PROSPECTS FOR THE DEVELOPMENT OF FACTORING IN THE CONDITIONS OF MODERNIZATION OF FINANCIAL TECHNOLOGIES
Abstract
The problems of ensuring the effectiveness of the functioning of the financial and banking system in Ukraine in conditions of uncertainty, instability and the introduction of a special legal regime of martial law have become particularly acute in modern conditions and require not only a quick response, but also an effective solution, which in the conditions of the intensification of digitalization processes can be achieved thanks to the activation of the involvement innovative financial technologies into the financial and banking system. The article provides a critical analysis of the possibilities of factoring development in the conditions of the intensification of financial technologies and the strengthening of the influence of destabilizing factors of a military nature, its prospects are analyzed and the actualization of the issues of factoring development research in the conditions of the modernization of financial technologies is proved. On the basis of the conducted comparative analysis, the essence of factoring was defined, under which it is proposed to understand the implementation of specific activities regarding the possibilities of participation of intermediaries, brokers and agents in the process of ensuring activities, conducting banking operations and providing services to the client, the subject of which is the transfer of ownership of receivables. The main problems of the development of factoring in Ukraine were identified, among the most important of which the following were recognized: (1) the imperfection of the organizational-legal and regulatory-legislative mechanisms for determining factoring and regulating factoring operations; (2) imperfection of the current legislation in terms of regulation of factoring operations, provision of factoring services and functioning of the factoring market; (3) ignorance of economic agents with the possibilities and advantages of factoring; (4) lack of a register of factoring agreements, as a result of which the risks of double financing increase. On the basis of a detailed study of the identified problems, priority directions and prospects for the strategic development of factoring in Ukraine are proposed, which are in the area of strengthening measures of a legislative and administrative nature regarding business access to factoring services.
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