CreditRiskMonitor Announces Partnership with HighRadius
VALLEY COTTAGE, N.Y. - Sept. 13, 2019 - CreditRiskMonitor (OTCQX: CRMZ) is proud to announce a new partnership with HighRadius, a Fintech enterprise Software-as-a-Service (SaaS) company which leverages Artificial Intelligence-based Autonomous Systems to help companies automate Accounts Receivable and Treasury processes.
In the spirit of aiding credit, procurement and treasury professionals stay ahead of financial risk, the linkup of CreditRiskMonitor and HighRadius allows for a whole new audience to unlock the power of the FRISK® score: a 96%-accurate daily read on bankruptcy risk hidden within more than 56,000 corporations worldwide. This integration is executed through an API for HighRadius subscribers.
“HighRadius does marvelous work in saving people time and effort when making crucial financial decisions,” said Jerry Flum, CreditRiskMonitor CEO. “With the FRISK® score in their dashboard, we think that their clients will quickly realize that public companies account for far more dollars at risk than they ever thought possible.”
The HighRadius® Integrated Receivables platform reduces cycle times in an order-to-cash process by automating receivables and payments processes across credit, electronic billing and payment processing, cash application, deductions and collections.
“This partnership has the potential to be a home run for both sides,” said Bill Weiss, Vice President of Business Development for HighRadius. “CreditRiskMonitor’s unique data metrics, led by their FRISK® score, gives our clientele the most accurate look into the financial health of some of the biggest companies in the world. And in turn, HighRadius provides Artificial Intelligence based automation that is transforming how credit departments use data.
“Importing what CreditRiskMonitor can provide so that HighRadius users can get real-time risk assessments on demand, in competitive sectors like energy and technology, is a perfect fit.”
Overview
CreditRiskMonitor (creditriskmonitor.com) sells a suite of web-based, SaaS subscription products providing access to comprehensive commercial credit reports, bankruptcy risk analytics, financial and payment information, and curated news on public and private companies worldwide. The products help corporate credit and procurement professionals stay ahead of and manage financial risk more quickly, accurately, and cost-effectively.
The Company’s newest platform, SupplyChainMonitor™, leverages its financial risk analytics expertise to create a risk management solution built specifically for procurement, supply chain, sourcing, and finance personnel involved in the supplier lifecycle, risk assessment, and ongoing risk monitoring. Users can assess counterparty risks at the aggregate and granular levels under a variety of categories including geography and industry, as well as customized, customer-specific configurations. The platform features mapping capabilities with real-time weather/natural disaster event overlays as well as customizable news notifications, reports, and charts.
Our subscribers, including nearly 40% of the Fortune 1000 and well over a thousand other large corporations worldwide, use the Company's timely news alerts, research, and reports on public and private companies to make important risk decisions. The Company's comprehensive commercial credit reports covering both public and private companies worldwide are published through its web-based platform and feature detailed analyses of financial statements, including ratio analysis and trend reports, peer analysis, corporate issuer ratings from key Nationally Recognized Statistical Rating Organizations ("NRSROs"), as well as the Company's proprietary bankruptcy analytics: the FRISK® and PAYCE® scores. One of the FRISK® scoring model's exclusive input features is the aggregate risk sentiment of our subscribers based on their crowdsourced usage behaviors resulting in the improved classification of bankruptcy risk for the riskiest corporations and boosting overall accuracy.
The Company, through its Trade Contributor Program, receives confidential accounts receivables data from hundreds of subscribers and non-subscribers every month. This trade receivable data is parsed, processed, aggregated, and finally reported to summarize the invoice payment behavior of B2B counterparties, without disclosing the specific contributors of this information. The Trade Contributor Program's current trade credit file processes approximately $3 trillion of transaction data annually.
Safe Harbor Statement
Certain statements in this press release, including statements prefaced by the words “anticipates”, “estimates”, “believes”, “expects” or words of similar meaning, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, expectations or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, including, among others, those risks, uncertainties, and factors referenced from time to time as “risk factors” or otherwise in the Company’s Registration Statements or Securities and Exchange Commission Reports. We disclaim any intention or obligation to revise any forward-looking statements, whether as a result of new information, a future event, or otherwise.
CONTACT:
CreditRiskMonitor.com, Inc.
Mike Flum, CEO & President
845.230.3037
ir@creditriskmonitor.com