Integrated Receivables Cloud Platform

Automated Credit Reference Checks for Business

Automatically capture bank references from customer credit applications and automate the bank reference verifications.

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What is a Credit Reference?

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.

Key Challenges Faced While Verifying Credit References

  • Delayed Confirmation from Banks

    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.

  • Manual Aggregation of Trade Credit References

    Whether it is bank reference or trade references, credit teams have to aggregate the information from the submitted credit applications

Three Simple Steps to Fast-Track Credit Reference Check

Capture complete and accurate credit information

Online Credit Application captures complete and accurate customer data including financial statements, tax-exempt certificates, and credit references, e-signatures

Perform electronic credit reference
checks

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.

Process the application with user-configurable collaboration workflows

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.

This is Why A/R Teams Love Us

jjkeller
Automation : Learn how J.J Keller introduced automation in credit management to fast-track credit reviews by 50%.
mercury
Productivity : Mercury Marine reduced customer onboarding time by 67% and improved credit team productivity with streamlined credit operations and faster processing of periodic reviews

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Resources

Template

Free Business Credit Scoring Model for New Customers with D&B, NACM & Experian Data
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Webinar

How Technology Can Automate and Speed Up New Customer Credit Application Process
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