While onboarding a new customer, credit references act as recommendations to justify whether the customer should be granted credit or not. Supplier credit teams request credit references such as bank and trade references from their new customers.
In the case of bank references, banks take a lot of time to verify the customer’s references. Credit teams have to frequently follow up with the banks to receive the bank reference verification – this slows down the new customer onboarding process.
Whether it is bank reference or trade references, credit teams have to aggregate the information from the submitted credit applications
Online Credit Application captures complete and accurate customer data including financial statements, tax-exempt certificates, and credit references, e-signatures
Initiate the bank reference verification process with the help of Confirmation.com. Confirmation.com partnered with HighRadius automates bank reference verification to ensure faster credit reference checks.
The customer file is now credit decision-ready, with all the backup information. Approval workflow enables swift routing to other decision-makers and decisions on credit terms and limits are communicated with the customer through correspondence workflow.