This is in contrast to traditional credit assessment systems such as CIBIL, which predominantly focus on analyzing credit behavior within the banking sector, including loans and credit card usage.
It aims to enable businesses to meet and improve their financial responsibility. The registry compiles buyer data from multiple sellers, allowing a seller seeking to partner with a new buyer to review the buyer’s credit profile upfront.
The credit registry arms sellers with the ability to report invoice and payment data, facilitating the compilation of comprehensive B2B credit reports for buyers. This information streamlines the decision-making process. Notably, once a buyer is reported to the credit registry, Recordent issues direct notifications, making them aware of the ramifications of non-payment or delayed payment and how these actions impact their B2B credit profile. This approach encourages timely payments and expedites debt recovery.
According to a statement, Recordent’s credit registry cultivates a robust financial ecosystem where trust and reliability among businesses flourish by educating buyers about their credit obligations. “The launch of the credit registry platform marks a pivotal moment at Recordent. Businesses utilizing Recordent’s credit registry have witnessed a remarkable 25% enhancement in their collections. Statistical data indicates that, owing to the Recordent credit registry platform, 50% of collections are received punctually, with an impressive 87% seeing substantial improvements in collections post-platform notifications.” said Winny Patro, CEO, and Co-Founder of Recordent Pvt Ltd, in a statement.