Bectran and Plaid Partner to Remove Idle Time from Credit Application Reviews
Bectran, Inc., the industry leader in credit, collections and accounts receivable management technology, has introduced a new integration with Plaid, a data network powering the digital financial ecosystem, to provide a powerful and secure way to expedite bank verifications.
“We are excited to be working with Plaid in this capacity,” comments Louis Ifeguni, Bectran CEO. “This integration opens up a whole new avenue of efficiency in our credit applications, providing tangible value to our customers by easing a time-consuming process, and increasing confidence with a secure, real-time bank connection.”
Advanced Risk Scoring, Analysis and Fraud Security
Manual bank references are susceptible to input errors that may include inaccurate or dated information—information that, when passed unnoticed, can cause an array of operational issues stemming from simple human error. Moreover, the manual process is both time-consuming and costly, often dragging on for days or weeks with no guarantee of success in obtaining accurate information.
With this latest integration, credit managers can eliminate lengthy reference wait times and the constant need to monitor for potential entry errors associated with traditional bank referencing. Through a simple customer sign-in, Plaid securely delivers verified financial data, which is then analyzed and scored by Bectran. This integration ensures a swift, accurate and secure process by leveraging Plaid’s network of over 12,000 financial institutions.
Credit applicants simply sign into their bank accounts via Plaid's secure APIs, authorizing the creation of a bank verification report. This report includes key insights such as account ownership information, transaction history and more, enabling credit managers to instantly evaluate the applicant's identity, financial health and risk profile. Using advanced risk scoring algorithms, Bectran analyzes data points such as account balances, non-sufficient funds, notices, returns, and unusual activity to generate a comprehensive risk score. This eliminates manual input, minimizes errors, and empowers credit teams to make timely, data-driven decisions.
Bectran’s partnership with Plaid brings further security into the bank verification process, securing clients against a wide range of identity and payment fraud schemes. Bank data provided in verification reports include account creation date and ownership information, which Bectran automatically compares to applicant information, rooting out fraud before it can gain a foothold. Credit managers will also receive fraud alerts when suspicious or abnormal account activity is detected.
“Our Integration with Plaid is the latest addition to our comprehensive suite of risk scoring and analytics,” says Ali Kidwai, Bectran Senior Manager - Product & Implementation. “At Bectran, we intend to be the one-stop shop in our client's credit and AR journey, finding innovative ways to increase their operational efficiency and risk management capabilities.”
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.
