✓
Trusted by 40% of Fortune 1000
VALLEY COTTAGE, N.Y. – Sept. 13, 2019 – CreditRiskMonitor (OTCQX: CRMZ) is proud to announce a new partnership with HighRadius, a Fintech enterprise Software-as-a-Service (SaaS) company which leverages Artificial Intelligence-based Autonomous Systems to help companies automate Accounts Receivable and Treasury processes.
In the spirit of aiding credit, procurement and treasury professionals stay ahead of financial risk, the linkup of CreditRiskMonitor and HighRadius 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 56,000 corporations worldwide. This integration is executed through an API for HighRadius subscribers.
“HighRadius does marvelous work in saving people time and effort when making crucial financial decisions,” said Jerry Flum, CreditRiskMonitor CEO. “With the FRISK® score in their dashboard, we think that their clients will quickly realize that public companies account for far more dollars at risk than they ever thought possible.”
The HighRadius® Integrated Receivables platform reduces cycle times in an order-to-cash process by automating receivables and payments processes across credit, electronic billing and payment processing, cash application, deductions and collections.
“This partnership has the potential to be a home run for both sides,” said Bill Weiss, Vice President of Business Development for HighRadius. “CreditRiskMonitor’s unique data metrics, led by their FRISK® score, gives our clientele the most accurate look into the financial health of some of the biggest companies in the world. And in turn, HighRadius provides Artificial Intelligence based automation that is transforming how credit departments use data.
“Importing what CreditRiskMonitor can provide so that HighRadius users can get real-time risk assessments on demand, in competitive sectors like energy and technology, is a perfect fit.”
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
