Safeguard Against Credit Application Fraud with Bectran and Cobalt Integration

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.”  

Fraud agents prey on out-of-date data, presenting a false face to credit departments with their intimate knowledge of the application process.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 Credit applicants whose corporation status is found to be inactive or out-of-date can be automatically declined.   

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  

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.   

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.