Overview
Smart Factoring Bulgaria is the leading provider of factoring services in the Bulgarian financial sector, specializing in innovative solutions for SMEs. With a growing client base and a commitment to digital transformation, the company sought a technology partner to strengthen its Xpress Factoring platform and improve customer experience. Smart Factoring Bulgaria deployed CeGate from Sirma within their Xpress Factoring platform to automate and secure real-time customer data intake, integrate diverse data sources (e.g., open banking), and enhance compliance with KYC/AML and PSD2 - resulting in faster, safer, scalable invoice financing.
Main Challenges
To meet evolving market demands and client expectations, Smart Factoring Bulgaria sought to enhance its Xpress Factoring platform. The company needed to automate data collection and verification workflows, integrate multiple diverse data sources seamlessly, and ensure robust compliance with KYC/AML and PSD2 regulations while maintaining secure, auditable operations that could scale with business growth.
Project Scope
Sirma delivered CeGate in a Software as a Service mode, within the Xpress Factoring solution, ensuring seamless integration with existing systems. This project involved:
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Automated data extraction - Automating extraction of debtor information from multiple sources including BNB registers, and public data.
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Real-time compliance checks - Conducting real-time KYC and AML checks
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Open banking integration - Integrating open banking (PSD2) data for account verification and transaction history
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Security and auditability - Maintaining auditability, secure role-based access, and regulatory compliance throughout the platform
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Middleware consolidation - Implementing CeGate to collect data across official sources (BNB Bank Accounts, RegiX, open banking) via ready-made connectors
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API and web UI access - Making data available via RESTful APIs and web app for Xpress Factoring backend.
Delivery
The project followed Agile methodology and involved a dedicated team of developers and consultants. Sirma utilized modern frameworks to guarantee scalability and security. The implementation was completed within the agreed timeframe, with ongoing support provided post-launch.
The project was delivered within a 3-month timeframe, including analysis, development, testing, and go-live. A combination of technologies and frameworks were implemented including Java / Spring Boot, RESTful APIs, and Microservices architecture, following Agile development methodology with expertise spanning project management, software architecture, backend development, and quality assurance.
Technical Architecture & Integration:
CeGate’s technical implementation included:
- Parallel query execution – Multiple data requests run concurrently delivering fast response times.
- Data management – Automatically logs, consolidates, and caches query results for audit trails and re-use.
- Security & compliance – Built-in encryption, user-role restrictions, AML and KYC regulations.
Workflow Integration:
Sirma’s team successfully delivered the CeGate platform by:
- Seamless integration – Ensuring smooth integration with existing Xpress Factoring systems without disrupting operations.
- Modular architecture – Designing CeGate’s modular connectors to allow easy additions (e.g., new open banking interfaces or public sources).
- Comprehensive training – Providing technical training sessions, API documentation, and SLA-based support post-launch.
- Agile development methodology – Employing agile development methodologies to ensure flexibility, adaptability, and rapid iteration.
Results
Implementation of CeGate delivered substantial improvements in Smart Factoring Bulgaria’s operations. The platform enabled credit decisioning & disbursements with real-time KYC, AML, and account data processing in under seconds. The company achieved enhanced compliance and traceability through full logs and secure access that align with regulatory mandates.
The scalable platform provided the ability to extend data sources and support growing volumes seamlessly, while the faster turnaround time improved customer experience, building trust and service adoption among SMEs.
Sirma And Smart Factoring Bulgaria Partnership
Sirma’s partnership with Smart Factoring Bulgaria demonstrates our commitment to delivering innovative technology solutions for the financial services sector. By combining our expertise in financial technology automation with Smart Factoring Bulgaria’s vision for digital transformation, we have created a robust and efficient factoring platform. This collaboration exemplifies the power of strategic partnerships in driving operational excellence while ensuring regulatory compliance and enhanced customer experience.
Digitalization is one of the things that truly sets us apart. At Smart Factoring, we use it to remove friction and help businesses move faster. The integration with CeGate delivers real, tangible value for end users by turning time-consuming processes into actions completed in seconds. Built on the same principle, our partnership with Sirma shares one clear goal: smarter digital services that save time and deliver real value for businesses. Silvia Mladenova, CEO, Smart Factoring Bulgaria
