Hyderabad: Recordent, India’s pioneering credit and payment reporting platform, proudly announces the launch of its revolutionary Credit Registry. This dynamic non-banking payment reporting platform marks a transformative leap in fostering financial transparency and empowering businesses to make well-informed credit decisions.
Traditionally, credit assessment systems like CIBIL focus on analyzing credit behaviour within the banking sector, including loans and credit card usage. However, Recordent’s Credit Registry reimagines this approach by scrutinizing a business’s creditworthiness through its non-banking credit activities, with a particular emphasis on B2B payments.
The Credit Registry empowers sellers to report invoice and payment data, enabling the compilation of a comprehensive B2B credit report for buyers. This invaluable information streamlines the decision-making process. Importantly, once buyers are reported to the Credit Registry, notifications are issued directly from Recordent, sensitizing them to the consequences of non-payment or delayed payment and their impact on their B2B credit profile.
Recordent’s Credit Registry is not just about data; it’s about cultivating a culture of financial responsibility. By educating buyers on their credit obligations it fosters a robust financial ecosystem where trust and reliability among businesses flourish.
On the launch of its newest platform, Mr. Winny Patro, CEO and Co-Founder of Recordent Pvt Ltd said, “Celebrating the dawn of a transformative era, 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. This revolutionary tool is set to redefine the landscape of credit management in India.”
At its core, Recordent’s Credit Registry aims to enable businesses to meet & improve their financial responsibility. The Registry compiles buyer data from multiple sellers. When a seller seeks to partner with a new buyer, they can review the buyer’s credit profile upfront. This enables informed decisions on collaboration. Recordent’s credit registry also sends payment notifications when a seller reports a buyer, educating them about late payment consequences. This encourages timely payments and speeds up debt recovery. Ultimately, this fosters a robust financial ecosystem where businesses trust and depend on each other confidently.
Recordent is a technology platform helping businesses improve collections by credit profiling their customers with payment data and reducing risk by providing insights into the payment history of customers. The company is closely working with 50+ SME industry associations and plans to continue establishing meaningful partnerships to add value to the association members in their credit management practices by improving collections and reducing credit risk. Along with FSDA India, Recordent has recently engaged tie-up with the Bombay Industries Association and Taloja Industries. In November 2021, Recordent raised $400,000 in angel funding from the Family Office of Kantamaneni & IIM Calcutta Innovation Park and other angel investors from India and the US.