Nuvo Adds Equifax Credit Reports to Trade Credit Management Platform
Nuvo has added business credit reports and business principal credit reports from Equifax to its trade credit management platform for B2B sellers.
This addition will streamline customer onboarding, underwriting and credit approval processes for businesses that extend trade credit, the companies said in a Wednesday (April 24) press release.
The new partnership of the two companies will also enable Nuvo’s suppliers to submit their receivables to Equifax, thereby helping their customers build their business credit profile, according to the release.
“The differentiated data resources provided by Equifax will play an important role to help Nuvo in our mission to support finance teams turn credit into a competitive advantage and fuel their company’s growth,” Sid Malladi, co-founder and CEO of Nuvo, said in the release.
Nuvo’s platform enables suppliers to issue personalized credit terms in minutes, according to the release.
With the addition of commercial and business principal information from Equifax, the platform can help finance teams make more informed credit decisions, expand customer purchasing power, determine credit terms and mitigate risk exposure, the release said.
Equifax provides firmographics, credit scores and payment history for 159 million businesses as well as consumer reports on business principals that are provided in accordance with the requirements of the Fair Credit Reporting Act, per the release.
“In an uncertain economic environment, it’s critical that businesses have access to the data-driven insights they need to spot hidden risk and make more informed credit decisions,” Melinda McBride, senior vice president of partners and emerging markets at Equifax, said in the release. “Our relationship with Nuvo will help make this information even more accessible so that businesses can continue to get access to the capital and services they need to grow.”
With data, companies can better understand the potential impact each individual could have on their business, Dilip Singh, vice president, data science and decision analytics, digital solutions at Equifax, wrote in the PYMNTS eBook, “The Implications of Uncertainty.”
“It can be tempting to take more risks in an effort to bring in more revenue,” Singh wrote. “Instead, use data to validate the quality of interactions so you can safely and confidently grow your business.”
In another recent integration, Nuvo teamed with trade credit insurance firm Allianz Trade in March to enable that company’s customers to use Nuvo to add coverage for new and existing customers, monitor approval policy adherence, and optimize alignment between sellers’ customer risk and their insurance coverage.
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