Credit and payment reporting platform Recordent has launched credit to facilitate well-informed financial and credit decisions.  

Credit assessment systems like CIBIL focus on analysing credit behaviour within the banking sector, including loans and credit card usage. However, With a focus on B2B payments, the company's credit registry reimagines this strategy by examining a company's creditworthiness through its non-banking credit activity. 

The credit registry facilitates 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, sensitising them to the consequences of non-payment or delayed payment and their impact on the credit profile. 

On the launch of its newest platform, Winny Patro, CEO and co-founder of Recordent, said, “Businesses utilising Recordent's Credit Registry have witnessed a remarkable 25 per cent improvement in their collections. Statistical data indicates that, owing to the Recordent Credit Registry Platform, 50 per cent of collections are received punctually, with an impressive 87 per cent seeing substantial improvements in collections post-platform notifications." 

The platform enables businesses to meet and 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. It also sends payment notifications when a seller reports to a buyer, educating them about late payment consequences. This encourages timely payments and speeds up debt recovery.

With the goal of assisting Micro, Small, and Medium-Sized Enterprises (MSMEs), the company has just begun offering its analytical tool as part of its CreditEye Product package. The platform has also received the Government of India's endorsement as the best fintech solution of the year for 2023 in the credit management category.