Issue 544 (Week ending 09/11/2022)

Companies around Ireland are completing risk management assessments now more than ever, due to the predicted volatility of the economy in the months ahead.

The risk of doing business with Sole Traders and SME's in Ireland is at an all-time high, resulting in companies having to write off bad debts, from not having an easy way to pay them.

The consequences of these write offs is leading to a significant decrease in revenue for thousands of companies across Ireland. According to PwC, the direct economic damage of business failures in Ireland is expected to be in excess of E2billion in 2022.

Our latest feature Link2Bank is a next level customer evaluation tool that will aid companies to tackle this issue by allowing them to request an instant report on a customer's bank account data.

Link2Bank can be used for a wide range of business checks, such as;

• Affordability checks
• Credit/ Risk assessments
• Anti-fraud checks
• Verification checks

This new feature will diminish the risk of having to write off bad debts from customers who have do not have the affordability to pay off their debts.

Link2Bank is fully GDPR compliant, meaning that your customer will have to provide consent to allow you to view their bank account data in order to prove their credit worthiness.

Link2Bank analyses over 2,000 variables from a customer's bank account. This data is then interpreted and returned in a powerful, user friendly report containing 200 KPI'S, to cover all of your customer screening needs, from anti-fraud to KYC assessment.

We predict that companies who use Link2Bank before entering into contractual agreements with sole traders and SME's, will see an increase in revenue as they will be able to easily assess their customer's affordability.

Trust your customer through CRIF. Sign up to our digital on boarding service in order to avoid any potential risks when doing business with sole traders and SME's.

If you would like to learn more, contact us on 01 903 2660 or email us at Helpdesk.vision-net@crif.com