Invoice Finance Operations
Step 1 of 3. Verification. Invoice verified against its three backup documents.
Iridium manages your whole portfolio, so your team can focus on the calls that need a person.
Members
IFA
SFN
AFA
We've cut our verification time down by 90% - this is game-changing.
Hussein Marquez
Portfolio Manager
Commercial Finance Partners
The Unverified Invoices
Verifying an invoice manually takes time, so industry-practice has been for factors to check the big ones and sample the rest. Losses occur in the invoices nobody verifies.
Capabilities
Three processes slow a factoring team's week. Iridium runs them as one workflow, with enhanced discipline across your portfolio.
[ Verification ]
Checked against the documents. Confirmed by the debtor. Certified by Iridium.
Iridium uses AI to check each invoice against its backup docs and confirm it with the debtor. Anything that doesn't match is flagged for your team to review before it's funded. Iridium provides a certificate of verification for each verified invoice.
[ Collections ]
Collection outreach optimized to how each debtor pays.
Reminders track each debtor’s payment behavior, so money comes back sooner. An account that needs a human reaches your team while it can still be saved.
[ Cash Posting ]
Payments matched, the day they arrive.
Bank statements and remittances reconcile to invoices as they arrive, including partial, bundled, and misreferenced payments. Payments that can’t be confidently matched get prioritized for your team to review.
Your team keeps the judgment calls.
A failed check waits for a person to approve, reject, or escalate in one click.
Nothing funds outside the rules you set.
Every decision is on the record for your bank, your auditor, and your credit committee.
Integrations
Iridium communicates with FactorSoft, FactorCloud, and other systems today.
The Facts
98%
of verifications completed without a person within three weeks of go-live at Commercial Finance Partners, a US factor
Commercial Finance Partners (CFP), production figure
FAQ
01Does Iridium fit with my team?01Does Iridium fit with my team?
Iridium takes the document-checking and phone tag off their desks and routes them the exceptions worth a person's attention. Your team's capacity stops being the limit on how much of the book gets checked, and the judgment calls stay theirs.
02What happens when a check fails?02What happens when a check fails?
The invoice stops before anything gets funded. It goes to your team, with the discrepancy highlighted and the source documents attached, and the decision is logged with who made it. Nothing clears into funding outside the rules you set.
03What will my bank's vendor review find?03What will my bank's vendor review find?
Client data is segregated per tenant, role-based access, and a complete log of every machine and human action. Security documentation and our Trust Center are available for your vendor review, and our controls have completed a SOC 2 Type I examination.
04How will my debtors experience Iridium?04How will my debtors experience Iridium?
Confirmation requests are white-labeled, going out in your name or your client's and configured per client. Where it makes sense, requests roll up to the account level, so a debtor gets one confirmation rather than one per invoice, and debtors who publish payment status in portals don't need to be contacted at all.
05How long does implementation take?05How long does implementation take?
4 weeks to ramp up across your entire portfolio. Iridium reads from the inboxes and systems you already use, so there's no system migration needed. We only have you encode your verification rules with us, which takes 1 hour a week from your ops lead, not a project delivery team.
06Can I start with part of my book?06Can I start with part of my book?
Yes. Coverage is yours to set. Point Iridium at whatever part of the book you choose, and every invoice inside it gets the full treatment, the same checks against source documents and the same debtor confirmation. The natural place to start is the invoices that get waved through today, since that's the part of the book nobody has ever checked.
07Does Iridium replace my factoring management system?07Does Iridium replace my factoring management system?
No. Iridium reads from and writes to FactorSoft and FactorCloud today, and builds integrations for custom systems. Verified invoices, notes, and postings flow back into the FMS your team already lives in.
08Do my clients have to change how they submit invoices?08Do my clients have to change how they submit invoices?
No. Invoices and backup docs keep arriving exactly as they do now, and Iridium reads them from there.
