A credit registry that measures business credit worthiness

Recordent, India's pioneering credit and payment reporting platform, has launched its revolutionary credit registry. This dynamic non-banking payment reporting platform marks a transformative leap in fostering financial transparency and empowering businesses to make well-informed credit decisions.

Traditionally, credit assessment systems like CIBIL focus on analysing credit behaviour within the banking sector, including loans and credit card usage. However, Recordent's credit registry reimagines this approach by scrutinizing a business's creditworthiness through its non-banking credit activities, with a particular emphasis on B2B payments.

The credit registry empowers 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, sensitizing them to the consequences of non-payment or delayed payment and their impact on their B2B credit profile.

Recordent's credit registry is not just about data; it's about cultivating a culture of financial responsibility. By educating buyers on their credit obligations, it fosters a robust financial ecosystem where trust and reliability among businesses flourish.

Talking to Bizz Buzz, Winny Patro, CEO and Co-Founder, Recordent, said, “Celebrating the dawn of a transformative era, the launch of the credit registry platform marks a pivotal moment at Recordent. Businesses utilising our services have witnesses a remarkable 25 per cent enhancement in their collections. Statistical data indicates that, owing to the platform, 50 per cent of collections are received punctually, with an impressive 80 per cent seeing substantial improvement in collection post platform notification. This revolutionary tool is set to redefine the landscape of credit management in India."