’s a mix.
For Norion Bank we’ve utilized our API-first approach to enable them to integrate Quiddly with their own external credit evaluation process.
Expected results from the collaboration
Erik notes that we are emerging from a turbulent geopolitical and macroeconomic climate. This shift is expected to instill greater confidence among companies to seek financing solutions for their investments, which in turn could lead to an increased demand for factoring. They are confident that their portfolio and factoring offerings will continue to evolve in the coming years.
We believe that factoring as a product is undergoing significant changes, driven in part by digitalzation and also by customers’ heightened expectations for improved usability. Quiddly focuses on the user perspective in everything they develop, whether it be their operator, client, or debtor-facing portals. As a partner, they excel at pushing us to think in new ways and are very committed to achieving the best possible solutions.
Norion Bank mentions that they will achieve a greater level of automation and digitalization with the help of Quiddly, which will, in turn, free up more time to devote to processes and other value-creating activities for their customers and the factoring offer as a whole.
Want to learn more about Quiddly’s Factoring software?
At Quiddly we develop and license complete cloud based systems for Factoring, Invoicing and Debt Collection. Our concept is simple, but the solutions are advanced.
Pick & Mix from our modules to lay the foundation for your fintech machinery. Add additional functionality by choosing from our vast and continuously evolving library of addons and integrations. Enjoy quick time to market and the possibility of custom development. Don’t lose, only pay for what you use. It’s that simple!
Our solutions supercharge the whole organization, all the way from management, to operations and tech. We have specialists inside Quiddly that are used to communicate with these different key functions and maximize the output of our solutions.
Feel free to visit our solutions page to learn more about our three modules for Invoicing, Factoring and Debt Collection.