Factoring=factoring is the sale of receivables
Securitization = Securitization is a process whereby companies sell receivables — money owed by customers, but not yet collected — for cash. The buyer, typically a special-purpose entity (SPE) created expressly for the purpose, raises funds for the purchase by issuing commercial paper backed by the future stream of money to be collected. The commercial paper often attracts a better rate than the company could by issuing CP of its own, because the sale puts the receivables out of reach of the company's own creditors in the event of bankruptcy.
http://www.cfo.com/article.cfm/7108117
Invoice discounting = borrowing where the receivable is used as collateral
Securitization, Factoring is sales of receivable thus increase CFO
Invoice discounting = increase CFF
