Safeguard Against Credit Application Fraud with Bectran and Cobalt Integration
September 27 2024 - 9:50AM
Bectran, Inc., the industry leader in credit,
collections and accounts receivable management technology, has
introduced a new collaboration with
Cobalt
Intelligence, a highly regarded data solutions firm
specializing in secretary of state (SOS) data collection. Bectran’s
new API integration with Cobalt provides users with a powerful
anti-fraud and efficiency generating toolkit.
“This collaboration is a realization of our goal to make fraud
solutions easier to implement and provide impactful solutions for
improving risk management,” comments Louis Ifeguni, Bectran CEO.
“The integration will equip credit managers with real-time SOS data
at the moment of application submission, resulting in tighter fraud
security measures and faster credit approvals.”
Credit Application Fraud Prevention
Fraud agents prey on out-of-date data, presenting a false face
to credit departments with their intimate knowledge of the
application process. Utilizing secretary of state real-time data,
the risk of approving fraudulent credit applications can be
severely curtailed. With direct integration into SOS websites,
credit departments can be assured of their data integrity by using
up-to-date and reliable records.
Bectran’s automatic credit application system with real-time SOS
website data pulls creates corporate verification reports
seamlessly alongside application submissions. The SOS data will
then be evaluated through Bectran’s scoring models to determine the
authenticity of the application. To ensure data accuracy, a
screenshot and link to the corresponding SOS document will be
displayed immediately alongside the report. For further protection,
a timestamp and watermark are attached to every screenshot,
providing users with an audit trail for the verification process.
The reports, links and screenshots will include all data and
documents available on the corresponding SOS website. This varies
by state but can include entity type, corporation status, articles
of incorporation, SOS ID, corporate officer information, filing
date and more. Credit applicants whose corporation status is found
to be inactive or out-of-date can be automatically declined.
Driving Credit Application Efficiency
In addition to the benefits of fraud protection, automatic SOS
verification brings unparalleled efficiency to the credit
application process.
This integration will lead to quicker credit application
approvals, with verification done almost instantly. Manual
verification processes are tedious in comparison, as they require
significant time and effort from credit departments.
For more information and to automate your credit applications,
visit Bectran.com
About Cobalt
Cobalt Intelligence is at the forefront of real-time Secretary
of State Data and AI automation. Our mission is to streamline the
approval process, enhance compliance and drive ethical
decision-making using a seamless API integration.
We are committed to reducing fraud and operational costs and
fostering ethical practices in alternative financing. Our real-time
Secretary of State data verification and automated KYB compliance
ensure precise business analysis and a comprehensive view across
multiple states, empowering smarter underwriting decisions.
About Bectran
Bectran is the premier SaaS platform for Finance Departments,
akin to CRM for Sales. Trusted by diverse organizations, from SMEs
to Fortune 500 companies, we streamline credit processing by over
98%, reducing credit defaults and collection costs. Many businesses
rely on Bectran for efficient Accounts Receivable and Collections
management, achieving up to 95% cost savings. With rapid onboarding
in days, our platform is hailed by credit professionals as the
future of credit management. Visit Bectran.com to learn more about
financial solutions for your industry.
Aidan Starkes
Content & Copywriter
Bectran Inc
(888) 791-6620
PR@Bectran.com