Nuvo will utilise Equifax's commercial and business data in its credit application software, streamlining customer onboarding, underwriting, and credit approval for trade credit extension. Suppliers can submit receivables to Equifax, aiding customers in building their business credit profile.
Nuvo allows suppliers to issue customised credit terms rapidly, reducing approval turnaround times. Integrating Equifax's business credit reports into its's secure platform enables finance teams to make informed credit decisions while mitigating risk.
Equifax Commercial Credit Solutions provides firmographics, credit scores, and payment history for 159 million businesses covering USD 6 trillion in total credit originations. The extensive coverage of US small businesses by Equifax provides Nuvo customers access to reliable, high-quality data that enables faster business verification and risk assessment for this fast-growing market segment.
The consumer reports on business principals from Equifax, provided in accordance with the requirements of the Fair Credit Reporting Act, can also help Nuvo customers when offering flexible payment terms to newly formed businesses, or when terms are subject to a personal guaranty.
Officials from Nuvo said the differentiated data resources provided by Equifax will play an important role to help their mission to support finance teams turn credit into a competitive advantage and fuel their company's growth. They are thrilled to work with a company that shares their commitment to using technology and data to improve credit workflows in the B2B payments ecosystem.
Nuvo's technology unlocks new growth opportunities for businesses by expanding customer purchasing power, while also reducing risk exposure. Finance teams using Nuvo can now use Equifax data to help determine credit terms, opening up new opportunities while reducing unwarranted risk.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now