Inforegister and Omniva in co-operation have created a solution for making transparent real-time credit decisions and dealing with debtors before problems escalate. Behind the brand name Omniva is the national postal service EESTI POST AS. An Estonian private limited company REGISTER OÜ is the credit rating agency in charge of the credit information portal www.inforegister.ee.
- Information on payable invoices from the Omniva e-invoice system has been added to the Inforegister mobile app IR NOW
Last month, Inforegister and Omniva launched a mobile app offering innovative solutions – it not only monitors the company’s customer base but also warns about potential problems, and all of that in real-time. Analysing the activities of its 0.5 million webpage visitors a month, Inforegister found that the only logical step would be to create this solution on the mobile first principle.
The vision of Inforegister is actual real-time economy with decisions based on the most up-to-date information, and therefore the decisions made are precise, fast and rational. Inforegister offers to its clients linked data, business analytics and top-of-the-range know-how – from background check full solutions on Inforegister to a truly able API that provides users with information on all Estonian enterprises. Since the ultimate mission of Inforegister is to contribute to the development of a fair and transparent economy, a lot of the linked data is available free of charge, enabling developing of new applications or improving existing ones.
The forever problem with an easy solution – co-operation
- IR NOW the latest solution displays a company’s current liabilities based on e-invoices
The owner of Inforegister, Marie Rosin, stressed that in all the years that Inforegister has been helping its clients to solve credit-management-related problems, one persistent problem kept popping up – when a company’s financial difficulties finally reach the public, then usually by that time the company’s assets have been diverted or the company is permanently insolvent. So it followed that companies needed a solution that would enable reacting to problems before these drag the indebted company under and its business partners with it.
‘Today’s solutions, where credit decisions are based on year-old financial results, is absurd, to put it mildly,’ Rosin said. ‘In co-operation with Omniva, we have found a way of assessing companies’ financial status in real-time. We can give the client the tools that actually work. A transparent and ‘scheme-free’ economic environment cannot exist without -top-quality information,’ she added.
The app gives You all You need for decision-making
- IR NOW shows credit risks and recommendations based on Credit Risk Score on a traffic-light principle, right with the company information
The recurring element on all Inforegister NOW pages is the Credit Score – all necessary background information about a company summed up into one number. The Credit Score was first introduced at the International Conference on Advanced Information Systems Engineering. The Credit Score model was developed by Inforegister in co-operation with data scientists from Software Technology and Applications Copmetence Center (STACC) and the University of Tartu. We used machine-learning methods in developing the model, including unsupervised learning algorithms, discovering hidden connections and making prognoses based on these. The model is highly accurate – already 99.5%. The Credit Score is always on a scale of 0 to 1, where 0 means low credit risk and 1 means high credit risk.
The Credit Score helps You to efficiently assess clients’ creditworthiness and make quick decisions on whether and on what conditions to grant credit to a customer. For instance, with a company’s Credit Score in the range 0.74-1.00, You should only accept prepayment and with overdue invoices, repayment is sadly unlikely.
Background checks and monitoring all in one app
- The app sends You alerts about companies You follow and enables additional searches
- IR NOW displays an overview page on each company, containing information on invoices, business behaviour and creditworthiness
Inforegister NOW mobile app lets You check a company’s background before completing a deal, even when You are one the move. In addition, NOW enables automatic following of companies of interest to You and alerts You to significant events in Your customers’ and business partners’ activities.
Inforegister NOW notifies You of important events regarding companies You follow, such as incurred tax liabilities, initiated bankruptcy proceedings, changes in management board members, etc. NOW also adds all the necessary information for decision-making, helping You to react to alerts instantaneously.
In co-operation with Omniva Invoice Centre , NOW app helps speed up incoming invoices. With e-invoices, You can see on the NOW app if and how much a company is late on invoices and how much is their total debt. If an invoice is overdue, the same app helps You out in handling debtors. Thousands of enterprises in Estonia already use e-invoices and it can be used to send e-invoices independently or in line with different business software solutions.
The role of e-invoices in economy is on the rise
- You can react instantly – send reminders and alert a colleague to the problem, right there on the app
The use of e-invoices allows customers to manage and pay their invoices quicker. Inforegister NOW lets You send reminders on overdue bills with just one tap.
Sander Aasna, Head of Information Logistics Business of Omniva, commented on the co-operation: ‘E-invoices help save companies money, but one very important benefit is a clear and simple overview of the company’s financial processes. In co-operation with Inforegister, we can create a new normalcy in Estonian entrepreneurship, where a transparent economy plays a vital role. We have a shared vision of how Estonian companies could start making better business decisions based on Big Data analysis.’
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Mobile app NOW is available on Google Play, online version m.inforegister.ee. Trying out the combined solution is free for the first three months for clients with Inforegister NOW and Omniva Invoice Centre accounts. Activate Omniva e-invoices on the NOW app and as a bonus gain access to Inforegister reports and business networks free of charge for three months.