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Trusted by 40% of Fortune 1000
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.com, Inc. (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. Our primary SaaS subscription products for analyzing commercial financial risk are CreditRiskMonitor® and SupplyChainMonitor™. These products help corporate credit and procurement professionals stay ahead of and manage financial risk more quickly, accurately, and cost-effectively. Our subscribers include nearly 40% of the Fortune 1000 and well over a thousand other large corporations worldwide.
To help subscribers prioritize and monitor counterparty financial risk, our SaaS platforms offer the proprietary FRISK® and PAYCE® Scores as well as the FAST Rating, the well-known Altman Z”-Score, agency ratings from key Nationally Recognized Statistical Rating Organizations (“NRSROs”), curated news, and detailed financial spreads & ratios. Our FRISK® and PAYCE® Scores are financial distress classification models that measure a business’s probability of bankruptcy within a year. The FRISK® score also includes a risk signal based on the aggregate research behaviors of our subscribers, who control counterparty access to trade credit at some of the most sophisticated companies in the world. The inclusion of this risk signal boosts the overall accuracy of this bankruptcy analytic by lowering the false positive rate for the riskiest corporations.
Through its Trade Contributor Program, the Company receives monthly confidential accounts receivables data from hundreds of subscribers and non-subscribers, which it parses, processes, aggregates, and reports to summarize the invoice payment behavior of B2B counterparties without disclosing the specific contributors of this information. The size of the Trade Contributor Program’s current annualized trade credit transaction data is approximately $3 trillion.
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. Forward-looking statements include details of the accounting restatement, the expected impact of the accounting restatement and the remediation of the related material weakness in internal control over financial reporting. 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. There can be no assurance that (i) the consequences of the Company’s restated results will be as anticipated above and (ii) the Company will be able to promptly and efficiently implement the appropriate remediation steps into its financial reporting. 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, Chief Executive Officer
(845) 230-3037
ir@creditriskmonitor.com
