CreditRiskMonitor Announces Partnership with Esker
VALLEY COTTAGE, N.Y. - June 10, 2020 - CreditRiskMonitor (OTCQX: CRMZ) is proud to announce a new partnership with Esker.
Esker is a worldwide leader in AI-driven process automation software, helping financial and customer service departments digitally transform their procure-to-pay (P2P) and order-to-cash (O2C) cycles. Used by more than 6,000 companies worldwide, Esker’s solutions incorporate technologies like Artificial Intelligence (AI) to drive increased productivity, enhanced visibility, reduced fraud risk, and improved collaboration with customers, suppliers and internally.
“We’re thrilled to partner with CreditRiskMonitor to offer our customers the ability to retrieve their FRISK® score from our application when approving or reviewing credit terms, especially in that period when managing credit risk makes great sense,” said Steve Smith, Esker Americas Managing Director and U.S. COO.
In the spirit of aiding credit, procurement and treasury professionals stay ahead of financial risk, the linkup of CreditRiskMonitor and Esker allows for a whole new audience to unlock the power of the FRISK® score: a 96%-accurate daily read on bankruptcy risk hidden within more than 57,000 corporations worldwide. This integration is executed through an API for Esker subscribers.
“We’re excited to partner with a wonderful company in Esker,” said Jerry Flum, CreditRiskMonitor CEO. “An alliance with a fellow forward-thinking outfit like Esker, whose customers are always seeking greater visibility, efficiency and cost savings, is a natural.”
“The fact that we can bring our data-driven solutions like our FRISK® score to the table with Esker will help their guys stay ahead of peers when a global debt crisis hits,” said Flum. “The COVID-19 Crisis has the potential to set off the current non-financial corporate debt bubble we’ve been building over the last 11 years. With worldwide non-financial corporate debt at record levels, both in absolute and relative terms, and a potential working capital crisis looming, public company bankruptcies could deal crippling blows to credit and procurement functions. The end to this unprecedented benign credit cycle has arrived and there’s precious little time left to defend yourself from harm.”
Esker operates in North America, Latin America, Europe and Asia Pacific with global headquarters in Lyon, France, and U.S. headquarters in Madison, Wisconsin.
For more information on Esker and its solutions, visit esker.com. Follow Esker on Twitter: @EskerInc and join the conversation on the Esker blog at blog.esker.com.
Overview
CreditRiskMonitor (creditriskmonitor.com) sells a suite of web-based, SaaS subscription products providing access to comprehensive commercial credit reports, bankruptcy risk analytics, financial and payment information, and curated news on public and private companies worldwide. The products help corporate credit and procurement professionals stay ahead of and manage financial risk more quickly, accurately, and cost-effectively.
The Company’s newest platform, SupplyChainMonitor™, leverages its financial risk analytics expertise to create a risk management solution built specifically for procurement, supply chain, sourcing, and finance personnel involved in the supplier lifecycle, risk assessment, and ongoing risk monitoring. Users can assess counterparty risks at the aggregate and granular levels under a variety of categories including geography and industry, as well as customized, customer-specific configurations. The platform features mapping capabilities with real-time weather/natural disaster event overlays as well as customizable news notifications, reports, and charts.
Our subscribers, including nearly 40% of the Fortune 1000 and well over a thousand other large corporations worldwide, use the Company's timely news alerts, research, and reports on public and private companies to make important risk decisions. The Company's comprehensive commercial credit reports covering both public and private companies worldwide are published through its web-based platform and feature detailed analyses of financial statements, including ratio analysis and trend reports, peer analysis, corporate issuer ratings from key Nationally Recognized Statistical Rating Organizations ("NRSROs"), as well as the Company's proprietary bankruptcy analytics: the FRISK® and PAYCE® scores. One of the FRISK® scoring model's exclusive input features is the aggregate risk sentiment of our subscribers based on their crowdsourced usage behaviors resulting in the improved classification of bankruptcy risk for the riskiest corporations and boosting overall accuracy.
The Company, through its Trade Contributor Program, receives confidential accounts receivables data from hundreds of subscribers and non-subscribers every month. This trade receivable data is parsed, processed, aggregated, and finally reported to summarize the invoice payment behavior of B2B counterparties, without disclosing the specific contributors of this information. The Trade Contributor Program's current trade credit file processes approximately $3 trillion of transaction data annually.
Safe Harbor Statement
Certain statements in this press release, including statements prefaced by the words “anticipates”, “estimates”, “believes”, “expects” or words of similar meaning, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, expectations or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, including, among others, those risks, uncertainties, and factors referenced from time to time as “risk factors” or otherwise in the Company’s Registration Statements or Securities and Exchange Commission Reports. We disclaim any intention or obligation to revise any forward-looking statements, whether as a result of new information, a future event, or otherwise.
CONTACT:
CreditRiskMonitor.com, Inc.
Mike Flum, CEO & President
845.230.3037
ir@creditriskmonitor.com