Bectran, a leading provider of credit, collections, and accounts receivable management technology, has announced its latest integration with Plaid, a trusted data network powering the digital financial ecosystem. This collaboration streamlines bank verifications, offering a faster, more secure, and efficient process for credit applications.
Driving Efficiency with Automated Bank Verifications
“We are excited to be working with Plaid in this capacity,” comments Louis Ifeguni, Bectran CEO. “This integration opens up a whole new avenue of efficiency in our credit applications, providing tangible value to our customers by easing a time-consuming process, and increasing confidence with a secure, real-time bank connection.”
Traditional manual bank reference checks are prone to errors, outdated data, and prolonged turnaround times, often leading to inefficiencies and operational risks. The integration with Plaid eliminates these challenges, allowing credit managers to instantly access verified financial data through a secure, real-time connection.
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Advanced Risk Scoring and Fraud Prevention
With this new integration, credit applicants can quickly and securely authenticate their bank accounts using Plaid’s trusted APIs. Once authorized, Bectran generates a comprehensive bank verification report, which includes essential details such as account ownership, transaction history, and financial health indicators. This seamless process empowers credit teams to make data-driven decisions with increased speed and accuracy.
By leveraging advanced risk scoring algorithms, Bectran analyzes key financial data points, including account balances, non-sufficient funds notices, returns, and unusual activity. This data-driven approach eliminates the need for manual input, reducing errors and ensuring timely, well-informed credit evaluations.
Additionally, Bectran’s integration with Plaid strengthens fraud detection and security measures. The system cross-references account creation dates and ownership details with applicant information, helping to detect and prevent identity fraud. Credit managers also receive real-time fraud alerts in cases of suspicious or abnormal account activity, enhancing risk mitigation strategies.
A Commitment to Innovation in Credit and AR Management
“Our integration with Plaid is the latest addition to our comprehensive suite of risk scoring and analytics,” says Ali Kidwai, Director of Product & Implementation at Bectran. “At Bectran, we intend to be the one-stop shop in our client’s credit and AR journey, finding innovative ways to increase their operational efficiency and risk management capabilities.”
By partnering with Plaid, Bectran continues to push the boundaries of digital credit management, offering businesses a smarter, faster, and more secure way to process credit applications and manage financial risk.