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.
CreditRiskMonitor (creditriskmonitor.com) is a web-based publisher of financial information that helps corporate credit and procurement professionals stay ahead of business financial risk quickly, accurately and cost-effectively. The service offers comprehensive commercial credit reports and financial risk analysis covering public companies worldwide. Unlike other commercial credit bureaus, such as Dun & Bradstreet, CreditRiskMonitor’s primary expertise and focus is on financial analysis of public debt and equity companies.
The Company also collects a significant amount of trade receivable data on both public and a select group of private companies every month, to help subscribers determine payment performance.
More than 35% of the Fortune 1000 plus over 1,000 other large companies worldwide depend on CreditRiskMonitor’s timely news alerts and reports featuring detailed analyses of financial statements, ratio analysis and trend reports, peer analyses, bond agency ratings, crowdsourcing of risk professionals as well as the Company’s proprietary FRISK® and PAYCE® scores.
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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.