Nuvo Enhances Credit Application Software with Equifax Commercial Credit Information
Nuvo, the fastest trade credit management platform for B2B sellers, has announced a strategic relationship with Equifax®, a leading global data, analytics and technology company.
Finance teams using Nuvo can now use Equifax data to help determine credit terms
Nuvo will leverage Equifax commercial and business principal information within Nuvo credit application software, streamlining the customer onboarding, underwriting, and credit approval processes associated with extending trade credit. Nuvo’s suppliers will also gain the ability to submit their receivables to Equifax to help their customers build their business credit profile.
Nuvo offers suppliers the ability to issue personalized credit terms in minutes, significantly reducing turnaround times for credit approval. Integrating business credit reports and business principal credit reports from Equifax within Nuvo’s secure platform can enable finance teams to make more informed credit decisions, while also mitigating risk exposure.
Equifax Commercial Credit Solutions provides firmographics, credit scores, and payment history for 159 million businesses covering $6 trillion in total credit originations. The extensive coverage of U.S. small businesses by Equifax provides Nuvo customers access to reliable, high-quality data that enables faster business verification and risk assessment for this fast growing market segment. The consumer reports on business principals from Equifax, provided in accordance with the requirements of the Fair Credit Reporting Act, can also help Nuvo customers when offering flexible payment terms to newly formed businesses, or when terms are subject to a personal guaranty.
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“The differentiated data resources provided by Equifax will play an important role to help Nuvo in our mission to support finance teams turn credit into a competitive advantage and fuel their company’s growth,” said Nuvo co-founder and CEO, Sid Malladi. “We are thrilled to work with a company that shares our commitment to using technology and data to improve credit workflows in the B2B payments ecosystem.”
Nuvo’s technology unlocks new growth opportunities for businesses by expanding customer purchasing power, while also reducing risk exposure. Finance teams using Nuvo can now use Equifax data to help determine credit terms, opening up new opportunities while reducing unwarranted risk.
“In an uncertain economic environment, it’s critical that businesses have access to the data-driven insights they need to spot hidden risk and make more informed credit decisions,” said Melinda McBride, SVP of Partners and Emerging Markets at Equifax. “Our relationship with Nuvo will help make this information even more accessible so that businesses can continue to get access to the capital and services they need to grow.”
