What's the difference between bank factoring and bank insurance? Are these two different businesses or two different forms of one business?

Factoring is the business of banks, and insurance is the business of insurance companies. Insurance companies cooperate with banks and are authorized to sell insurance products in banks, but insurance is not the business of banks.

Factoring is a new comprehensive financial service integrating trade financing, business credit investigation, accounts receivable management and credit risk guarantee. The factoring business of banks can be divided into domestic factoring business and foreign factoring business.

Generally speaking, domestic factoring business is also called accounts receivable financing, which means that the company transfers your accounts receivable to the bank after passing the bank's audit and obtains funds in advance. According to different types, it can be divided into buyout factoring and repurchase factoring. The audit point of factoring bank is mainly to audit the repayment ability of the debtor (that is, the company that owes money to the company).

Foreign factoring business is mainly a financial product designed according to the import and export business of import and export enterprises, and its main function is to let import and export enterprises obtain funds in advance. Specific products include packaged loans, invoice discounts and so on.