“Back to the Future” in the Credit Department

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Credit2B’s recently launched and rapidly growing SNAP™ platform, completely automates and accelerates the on-boarding of new business customers.

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Marty McFly would recognize today’s business credit applications as going back to his grandfather’s generation. Little has changed – until now, that is.

Credit2B’s recently launched and rapidly growing SNAP™ platform changes all this, as it completely automates and accelerates the on-boarding of new business customers. Most importantly, SNAP integrates a supplier’s industry sector trade experiences and automates customer trade and bank references and credit bureau data into a complete “decision file”. The SNAP process starts with the new customer who inputs and uploads the information needed by the supplier, even digitally signing any required documents; allowing the supplier to verify background in real time and make approvals through workflow and team collaboration tools. All information and documents are retained in a secure file that can be easily uploaded to a supplier’s enterprise systems, like SAP or Oracle. SNAP is a complete reinvention of the manual credit processes that have remained unchanged for decades.

In announcing its latest plan for this product, Credit2B has drawn on its strongest capabilities, both as a peer-to-peer trade data interchange that owns a massive business credit database covering 98% of businesses in North America as well as a software company that understands the transaction needs of the credit practitioner seeking prompt and accurate business credit information. The objective of SNAP is to eliminate the convoluted process and time-consuming work of on-boarding new customers, accelerate the approval of new customers, improve compliance, while also slashing overhead costs.

In a survey of fifty clients, Credit2B found that over 80% expended significant sales rep time, in addition to the credit department for processing new account applications, with excessive on-boarding delays often as long as four weeks. Bonnie Gerrity, VP Client Solutions says “this solution will reduce time spent in correcting errors, constantly looking at different sources of information in disparate systems and paper, automate follow ups over the life of the customer relationship while also enabling the creditor to build their brand and messaging through the portal. Our comprehensive performance dashboard will help our clients develop ROIs due to reduced time spent by sales reps and credit analysts in making follow up phone calls for missing information and inputting data received via email and fax machines”

Since going live in Q1 this year, SNAP has been one of Credit2B’s bestselling services. Most clients that find value in the portal are mid-size company CFOs seeking greater automation and more data on small businesses, which has been a shortfall of the common credit information providers. In addition, these organizations realize that Credit2B has created a tool that is light in set up and easy to use so that the hassles of adoption are easily overcome and the cost of maintenance is compelling.

In addition to Credit2B’s proprietary data and scores, Credit2B has partnered with Experian and Equifax for integrated bureau data, DocuSign e-sign for globally enforceable digital signatures, FactSet for public company financials and Dow Jones for corporate sanctions compliance domestic and cross border. Shyarsh Desai, Credit2B’s CEO said “giving our clients confidence in globally enforceable electronic signature requirements, safe guarding the information in compliant environments like the Payment Card Industry (PCI) standards and protecting this information in a highly secure world-class cloud server environment means making big investments in technology.”

Credit2B has continued to form multi-year strategic data and technology commitments with its partners. The firm’s strategy of building credit reference networks to provide valuable credit information in parallel adds just another layer of insight on a business customer. Desai is energized about future SNAP version enhancements in 2017 which he says “will make this portal more global in reach and better integrated with a trade supplier’s sales organization.”

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Roxanne Nazzaro
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