Christophe Spoerry, Euler Hermes Digital Agency (EHDA) co-founder, said, ” EHDA and CRiskCo are working together to evolve trade credit insurance and risk management, particularly at the transaction and single invoice cover levels. This has the potential to offer small-medium enterprises (SMEs) significantly more protection when doing business, by providing innovative, simple and affordable customer analyses.”
EHDA recently launched its first breakthrough product – Single Invoice Cover – which protects companies from non-payment by business customers. Cover is provided transaction by transaction while optimizing end-to-end supply chains and extending optimal credit terms to buyers. Based on a proprietary application program interface (API), it creates a seamless process for businesses, while facilitating a comprehensive and granular management of credit exposure.
CRiskCo uses its strength in harvesting and analyzing data to develop smart algorithms that can evolve the underwriting capabilities within the Single Invoice Cover product. Based on invoice-level data, CRiskCo reviews accounting data and applies prediction analytics and machine learning algorithms to provide businesses a credit score that assesses the probability of business success or default. The company helps vendors and financial institutions reduce underwriting time and costs using big data processing and cloud infrastructures. It monitors abnormal behavior of clients and clients’ debtors to predict fraud, and alert partners to limit their exposure.
Euler Hermes is the global leader in trade credit insurance, as well as a recognized specialist in the areas of bonding, guarantees and collections. With more than 100 years’ expertise, the company offers B2B clients financial services to support trade receivables management. Its proprietary intelligence network tracks and analyzes daily changes in corporate solvency among small, medium and multinational companies active in markets representing 92% of global GDP.
Euler Hermes Digital Agency focuses on technological disruption. Leveraging Euler Hermes’ global leadership and experience, it acts as a platform where innovators and entrepreneurs can take the driving seat. The EHDA mission is to incubate breakthrough ideas in trade finance to better serve customers, cultivate a digital culture and quickly create new disruptive fintech products. Digital Agency teams use data mining, machine learning and advanced algorithms to create and test client solutions for better risk and marketing decisions. EHDA and their partners focus on highly scalable credit risk technologies and services by fast tracking ideas into experiments and new products, many designed to serve start-ups in the alternative finance and fintech markets.
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SOURCE Euler Hermes